Apart from what one might think, the link between online gaming and cryptocurrency, particularly bitcoin, has existed since the early days, when bitcoin was worth no more than $10. I remember in 2012, buying bitcoin via Linden Dollars (L$), which was a virtual currency of an online MMORPG, or a virtual world as described by its creators, known as “Second Life“. As you might know, it is rather hard and unsafe to attempt to buy bitcoin via Paypal, and that was the same case back in 2012, yet there was a backdoor through Second Life’s Linden Dollars, as one could buy them via Paypal back then and then exchange them for Bitcoin on VirWox, a virtual currency exchange that was established to help players exchange L$ to Fiat currencies. Even though the fees were rather astronomical to buy bitcoin this way in 2012, it represented a quick solution to buy bitcoin with Paypal.
The link between the blockchain technology and online gaming didn’t stop at Second Life’s Linden Dollars, as it became stronger with the launch of Huntercoin in 2014. Huntercoin is a human mineable cryptocurrency and game. It is forked of Namecoin’s blockchain and the coin utilizes Namecoin’s protocol to create an online decentralized game, or MMORPG, on top of the blockchain. By far, Huntercoin is the first online game ever to record all of the game’s events onto a blockchain. Motocoin was also launched later in 2014, and was the first blockchain based online game to introduce the concept of proof-of-play rather than proof-of-work; in other words, motocoins are mined through cognitive work done by playing the game.
Bitcrystals (BCY) represent another cryptocurrency that acts as a currency, and game fuel, for an online mobile game known as Spells of Genesis. The game is a mixture of a trading card game (TCG) and an arcade game, which relies on the blockchain technology that also represents the source of inspiration for the game’s storyline.
GameCredits & MobileGo – Can They Disrupt the Online Gaming Industry?
In April 2015, GameCredits GAME was launched as a blockchain based crypto currency that is designed to create an innovative payment gateway for the gaming sector. No one can deny that the online gaming industry is currently faced by multiple limitations and GAME is offering the world a decentralized solution that can make payments for game purchases, in-game credits….etc, simple, seamless and secure.
In January 2017, GAME announced the launch of the first ever blockchain based online mobile gaming store. The store is expected to go live in the second quarter of 2017 and will enable gamers to purchase games, and in-game credits, via GAME. 150 developers along with 300 games are already scheduled for the launch and GAME’s board announced that there will be at least 1000 games available on the store by the end of this year’s second quarter.
Even more, GAME announced last February, the launch of a smart token known as MobileGo, which is expected to go live during the second half of 2017. MobileGo will be issued on Ethereum’s as well as Waves’ blockchains, offering a set of innovative mobile gaming technologies. MobileGo will enable gamers to engage in match play and decentralized game tournaments administered by gamers themselves and will represent a decentralized marketplace for gamers to trade in-game items and content.
Since its launch GAME’s price has been rising steadily, as it valued less than 100 satoshis when it was first launched in 2015 and now it values more than 83,000 satoshis. GAME is definitely threatening the throne of gaming giants such as Nintendo, EA Games, Konami, Activision, Microsoft and others, as it will omit the need for an intermediary between the creators of the game and the gamers who play it. Moreover, a decentralized marketplace for games will represent a haven for game developers and graphic designers, who will be able to market their work and receive payments in a secure almost anonymous way.
Platforms like GameCredits will definitely change the face of the gaming sector during the upcoming few years. Blockchain decentralized solutions will help gamers pay less, while also enjoying some of the innovative technologies that the blockchain has to offer them.