How Blockchain is about to make an impact in the videogame industry

One innovation in the game industry is related to the receptioncryptocurrencies and blockchain technology have had during the past years, aiming to generate profitable games

Blockchain, transformative technology

Undoubtedly, blockchain is one of the most popular technologies of recent times, although it was made known thanks to the cryptocurrency boom, specifically Bitcoin, andit’s clear that this is a system that can be adapted to several technological projects, such as the Internet of Things and Big Data. 

Slowly but steadily, Blockchain is being included in the videogame industry, which could lead to a transcendental change in this field. This industry is one of the most productive industries in the technological world. According to the experts, it generated approximately US$ 59.2 billion in the year 2018,much more than movies and musicthat are consideredto be more“serious” industries.

Blockchain has demonstrated to be much more than a decentralized ledger, there are many implementations that can be given to this technology, and videogames are breeding groundfor it. 

One innovation in the game industry is related to the reception cryptocurrencies and blockchain technology have had during the past years, aiming to generate profitable games, expand its functions and improve the security conditions thanks to this technology.

Blockchain in videogames

Innovations like augmented reality, virtual reality and the processing capacity of systems and consoles have allowed the videogame experience to be more and more real.

However, the most representative and valid thing in the videogame world are the communities that grow around them, which many people around the world are part of. This is a market the industry must always keep satisfied, as its members are always expecting innovations, which is demonstrated by events like the E3 2018.

But, what’s the really important input provided by Blockchain to the videogame industry? As the implementation of this technology implies risks, the transformation will happen as users feel safe, experience free competition and are developed in a healthy environment. 

This trust and security can be guaranteed through theSmart Contracts technology, developed by Ethereum’s blockchain, it’s currently the best technological guarantee for the fulfillment of agreements between stakeholders.

Cryptocurrencies and videogames

There are many blockchain-based games being developed, within the pioneers we find the well-known Cryptokitties, developed under Ethereum’s blockchain and operating based on Smart Contracts. However, its great acceptance led to system saturation, making its creators face new operating challenges.

These experiences have helped other developers to generate new proposals, such is the case of Cryptocup, launched during the Russia world cup, where the participants predicted the results through a smart contract and they received a token with information of their prediction, resembling a lottery ticket. As the game progressed and predictions were right, the token produced a value that allowed it to be sold. Everything developed based on blockchain.

Another of the most recent elements is AII Mine, a platform that allows users to mine cryptocurrencies while having fun, with games very similar to Candy Crush, rewarding Jewels, a real cryptocurrency. Other examples are Tokenwall, Tap Rivals, or Game Lot Network, with different game proposals to generate rewards to its users.

Steam, one of the most popular platforms to acquire games decided to upload their games to the network as it’s much more simple and profitable than doing it through a console. Steam receives payments with bitcoin since the year 2016, which has led it to participate in a really decentralized market. And this is one of the benefits the industry obtains with the implementation of the blockchain, the possibility of giving access to its products to a wider market. 

However, this ‘decentralization’ was limited due to the control Steam began to have over transactions, a situation that has resulted in new platforms that depend 100% on the community. 

What Blockchain brings to videogames

For videogame experts, the play time is very important, it generates experience and value that make the participant stand out from others, obtaining benefits, objects, and strategies to play more effectively.

In this regard, Blockchain adds security and trust, as it letsany element obtained in a videogame to be soldthrough Smart Contracts with all the respective guarantees. 

Within the benefits that Blockchain could bring to videogames are: 

  • Increase in the security of personal data and property:The entries and actions of every user in the game are unique. The interaction with the rest of the users is always transparent and traceable. 
  • Fair prices and monetization of resources:Users can play videogames where the value is completely stipulated by the market, without abuses or speculations. The possibility to interact with other users and generate profit opportunities for accessories, elements or trophies that you achieve in videogames.
  • Infinity: As no entity has control over the videogames, these can’t be suspended because they depend on the community. Only the lack of users could end the game, however, it wouldn’t close permanently, it could be reactivated at any moment as it’s still existing in the blockchain. 
  • Evolution: Thanks to the community and the consensus value, there’s democracy in the system that allows to generate changes and create new games from an existing one. This can be done by creating a game fork, that is, a fork in an already-existing source code, as it happens with cryptocurrencies. 
  • Capital gain and scarcity: One of the benefits given by ERC-721 tokens that allows users to get unique elements that increase in value with time, making the game financially interesting.

But, there’s a more attractive blockchain feature for videogame creators, which lies on the wide range of possibilities to develop consensus protocols that allow the development of games to mine cryptocurrencies, not only used as game tokens, but as digital money with transaction capacity within any exchange. 

As it has been demonstrated by the Arian blockchain with the creation of the PoAch protocolthat has enabled the existence of an Interactive Node, which has the videogame Find the Hash as a tool to mine Arian Coin. This is a pioneering alternative, developing a blockchain to exclusively mine cryptocurrencies, not only through a game but also any activity with the fulfillment of a traceable achievement in the blockchain, to generate an Arian reward, which can be accessed in its website right now

Blockchain is increasingly proving that its applications go way beyond being the Bitcoin backup. Its applications could manage to be uncountable at the moment, and without a doubt, the videogame industry will not stay behind in this technological transformation.

We would like to know your comments regarding this post. Don’t forget to subscribe to our Newsletter to stay updated in all that’s happening in the digital ecosystem.

Previous articleNext article

Leave a Reply

Your email address will not be published. Required fields are marked *