For the most part, technology changes incrementally. Small upgrades become possible through hard work in the research and development labs, and our devices become increasingly sophisticated year over year. But, in very rare circumstances, something will be invented that completely changes the way we engage with our technology. These innovations disrupt established practices and kick off a new phase in tech markets across the world.
Bitcoin – the world’s first cryptocurrency – represents an example of this type of disruptive technology at work. Bitcoin shared the first generation of blockchain technology with the public in order to create a decentralized and trustless way to perform financial transactions online. Once groundbreaking new technologies like this are released, however, Pandora has opened her box. There’s no telling what the full implications of any disruptive technology may be, as enterprising tech entrepreneurs constantly develop creative new applications for it.
Blockchain gaming represents a new and creative application of blockchain technology. Here at Block & Chain Game Studios, we’re building the next generation of online games by using advanced blockchain applications to build exciting new gaming experiences, the likes of which the world has never seen.
What’s Blockchain Gaming?
At this point, most of the online community is generally aware of blockchain technology. A blockchain is basically just a way to structure, verify, distribute, and store data based on a set of algorithms that can perform all of these functions quickly and easily. Every transaction on the blockchain is permanently recorded and used for future verifications, essentially creating a secure and private way to perform two-party transactions.
Although blockchain technology was invented as a financial technology, it is being developed into applications far beyond the world of fintech. Smart transactions running on the blockchain can be designed to apply to just about any peer-to-peer activity, including online gaming. Game designers can use blockchain transactions to reward in-game accomplishments, make provably fair decisions or they can be used to store and manage data in gameplay, replacing the client-server systems of old. Blockchain ledgers can also be used for gaming tournaments, as win-loss records can be maintained indefinitely and securely. Finally, the blockchain enables trustless player-to-player transactions, taking the middleman, historically the profit-motivated game development conglomerate, out of the picture. This exciting new application of blockchain technology appears limitless, and the gaming community can expect great things from the growing blockchain gaming market.
What Makes Blockchain Gaming Better Than Traditional Online Games?
Game developers are figuring out all sorts of ways to run online games securely, privately, and efficiently using blockchain technology. For example, you can form teams in new and existing MMORPGs and record your guild’s accomplishments on the public ledger. Gamers can also use blockchain transactions to exchange in-game resources or share rewards. And for gamers who prefer to put a little skin into their games, blockchain technology is becoming increasingly relevant in the world of online wagering. Many websites offer payouts for wagers and competitions in the form of cryptocurrencies, which players can either continue to use in-game or trade on a cryptocurrency exchange.
Cryptocurrencies and blockchain technology can be integrated into the gaming ecosystem in limitless ways. Players can make in-game purchases, including upgrades and special items, or receive rewards in the form of digital coin. Smart contracts offer seemingly endless freedom to create new gaming applications based on the blockchain, and Block & Chain Game Studios is working hard to define the genre and propel online gaming to the next level.
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