Why blockchain is starting to introduce people to gaming
The blockchain system was introduced into society back in 2008 when Satoshi Nakamoto first invented Bitcoin and made it public. While the origin and the validity of the author of the extremely sophisticated system still remain dubious, the blockchain and Bitcoin have made it through the global industries. Bitcoin has become popular and many people were left curious about the digital currency, never known before.
Hardly ever anyone would invest and buy a lot of Bitcoins, as no one really knew if the idea would be successful and the Bitcoin would have the future or not. For now, we can see that it is one of the most popular and rigid currencies, which might only be the base for other cryptocurrencies. On the other hand, we have a blockchain system, which stood as a basement for the crypto formation. The blockchain is a system with incredible opportunities and safety.
The blockchain is a new way of storing and transferring data, which is one of the most valuable assets both for the company as well as individuals. The key point is that the blockchain disassembles the data into millions of pieces and distributes them across the whole network. This method of storing data gives the system a set of key benefits.
The blockchain system is decentralized, meaning that it is not owned by anyone, and there is no private interest, which regulates the blockchain technology and the whole system. The data is sent to different networks and never held in one place, which makes the transfers and transactions untrackable and the technology unhackable. This way the data can not be changed and can not be manipulated by anyone. The technology constantly verifies the chains of data, which makes any changes and illicit activities instantly visible. And the last thing to mention is that blockchain infrastructure is secured by the extremely complex cryptography that promotes robust data encryption. All of this taken together is being used in different industries.
Blockchain Intro To Gaming
Blockchain’s revolutionary potential reaches far beyond the financial sector. The gaming industry, ever-hungry for change, is now embracing blockchain – and the new technology looks set to disrupt the $100bn dollars global industry.
Although it is a relatively new experience, dozens of successful projects have already been completed and the better ones are still on the way. The new gaming trend has been set off, giving the possibility to earn both for the players as well as for the providers. Currently, most of those games are focused on collecting and exchanging models, yet there is a greater potential that involves generating e-currency during the gameplay. While in the nearest future we expect some enormous changes in the industry, let's discuss why the blockchain is attracting a whole new segment.
One of the clearest developments enabled by the blockchain integration to the game is the ownership of the in-game assets from developers to players. The games like Fortnite and PUBG pioneered in the field of free-to-play games with the introduction of in-game purchases, which were cosmetic upgrades to generate revenue. In order to encourage players to play longer, the developers implemented rewards for players who put in hours and hours of effort to achieve a certain goal and complete the mission. But despite investing time and hard-earned money into the game, players do not own the digital assets they have built up. Developers still hold the power to change or remove the items as they foresee it.
Another example is the game called Gods Unchained produced by the Fuel Games. The script of the game enables players to be true owners of their in-game assets. This is fascinated by smart contracts which means that the ownership of the digital assets earned during the fame automatically passes to the player when a certain defined condition, in accordance with the smart contract is met. This opens a whole new level of opportunities to the players and makes them progress and improve their skills even more. Winner of the Fortnite World Cup 2019 solo event, decided to sell one of his in-game assets such as his pickaxe. With blockchain, you can trace the history of each in-game asset – and owning Bugha’s pickaxe would be like owning a piece of historic sports memorabilia.
The popularisation of blockchain-based platforms is increasing over the industries, and the gambling industry is one of them. The shrinking gap between producers and players is presenting the industry with a new set of challenges, but also exciting new opportunities.
Innovative and risky online gambling operators found the new wide picture by accepting digital currencies and developing the integrated blockchain-fuelled platforms enabling the bi-directional exchange of private and base tokens. RubieCon is one of the best examples of how the blockchain changed the gambling landscape. As a part of their development plan, RubieCon is also creating an independent foundation managed platform which will be open and free to all game publishers, advertisers, marketers, and players. Disruptive and smart, using blockchain as a core component will ring in a new era of social gaming to an already hungry and impatient market.
With the introduction of a tokenized economy, through the use of open platforms, blockchain will allow new initiatives with transparent verification, attracting even more players to the market and assuring their financial security. This implementation has pushed the blockchain boundaries, and at the same time expanding the revenue. Smart contracts and e-wallets make the process easier and make the providers expand and create a business with new opportunities.
The blockchain game philosophy
One of the biggest things brought by the blockchain introduction to the gaming industry is the decentralized model, introducing a number of game-changing features. But the most exciting development is the creation of a decentralized gaming economy. One of the best examples of how blockchain is extensively changing and fundamentally changing the possibilities of the gaming industry is the Age of Rust, produced by the SpacePirate Games. The currency or ENJ, generated during the gameplay can be used for different matters and even the gift cards for some brands like Uber. You can also exchange the ENJ, which is the in-game currency for Bitcoin.
The new tendency of blockchain-based gaming means that the hours you spend on gaming no longer means spending hours and hours in front of the screen, but rather provides you with additional income.
The blockchain definitely might appear as shifting power for the players, but it also empowers the developers. Smart contracts, which are present with every blockchain-based game allow developers to regulate their gaming economies by setting specific predefined conditions to control in-game trading. This means that the developers can control the in-game market and to verify the fairness of it. Ultimately they can create any world, their imagination allows them and has power over their own ecosystem. While players generate money from playing their favorite games, the developers are the ones who generate revenue by changing trading fees or taxing peer-to-peer transactions.