The gaming industry, with its approximately 2.5 billion gamers worldwide, is a lucrative target and an immense field of application for blockchain itself, Bitcoin and other cryptocurrencies that could no doubt give a mighty push toward taking and making the technology mainstream. Honestly, this is not quite a news as the efforts to establish cryptocurrencies in the entertainment sector have gone a long way, with varying degrees of success.submitted by Stealthex_io to StealthEX [link] [comments]
What they were, how it fared, and where things are going now – these questions deserve their own inquiry. So let’s take a look at how gaming facilitates cryptocurrency adoption, in what ways, and whether exposing the blockchain tech to a user base of a third of the world’s population would help oil the wheels of this sportster in a major way and ultimately cause a tectonic shift in the gaming industry itself.
A Little Bit of HistoryAs Bitcoin kicked off in late 2008, with its first transaction hitting, or effectively starting, the blockchain in early January of 2009, it had taken well over two years till the cryptocurrency got involved in online gambling. It was the now-defunct mobile poker platform, Switchpoker, a developer of an online poker room that started to accept Bitcoin as a deposit and payment option. You can still find a topic on Bitcointalk.org about this news dated back to November 23, 2011.
In April 2012, Erik Voorhees, an American entrepreneur and early Bitcoin adopter, founded Satoshi Dice, arguably the oldest online cryptocasino on the block, which is still pretty much alive today, although Voorhees sold it in a year. What makes it truly intriguing is the fact that during its early years the casino was generating half of all the transactions on the Bitcoin network. In short, online gambling was critically important in Bitcoin’s infancy years as it helped promote cryptocurrency awareness that led to future growth and expansion into other areas.
Some folks are certainly going to argue that gambling is not the same thing as gaming. The commonly accepted view is that gaming is based on skill while gambling on chance. We won’t debate over this point. However, as every poker player knows, the outcome of a poker game depends not only on luck, but also on skill and expertise. Put simply, there are large gray areas and overlaps. All things considered, our exposition would be missing a big chunk of significant history without giving due credit to gambling and how it helped Bitcoin adoption.
Now that online gambling is off our chest, we can safely turn to gaming as it is understood in the industry, and look at how it helped the blockchain space. One of the first uses of Bitcoin in a major game that we are aware of started in 2014 with the launch of BitQuest, a Minecraft server that used Bitcoin for in-game transactions. Within the gaming environment you could buy valuable in-game stuff from other users with the so-called bits, small fractions of a Bitcoin, and earn them by completing in-game tasks or challenges like killing local monsters.
BitQuest closed the server in summer of 2019, and its brand name now belongs to a different entity not involved with gaming, but it still produced an impact. In essence, this effort successfully demonstrated how a cryptocurrency, in this case Bitcoin, can be used in lieu of a native in-game currency that players can earn, buy and spend as well as withdraw. This has serious implications for two main reasons. First, Bitcoin, unlike any other purely in-game currency, has uses outside the game and its ecosystem, and, second, its supply cannot be manipulated by the game developers, which makes the game by far more fair and square.
Needless to say, the example that BitQuest had set encouraged other market participants to look into Bitcoin as an alternative option for in-game currencies. Another popular Minecraft server, PlayMC, also introduced Bitcoin into its world in 2015, but ceased the operation just two years later. There were a few other servers experimenting with altcoins, more specifically, Dogecoin, but most of them disappeared from the scene shortly thereafter, failing to attract enough die-hard Minecraft fans.
What Has Changed?With the arrival of smart contract-enabled blockchains such as Ethereum, EOS and TRON, the phrase “blockchain gaming” has taken on a more literal meaning as these blockchains allow games to be designed and played entirely on-chain in much the same manner trades are made on a decentralized exchange. While TRON stands for “The Real-time Operating system Nucleus”, there is an obvious reference to a once popular arcade game based on a titular 1982 science fiction film that ultimately garnered a cult following.
