Is Blockchain Technology The Answer To Future Online Gaming?

The gaming industry is a big one. From smartphone and console games to PC titles, people are always looking for ways to improve their experience. Blockchain technology is a new way of thinking about online interactions and online economies. The size of the global gaming industry in 2025 is set to reach $256.97 billion, with an estimated 2.5 billion players worldwide, spending $4.5 billion on immersive games until 2020. Mobile gaming is set to take a 46% share of the global market by 2022.

The What, Why, and How of Blockchain Technology

Blockchain technology is a way to create a decentralized ledger of transactions that is secure and unchangeable. It’s the technology that powers Bitcoin. Players can buy game currency with real money and use that currency to buy in-game content (like new levels or new features) that won’t be available after the purchase. This may seem like a lot of work, but the idea is that if you want to buy an item in-game, you can do so as long as there are enough others who are also invested in the game. The more interested people are, the more items you’ll be able to purchase.

The Problem with Currencies

There is also a problem with these currencies. The same amount of game currency goes further for some players than others. For example, someone who pays $1 for an in-game currency might only have to spend 10 cents in-game to buy items or create new levels that other players will want to see in their game experience. For some players, it might take them hours of playing before they can afford one good item. Others would gladly pay literally any amount of real money they want to buy their way into the best item or feature they want in their games.

The Solution to In-Game Currency: Blockchain Gaming

Blockchain technology makes it possible for the currency to become more of a universal utility. Rather than having your own specific amount of currency go further, you can now have the same amount go further for everyone. When players buy in-game items, they don’t have to worry about their “real world” spending anymore because these new in-game currencies are distributed across every one of those virtual items in the game. There is no need to wait around or pay more than you want because now you can have everything you want through your game experience.

Is Blockchain the Answer to Future Online Gaming?

Blockchain technology is currently disrupting online game economies, in part because it allows game content developers to build their own economy that encourages and rewards players as they interact with content. One of the biggest benefits of blockchain is the fact that there is no need for a third party. Every transaction is recorded and tied to your identity, which means you know where every single one of your tokens went. The only limitation on how much you can earn through blockchain gaming is how hard you want to work.

What’s Next: Blockchain Development

Asus recently partnered with the game engine company Crytek to launch a blockchain-powered cloud gaming platform that could reinvent the gaming industry. Imagine if you could play every game you wanted to play, on any system you wanted, without any of the limitations that previously existed. Now imagine that same experience when it comes to gambling and online casinos. This is why blockchain technology is so exciting right now. In the future, we’ll be able to interact with our favourite games on an array of devices without limitations or without worrying about anyone else taking advantage of us in the process. Blockchain technology will revolutionize online gaming, making it easier to play and allowing you to spend when you want.

A multi-million dollar crypto deal has been signed by a new blockchain-powered gaming venture that is set to enter the already crowded space. Ludos (LUD), a London-based firm that aims to decentralize the gaming industry with its first Dapp offering titled Ludos Knight, has just raised $1 million in its pre-sale token sale. It also secured $300,000 from private investors, according to a statement published on Thursday. Ludos will be using the funds to develop the first blockchain-powered decentralized application, a gaming platform that will “restore fairness to the world of gaming.” The firm will leverage the Ethereum (ETH) blockchain and is planning to launch a pre-sale for its Ludos Knight token in March. The company is also targeting an initial coin offering (ICO) for its token at some point later this year or early 2020, which will help it fund future development.