Blockchain technology in video games

By Jessica Barnes | Blogging

May 17

Understanding cryptocurrency may be easier for avid videos gamers because the in-game currency is also a virtual currency; almost all games have their own form of currency to buy diamonds, special powers, accessories, and costumes.  In the game, currency is created by the game developer and it has no value in the real world, unlike cryptocurrencies.

There are several hacks in video games to get those diamonds and other special powers but that is not the case with the cryptos which are encrypted and have special algorithms which prevent duplication. Unlike the several cases of fraud in the gaming world, cryptocurrency transactions are all legitimate because they are all recorded in the blockchain – a technology on which cryptocurrency is based on.

To overcome the fraud in video games and also to reduce the gap between the game victories and real-life benefits, video game companies are looking towards blockchain technology for solutions.

How can blockchain help game developers?

The intrinsic nature of blockchain technology can be used by game developers to reduce the gap between the game economy and the real world.

  1. Cryptocurrencies are digital by nature which means it is easy to integrate them into the gamins system without having to go through arduous financial procedures. Furthermore, most of the main cryptos are not limited by any application or platform.
  2. There will be a reduction of frauds when blockchain technology is used because it doesn’t allow replication of transaction while it records every transaction.

If blockchain based tokens do become a reality than video gaming will not remain a mere hobby but will become a lucrative means of finance for the successful players; they can actually love what they do and earn some steady income while doing it.

Conclusion

The chasm between in-game currencies and cryptocurrency is very deep and but for a very basic similarity, they do not share anything in common. Having said that, with the growing relevance of cryptos in all fields, it is a matter of time before cryptocurrencies are used in the gaming world and users reap the benefits in the real world. But at present, the challenge is to reach a solution that is widely accepted and easy to adopt by all games.

But till such time if you wish to increase your cryptocurrency balance download CryptoCFD Trader, a trading robot which is regularly used by investors to buy and sell cryptocurrencies all over the globe.

 

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