CryptoKitties is likely the most popular game ever released in the Ethereum ecosystem and probably in the whole crypto space so far. Its test version was made available on October 19, 2017, and it was an instant success. By the end of 2017 over 200,000 people signed up for the game, spending over $20 million in Ether. We won’t delve into its “gameplay” as it is beyond the scope of this article, and most certainly you are well familiar with it anyway. But what we absolutely should write about is the effect it made and the repercussions it produced.
It could be said that CryptoKitties was to the Ethereum blockchain what Satoshi Dice had been to Bitcoin in the early days of crypto. At the peak of its popularity the game reportedly accounted for 20-25% of all Ethereum’s traffic that clogged the entire Ethereum network, with transaction fees skyrocketing. No wonder lots of people got pissed off with this turn of events. However, despite all the rage and fury, CryptoKitties amply demonstrated what a success means in the blockchain gaming field, how it looks and feels in practice.
It is hard to estimate how much CryptoKitties contributed to cryptocurrency adoption. But given that a few hundred thousand people got involved in this game alone and many more with dozens of blockchain games that it has spawned, like Etherbots, Gods Unchained, The Six Dragons, etc, this indisputable triumph surely counts as a massive contribution by any definition or metric. Moreover, it also revealed the weaknesses of the contemporary blockchain solutions and what exactly should be done to overcome them.
Evolution never goes linearly. In fact, it generally doesn’t go in curves, circles, or zig zags, either. It always moves along very diverse routes, directions and entire dimensions like plants and animals, viruses and bacteria, and, well, dinosaurs and mammals. The evolution of gaming in crypto space is no different. СryptoKitties and other games share essentially the same tech under the hood – building games on some advanced general-purpose blockchain such as Ethereum. But it is not the only front that crypto gaming has been advancing on, nor is it the only way to introduce gaming to cryptocurrencies, and vice versa.
A more recent approach is based on designing either a standalone cryptocurrency or a token on a smart contract-enabled blockchain to be used across many games that support it as an in-game currency. As a result, gamers can enjoy true ownership of their in-game assets (the so-called non-fungible tokens, or NFTs), safe item trading outside the game, and cross-game compatibility. This path has been taken by such projects as Enjin (ENJ), GAME Credits (GAME), Decentraland (MANA), WAX (WAXP) and others, with their respective cryptocurrencies fueling a range of games.
A somewhat different avenue is taken by Funfair (FUN), Chromia (CHR) and Lucid Sight, which are offering platforms that blockchain games can be built on. Thus, Lucid Sight’s Scarcity Engine is focused more on game creators than end users, that is to say, gamers, allowing developers to integrate blockchain into their games. It aims to obliterate the difference between blockchain-based games and traditional gaming platforms. Funfair, on the other hand, leans more toward creating custom-built blockchain casinos, with its FUN token as a casino “chip”. So much for no more gambling, huh.
Our account of events would be incomplete if we didn’t mention yet another attempt to make use of Minecraft for the purpose of introducing cryptocurrencies to the gaming public. This time, a new Minecraft mod called SatoshiQuest has emerged. To participate in it, the gamers pay $1 in Bitcoin and get one in-game life. The pooled coins make up the loot, and the challenge is to find a minimum of 400 key fragments into which the keys to the Bitcoin wallet containing the prize are divided. And who said that evolution doesn’t loop?
Challenges and Future ProspectsThe knockout popularity of СryptoKitties has clearly shown the scale of cryptocurrency mass adoption that blockchain gaming can trigger. As the game developers themselves put it, their “goal is to drive mainstream adoption of blockchain technology”. They believe that “the technology has immense benefits for consumers, but for those benefits to be realized, it needs to be experienced to be understood”. Speaking more broadly, as more people start using cryptocurrencies for gaming, they may eventually become interested in using their coins for purposes other than playing one game or another.
With that said, it is now as clear that there are two main barriers on the way there. The first is the limitations of the blockchain tech itself that essentially limits blockchain gaming to NFTs, in-game currencies, streamlined payments, and similar stuff. This is mostly a technical challenge anyway, and we could realistically expect it to be solved sooner or later. The other issue is applicable to the gaming industry as a whole. People en masse would only play games that are truly engaging and immersive, technical issues aside.
