Description: The gaming industry is constantly adapting to meet new exciting technological trends. This article looks at why crypto will be the future of the global gaming industry all over the world.
As the global gaming sector grows, revenues are set to rise to at least $140 billion by the year 2020. Crypto gaming is a new and emerging technology that is sure to make its mark. If you’re an aspiring gamer who likes playing online casino games, then this article could be for you. You need to become aware of the potential that can be brought on by this exciting technological development. Let’s find out more.
In-game purchases are a lot easier
If you develop games, helping players to purchase in-game assets using various cryptocurrencies is an option. Nobody needs to wait for a 3rd party payment provider to process any fiat currency transaction. Instead, you can purchase in-game collectibles within an instant. These purchases also enable players to save on any fees that payment providers are charging. Blockchain-based start-up companies have been getting in on the current trend. They noticed this exciting opportunity in the market and exploited it, e.g., introducing frameworks for developers which include some of the following:
- Gaming Industry plugins
- Gaming wallet systems
- Apps for v-item management and online payments
A safer environment for game development and entrepreneurship
Platforms that use blockchain are highly influential. They use state of the art data encryption technology such as a private key-public key to grabbing hold of various crypto transactions. Within the realm of the technology we have today, it is challenging to hack into the different encryption techniques. It is challenging for any hacker to be able to destroy a decentralized network of blockchain as there is no server to hack. All of the nodes determine the distribution in a shared way. Each node has all of the information on the database.
A hacker can’t destroy or delete any transactions that have occurred on the blockchain. It is entirely impossible to stage some distributed denial of service attack against any network. A blockchain network uses a proof of work architecture which harnesses the power of various algorithms that keep everything secure. Both developers and entrepreneurs can have safe environments to develop their popular mobile games on the blockchain network. That said, when it comes to cryptocurrencies, possibilities are endless. The technologies used to build them are to change the way we see and interact with the world. The most interesting projects are held by the developer teams and founders of Cardano ADA, Ethereum ETH and Bitcoin BTC
Blockchain helps people trade in-game assets
With a significant interest in cryptocurrency, it is very easy to both purchase and sells crypto tokens. If you develop things using blockchain and allow users to trade in-game assets using different cryptocurrencies, it can be a positive thing. Digital wallets are great for players, helping to keep money safe when it isn’t being used.
If a player keeps their private keys secure, every transaction is safe. It doesn’t necessarily mean that computer safety can go out of the window. However – one has to make backups, stick to single types of cryptocurrency, and avoid going on external websites.
Gamers can have interoperable profiles
Investors and traders of cryptocurrency have addresses that are public and can be used for many different transactions over various networks. If games are created on a blockchain, players can use their unique crypto addresses from one playing realm to another.
The essential point is that users can trade cryptocurrency between games using one singe address – how neat is that!
Players can store in-platform assets securely
Because hackers love a good centralized server, this is what makes blockchain transactions so good – there isn’t one. The blockchain architecture changes things for the better. When a player purchases a digital collectible in their blockchain-centered game, they can securely store them within their crypto wallet.
New and exciting things for the gaming industry
Hopefully, now that you’ve heard the facts from us, we’ve got you convinced. The global gaming industry is sure to be using cryptocurrency in the future with many new and exciting opportunities to come. It’s an exciting time for everyone, both gamers, and industries.
Do you have any mobile gaming industry experience? Tell us about it in our comments section below.
Thomas Glare loves to write and has been writing articles for several years. Bitcoin gambling and mobile games are two topics he has written extensively on. If you ever find him in his home town, you’ll always see that he’s at the computer playing classic PS2 games – his all-time favorite console.