{"id":15105,"date":"2019-12-27T12:13:31","date_gmt":"2019-12-27T17:13:31","guid":{"rendered":"https:\/\/www.techwalls.com\/?p=15105"},"modified":"2019-12-27T12:13:33","modified_gmt":"2019-12-27T17:13:33","slug":"blockchain-brings-trust-efficiency-to-gaming-sector","status":"publish","type":"post","link":"https:\/\/www.techwalls.com\/blockchain-brings-trust-efficiency-to-gaming-sector\/","title":{"rendered":"One Protocol to Rule Them All: Blockchain Brings Trust and Efficiency to the Gaming Sector"},"content":{"rendered":"\n

Gaming needs blockchain and crypto needs gaming. In 2020\nplatform-agnostic in-game microtransactions will redefine the term \u2018symbiotic\nrelationship\u2019.<\/strong><\/p>\n\n\n\n\n\n\n\n

Crypto and blockchain advocates\nfrequently utter \u2018when moon?\u2019 as they collectively ponder the exact date that\nanother 2017 style parabolic market frenzy will occur. Currently, Bitcoin price\nremains far below it’s all-time high and the same can be said for the majority\nof altcoins. Since 2018 there have been significant accomplishments brought\nforward by a variety of blockchain and crypto startups but the sector has yet\nto pinpoint an exact use case that will lead to multi-sector mass adoption. <\/p>\n\n\n\n

The idea of blockchains breaking the\nmonopoly of big banks seems naively unrealistic, but funny enough, an area where\ndistributed ledger technology could provoke a sea change is another equally\nmassive industry, gaming.  <\/p>\n\n\n\n

In 2018 the gaming industry produced\napproximately $138.7 billion in revenue and data from Newzoo<\/a> predicts that this figure\nwill increase by 9.6% in 2019 to reach an estimated revenue of $152.1 billion.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Currently, the Asia-Pacific region accounts for $72.2 billion in revenue and this represents 47% of the global games market revenue for the year. The US comes in a distant second<\/a> with $43.4 billion in revenue generated in 2018. While this figure is significantly less than that of the Asia-Pacific region, it is 18% higher than in 2017. <\/p>\n\n\n\n

Despite these mind-boggling figures,\ngrowth within the gaming industry is actually declining. A recently published\ngaming industry market forecast published by Forbes suggests that growth with\nthe sector is screeching to a halt, much in the same way that retail investor\ninterest in cryptocurrency trading has declined over the past 2 years.  <\/p>\n\n\n\n

The issue at heart is that gamers are\npurchasing more content and subscriptions but hardware and accessory sales are\ndown. Another issue weighing on the sector is the inability for gamers to use\none universal digital currency to make peer-to-peer and in-game cross-platform\npurchases. Data from LendEDU<\/a> survey of 1000 gamers found\nthat when players who spent six to ten hours playing a game, 69% of them made\nmicropayments totaling $84.67 on average. Currently, gamers are restricted to\nmaking purchases through a credit card, which presents privacy risks, or they\nhave to accumulate a mass of various tokens that are saved on different\nplatforms and relatively restricted in their use. <\/p>\n\n\n\n

What the sector needs is a universal\ndigital currency or token that can easily be swapped across games to make\npeer-to-peer transactions or in-game purchases at each platform\u2019s e-store.<\/p>\n\n\n\n

Take, for example, Ethereum Express, a\ncommunity supportive blockchain platform that facilitates connections between\nthe world of gaming and digital currency generation. Ethereum Express utilized\na Proof-of-Authority (POA) Network that is capable of processing a new block\nevery 15 seconds. POA and Proof-of-Stake-based networks are much faster than\nproof-of-work networks as miner involvement is not required.<\/p>\n\n\n\n

Gamers making in-game transactions\nexpose themselves to risk as they are required to keep a debit or credit card\non file and the never-ending recurrence of multi-billion hacks against major\nmultinational corporations means the threat of being victimized is\never-present. PoA networks protect participants against manipulation and hacks\nas the authority of the participant serves as the proof of the transaction\u2019s\nvalidity and validators must go through a series of checks to confirm that they\nare trusted and reliable. <\/p>\n\n\n\n

PoA networks are also permissioned\nblockchains and this makes them suitable for enterprise-level use, such as\ngaming companies like Electronic Arts, Sony, and Activision Blizzard. In fact,\nUbisoft recently announced that it will trial EOS blockchain in order to\nsupport gaming and micro-transactions within its network. As Ethereum Express\nCEO Vlad Miller recently told<\/a> Cointelegraph: <\/p>\n\n\n\n

\u201cOne of the significant advantages of such platforms is the\nability to scale horizontally. PoA services can combine computing power for\njoint transaction processing, thus increasing the throughput of the entire\nnetwork.\u201d<\/em><\/p>\n\n\n\n

As 5G technology spreads throughout\nAmerica and gaming continues to shift to personal mobile devices rather than\nstationary consoles, the popularity of platform-agnostic MMORPG formats\n(massively multiplayer online role-playing games) that support tens of\nthousands of players at a time will continue to grow. Fortnite and Minecraft\nhave already shown the power and value of in-game purchases and\nmicrotransactions. <\/p>\n\n\n\n

In 2017 and 2018 cryptocurrency and\nblockchain were touted as the technology which would build the payment\ninfrastructure the gaming industry needs in order to scale to the next level.\nCurrently, gamers accrue a vast amount of platform and game-specific tokens\nwhich cannot be exchanged cross-platform and this has led to the development of\nsecondary markets where gamers inefficiently barter and trade or the\ngame-specific digital currencies they require. <\/p>\n\n\n\n

What the sector needs are a\nuniversal, swappable multi-chain digital assets that can be transacted and\nexchanged across thousands of games regardless of their platform and licensing.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gaming needs blockchain and crypto needs gaming. In 2020 platform-agnostic in-game microtransactions will redefine the term \u2018symbiotic relationship\u2019.<\/p>\n","protected":false},"author":89,"featured_media":15107,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[9],"tags":[52],"class_list":{"0":"post-15105","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-news-2","9":"entry"},"yoast_head":"\nOne Protocol to Rule Them All: Blockchain Brings Trust and Efficiency to the Gaming Sector - TechWalls<\/title>\n<meta name=\"description\" content=\"Gaming needs blockchain and crypto needs gaming. 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