BLOCKCHAIN GAMING (PART-1)

What is blockchain Gaming?

Cryptocurrency is gaining in popularity, and it appears like everyone is investing in this relatively new realm. That is majorly why blockchain technology has piqued the curiosity of every major sector.

There is now a significant crossover between the blockchain and gaming communities. People who are interested in blockchain are also likely to be interested in and actively participate in gaming. The popularity of NFTs in the gaming industry exemplifies this, with many uncommon and valuable NFTs being traded within games.

Blockchain is a critical component of the financial technologies of the future. Beyond the world of bitcoin debates, the incorruptible ledger concept is gaining traction. Blockchain, which is essential for hosting a decentralized banking system, can also be utilized by developers who want to include users optimized games.

Important terms in Blockchain Gaming: -

??Play-to-Earn

In most blockchain games, the play-to-earn paradigm is applied, compensating players for playing games and participating in in-game economies, allowing users to buy and sell game-related commodities.

Unlike traditional game models such as free-to-play with in-game purchases or pay-to-play, Blockchain-based games give players complete control over their digital assets.

As a result of the system’s virtuous circle, players receive rewards such as?weaponry, skins, and gaming items.

??Pay-To-Earn

Users must make an initial, up-front purchase of an in-game asset, often an

NFT, under the pay-to-earn technique, which is similar to play-to-earn.

Like the play-to-learn strategy, the item can develop value with time, with the promise of profits serving as an incentive for stickiness.

??GameFi

Both play-to-earn and pay-to-earn models are commonly referred to as

GameFi, a term that emphasizes the earning potential of gaming.

A successful blockchain game requires a robust blockchain foundation with high transaction rates and minimal fees. Consumers will not (and should not) pay huge amounts in transaction costs when purchasing or selling things because they are unusable without them.

??Asset Ownership In-Game

Gamers are wary of paying for in-game assets that are not transportable and are governed by the developer. Worse, when a gaming site goes?down, players lose all they’ve put into it.

Tokenizing in-game assets, which essentially implies establishing NFTs, allows developers to own assets fully.

Characteristics of the Blockchain gaming industry:

There are specific characteristics of gaming platforms and dynamics of the gaming industry, besides, stakeholders also have specific tasks. These make it a rapidly growing segment of the global technology sector. They also make it a prime candidate for disruption! These are the following:

1. You need money to play popular games. While some of such games?allow a player to accumulate digital gold, that’s too inconvenient for?most players because it takes time. Most players spend their fiat money to buy in-game assets.
2. Game entrepreneurs and developers need a safe and secure environment to develop and launch games and subsequently, monetize them.
3. Players need to securely buy and sell in-game currency; hence they need safe platforms for that.
4. Players may play many games, and they create their profiles there. They would like the profiles to be interoperable across games, and this is another area where technology can help.
5. The trend of people projecting value on intangible assets is real, so we will see more and more real money spent on virtual games. When?a sector enters this phase, it’s ripe for technological disruption.
6. When they are not playing an online game, the players would need to store their virtual game assets securely. Currently, these assets are stored in the centralized server of the gaming company, making them an easy target for hackers. This is another area where technology can make a big impact.
7. Do you play online games? Then you have experienced this. You never really own any of the in-game assets, rather the gaming company owns them. This presents another opportunity for disruption.
8. Did you ever feel disheartened that your favorite online game shut down? Or, did you feel that the rules were changed suddenly and arbitrarily? Technology that can give greater control to players will disrupt the current gaming market.

. Have you ever felt that you have the talent to make a game even?more interesting, but you can’t do so because the gaming company won’t employ you? A technology that opens the field for talented developers will be a game-changer.

10. As a player, did you ever feel that you could make a game far more exhilarating if you could collaborate with the developer? If technology can spawn a business model enabling closer collaboration between players and developers, it will change the industry forever.

11. Did you ever feel that if the gaming company allows the creation of rarer forms of in-game assets, then the game would be a lot more fun playing? The technology could help here.

12. Players often face fraudulent transactions in virtual game platforms, which is another aspect where technology can make a difference.

Framework for Game Developers:

Blockchain start-ups are already noticing this opportunity. For e.g., Enjin has introduced a framework for game developers that include the following:

??Software development kits (SDKs);???Wallets;

• Game plugins;
• Other apps for virtual item management and payment gateway.
• They are also bringing blockchain technology to the video game industry. They have an ERC20 token, ENJIN Coin, which will support transactions on their platform. Visit the Enjin Coin website to learn more about them.
• Safe and Secure Environment:
• Blockchain platforms use highly powerful data encryption technologies like the private key-public key to secure crypto token transactions. With the?computing technology, we have today, it’s impossible to hack these data

encryption techniques. Read more about it in “Explaining the Crypto in Cryptocurrency”.

That apart, hackers won’t be able to destroy a decentralized blockchain?network since there is no one server to destroy. Nodes maintain the distributed databases in a shared manner, and each node has complete information in the database.

Hackers can’t delete or modify an existing network’s transaction history in the blockchain, and it’s impossible to stage a ’Distributed Denial of Service’?(DDoS) attack against these networks. Blockchain networks use?’Proof of Work’ (POW) or other consensus algorithms that keep the network secure.

To be continued........................