The blockchain started out by disrupting the finance industry. It took the power out of the hands of the banks and gave it directly to the people to decide how to use their very own money. It has disrupted more industries as it has shown to be a very powerful technology.
Gaming is next to be disrupted but at the same time with massive improvements. Not only that, but blockchain and gaming together could prove to be a powerful alliance that will enable the mass adoption of bitcoin as an actual currency.
In this article, we will go over how improvements to gaming brought on by the blockchain may signal the tipping point for bitcoin to be adopted by the masses.
Culture of Tokenization
The essence of cryptocurrency is that they are tokens in a way. To use the blockchain you have to create and use tokens to open certain features. This is exactly how an in-game ecosystem works with its own tokens.
In fact, these days there is some real-world value with the tokens used in video games as people are willing to pay real money to open these features and will gladly pay for these tokens.
Since this is the case in many video games, gamers are well familiar with how that type of cyber economy works. Opening a bitcoin account and then using them as tokens has a lot of similarities with how a video game works. Even down to the way that bitcoin is mined is somewhat similar to how to earn money in a game.
Blockchain and Gaming
Having a game on the blockchain is a bit of a challenge so it can be a sort of test pilot for how the blockchain and cryptoicurrency can be used in a real-world setting. It can show the world the benefits of a cryptocurrency besides just being a vehicle for speculation. Just as it can also show its limitations.
For example, a blockchain-based video game can use cryptocurrency in a real-world way that has value besides just as an in-game token. But, it also is limited due to its decentralization. Changes to the game can’t come from the developer but from the community.
That can be a double-edged sword as changes may be slow to come. But it can also help players against undesirable actions by the creators. Though, voting can be incentivized by offering tokens in return for moving the game forward.
Using the gaming world as a testing theater is proving to be useful in ironing out some of the kinks of the blockchain. Namely the fact that transaction times can be slow. Because the blockchain for a game tends to get spammed by transactions and an increase in gas fees, gamers need to find a workaround so the gaming experience doesn’t become intolerable.
So far gamers have come up with a proof of stake system that seems to have solved some of the speed issues from a proof of work system. With this issue solved, more people will be willing to use bitcoin as a currency.
*This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.