What is a blockchain game is a very intresting topic given the gaming industry is poised to grow at a rapid pace, especially with the evolution of blockchain technology and cryptocurrency investing. According to experts, gaming shall be one of the first use cases of blockchain, and the technology can restructure and transform the industry for the better. Blockchain can help establish a multiverse, and ensure that games become more immersive. Read on to discover more about blockchain gaming, and how the technology is contributing to a paradigm shift in the gaming industry.
What is a blockchain game - Blockchain within the Gaming Industry
Blockchain technology is all set to transform the $148 billion gaming industry. It allows both players and creators to re-imagine gaming for their fun and excitement. Now that blockchain has become prevalent, especially with the emergence of Bitcoin and cryptocurrency investing, gaming will easily embrace the technology and make it a common phenomenon.
What is A Blockchain Game?
Gaming can greatly benefit from the highly innovative blockchain technology. Blockchain emphasizes freedom and decentralization, which further allows gamers to harness the potential of their favorite games. In fact, the very setup of the blockchain-based games seems to be highly promising. The transactions that take place in blockchain games are similar to charging the entrance fees (in the form of cryptocurrency) to other players so that they can be admitted to your personally designed environment. In addition to this, every player who visits you receives cryptocurrency after they complete the challenges that have been set by you. Besides, players can also earn money for their game creation abilities. The decentralized nature of the games as well as digital assets allows players the much-required freedom wherein their creativity gets rewarded whereas the only limit truly is their imagination.
How does a blockchain game utslise the blockchain?
- Secure and Safer Environment for Entrepreneurs and Game Developers: Security is one of the prominent issues in the gaming space. However, blockchain game uses extremely potent technologies for data encryption, such as private keys and public keys to secure cryptocurrency based token transactions. With the advanced computing technologies available today, hacking the data encryption technique is next to impossible. Apart from this, hackers are unable to rip apart the decentralized blockchain system as no one server needs to be destroyed. Also, hackers are unable to modify or delete the existing blockchain, and therefore it is difficult to launch a DDoS (Distributed Denial of Service) attack against any of these networks. Blockchain networks utilize the POW or ’Proof of Work’ concept and other algorithms that help to keep the system secure. This means that game entrepreneurs and developers get a more safe and secure environment every time they think of developing their games using the blockchain platform.
- Secure Buying & Selling of In-Game Assets: Given the amount of interest in cryptocurrency investing, buying as well as selling of crypto tokens securely and safely has become very easy these days. Thus, when you develop a game on the blockchain and make it available for the players, allowing them to buy or sell the in-game assets with the help of digital currencies, they get several secured ways to carry out those transactions. For instance, MyEtherWallet is one of the popular web wallets for gamers. It allows them to keep their cryptocurrencies safe when not in use. Also, if gamers secure their digitally created private keys, their transactions become safe.
- Allows Players to Create Interoperable Profiles: Crypto investors and traders get a public address which they can utilize for conducting transactions across multiple blockchain networks. This means when you develop your games using blockchain technology, gamers can use their unique addresses for playing different games. They can conduct transactions using their digital currencies from one public address, across all those games.
- Storing the in-game assets: Hackers are very fond of centralized servers. It provides them with a single stationary target, which means if they can break the data encryption, they can lay their hands on all the assets available on the servers. However, within a blockchain game and blockchain technology a change that within the gaming space allow for players to purchase digital collectibles in their blockchain-based games, they get to store them in their digital crypto wallets safely and securely. For instance, if you go to the Enjin Coin's website, you will find that the platform offers an Enjin wallet to gamers for storing Ether and Bitcoin. Besides gamers can secure all their in-gaming assets too. This is one of the major problems that blockchain can resolve in the online gaming industry.
Top 5 problems in the gaming space that a blockchain game can improve
Given that blockchain focuses on freedom and decentralization, it allows gamers to harness the true capabilities of their favorite gamers. However, the blockchain game space has its own set of challenges and issues. Both gaming developers and entrepreneurs require a secure and safe environment to create as well as launch games in addition to monetizing them. Apart from this, players look to securely purchase as well as sell the in-game assets, which means they require a safe platform too. This is where blockchain can help the gaming sector to a large extent.
Blockchain solves several issues for the gaming sector today:
- Transparency and Verifiability: Modern games make use of different assets for completing missions. Gamers require props, guns, cars, environments, art, planes, and characters. Thus, modern-day games are highly dependent on all these assets which are scarce in number and supply. Also, these assets can be bought with real money in the form of in-game purchases or earned when the gamer progresses in his/her game. This means that games should be neutrally designed for players to spend money or work hard to acquire them. But, currently, there isn't any transparency or accountability.
Given that these gaming assets are virtual, game developers can create unlimited amounts and even engage in rigging by offering it to specific players. This is where blockchain can ensure verifiability and transparency. Blockchain allows tokenization of the assets as well as the development of decentralized gaming markets. Given that the ledger can be accessed by everyone for checking and verifying, it leads to increased trust. Also, players can pay a visit to the decentralized gaming markets and purchase fairly priced virtual assets.
- Verifiable scarcity: The reason why these assets are valuable is that they are scarce. However, given the existing setup, it isn't easy for gamers to determine how scarce these assets are. When these assets have been issued on the blockchain, gamers can verify the quantity through the blockchain ledger. This results in increased trust and market value.
- Security: Almost every gaming platform today is hosted on centralized servers whereas transactions are carried out on desktops or mobile phones that lack enough security measures. They aren't as secure as the banking accounts, no matter how valuable your gaming account is. This is where blockchain can work wonders for the gaming sector. Blockchain is renowned for offering safe and secure storage of value. They are unhackable and therefore storing digital assets on the blockchain helps to improve security for gamers who work hard to gather them.
- Collectible Items: Blockchains are designed for storing the value in the NFT or non-fungible tokens format. These tokens represent a unique value. On the other hand, games consist of assets that are collectible and unique. They are also extremely valuable. NFTs can be utilized for representing these items as well as make them convenient to store in a digital wallet. They also make it less expensive for selling and trading on the open market.
- Cost and Time of Transaction: Gaming is global. Gamers from around the globe play games on a routine basis. But, when it comes to transferring their assets quickly or without spending too much time processing the payments, blockchain can play a vital role. Blockchain enables instant payments around the globe. This would also eliminate all the restrictions.
How does gala fit into space and what they are aiming to achieve?
As far as Gala Games is concerned, the company gives power to the gamers in the gaming industry. Blockchain games created by Gala are available for free, and no matter what amount a gamer earns within the gaming world, he/she has a complete right over it. Thus, when you play any game and acquire an asset while playing it, that particular asset becomes yours. This implies that gamers own their gameplay, and no one else does. Hence, they collect, gift, trade, and even sell their in-gaming assets in a manner that wasn't possible before.
Gala Games also encourage gamers to explore ways in which they can use as well as share their in-gaming assets with others across the globe. Currently, Gala works on the ETH blockchain and makes use of the ERC-1155 Standard. This minimizes fees and allows users to send many NFTs in a single transaction. Also, game developers can easily integrate GALA as well as the NFTs into their game, thus ensuring the growth & expansion of the Gala network consistently.
The company is focused on decentralizing the huge amount of money being spent on video gaming advertisements on an annual basis. Gala Games makes it possible by finding ways in which they can hand over complete control to the gamers. Thus, users can earn Gala by inviting other gamers to play the Gala Games. In turn, they receive points in the form of Gala NFTs and other things. Additionally, one can also turn into a node operator to get points in the form of various items as well as Gala.
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
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