Daily Archives: 18. August 2020

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Reviewing the Blockchain and the world of crypto games, one click at a time

 

Regular readers will no doubt be aware of the high expectations currently being placed on blockchain games. For advocates of blockchain technology, there is hope that taking advantage of the estimated 2.5 billion players worldwide will provide a quantum leap towards widespread adoption.

Blockchain technology and distributed registrations continue to make inroads into all types of industries as more and more people discover and understand the benefits it can bring. From the efficiency of the supply chain, through certification of authenticity and provenance, to the immutable nature of information stored in a blockchain, the technology is already showing increasing interest.

In the last month alone, there have been announcements from companies associated with global brands such as Coca Cola, international shipping giants working with the Port of Rotterdam and national governments such as the Philippines regarding the application of blockchain technology. However, this impressive growth remains organic in nature despite the promotion of the technology by industry leaders and political advocates such as Chinese President Xi Jinping. This also does little to raise awareness of blockchain and cryptomontage among the general public.

The theory is that exposing the blockchain to a potential third of the world’s population, many of whom are already comfortable with in-game payments and currencies, could be the impetus that finally brings the technology to the general population. This could well feed back into the increased adoption of crypto-currency by players who are exposed to the underlying technology through blockchain games.

The new „Doctor Who“ game will allow you to collect non-expendable tokens from the
What the blockchain can do for the games

Some believe that the integration of blockchain technology has the capacity to revolutionize the gaming industry. Known for its progressive nature, the gaming industry has been fairly quick to get on board, as Binance CEO Changpeng Zhao said in a press release shared with Cointelegraph:

„The potential of blockchain and crypto-currency reaches far beyond the financial sector. Given the willingness of the gaming industry to continuously evolve, especially in new technologies. […] Blockchain is becoming an essential part of the development of games and is destined to change the global gaming industry“.

Blockchain brings a number of benefits to games, some of which are inherent attributes of blockchain that apply to many industries. The transparency of blockchain technology can bring fair play. Its security, meanwhile, can protect against fraudulent play or hacking. But perhaps the greatest evolution that Ethereum Code has brought to games came with the development of non-expendable tokens.

Basically, NFTs allow players to own their items, characters and skills within the game and then trade them with other players. CryptoKitties was the first game to implement NFT, but the link between cryptomoney and in-game item trading goes much further.

At one point, Mt. Gox became the largest Bitcoin Exchange (BTC) in the world, but it fell victim to one of the most famous Bitcoin Exchange hackings of all time. However, the website started out as a card trading platform and got its name from „Magic: The Gathering Online“ (eXchange). You could say that the path of gaming and blockchain technology has completed its cycle.