So the bottom line is that we need the convergence of these two vectors to make blockchain a dominating force in the gaming industry. First, the blockchain tech should have the capacity for running multiplayer games that major video game developers like Blizzard, Valve and Ubisoft produce, no trade-offs here. Then, we actually need the games like Warcraft, Counter-Strike or Far Cry that can be played on blockchain, to make it matter. Only after we get there, the gaming industry will likely become a primary driver behind cryptocurrency adoption.
What are your thoughts on how gaming facilitates cryptocurrency adoption? Tell us your ideas in the comments below.
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Original article was posted on https://stealthex.io/blog/2020/09/22/can-blockchain-gaming-drive-cryptocurrency-adoption/
We are now in an era where most people on the street have heard of Bitcoin and understand the very basics of what a cryptocurrency is. However, when many people think about users of Bitcoin, there’s a stereotypical person who comes to mind. As the Black Lives Matter movement begins to take hold and sweep the nation demanding change, many people of color are quick to discount Bitcoin, but the reality is, there are many notable black Americans who abundantly use and support the currency as well as advocate that Bitcoin is for everyone.submitted by MintDiceOfficial to MintDice [link] [comments]
Bitcoin is for EveryoneWhen discussing Bitcoin in general, many people believe it’s only for those anti-government libertarians who want to engage in illegal activities, but there’s simply no truth in that statement. Bitcoin is simply a money transfer system backed by a public ledger and quantifiable technology. Have you ever used a pre-paid card? A payday loan? Or a currency exchange booth? Chances are, you have, and if so—well Bitcoin has the potential to offer a cheaper version of all of these currency services if used to its full potential. Shawn Wilkinson, the founder of Storj (a cloud storage service) advocates its massive potential especially in online microloans. He thinks that cryptocurrency as a whole has a lot of power to change the way even the most impoverished communities use money, regardless of race.
Edwardo JacksonEdwardo Jackson is perhaps one of the most notable black Bitcoin enthusiasts out there. In fact, he is so passionate about the currency, he currently runs a blog called Blacks in Bitcoin. Jackson is a Las Vegas resident and professional poker player, but found his love of Bitcoin while he was a writer for Upworthy in 2013. Jackson believes Bitcoin is still in the early adoption phase and thinks that now is most definitely the time for anyone who is thinking of getting into it to buy in. Currently, Jackson has developed his own blockchain based technology known as CD3D which is a decentralized app-based token which you can use in a game where instead of betting on sports, or the outcomes of elections, you vote on actors and actresses and win money based on their box office performance. This game is still under development and you can check the CinemaDraft websites for updates on when it may be opened for play. Jackson prides himself in his Bitcoin knowledge and wishes to educate everyone about it, so much so, he even hands out his personal phone number to anyone who asks so they can call him if they have questions.
Richard ShermanYou read that right, Richard Sherman, NFC Championship playing defensive back, is a Bitcoin fanatic! Sherman was born in Compton; California and it became clear early on he was destined to be a sports player. He achieved many high school records not only in football, but also as part of his school’s track team. Sherman received a scholarship to attend Stanford university where he played on their team from 2006-2010. In 2011, Sherman was signed by the Seattle Seahawks and played with the team for many years until 2018 when he signed a 39-million-dollar contract with the 49ers. He is very public about his love of cryptocurrency and his many investments in the technology field, so much so, he even takes Bitcoin for payment in his online store for all of his Seahawks and 49ers merchandise.
Reggie MiddletonReggie Middleton is an American entrepreneur and CEO of Vertiseum. Middleton’s claim to fame began in the early 2000’s as a financial writer for the Huffington Post. In 2011, he left his job there to start his own company and blog, Boom Bust Blog. He was an early adopter of Bitcoin, citing that its ability to be quickly, and largely, transferred making it one of the best methods of currency currently on the market. He also advocates how safe and cheap it is to transfer Bitcoin as opposed to using cash or the banking system, which has many caveats and difficulties as well as rising costs. Just think, to make a transfer from one bank to the other you either need to withdraw cash and physical drive it from one bank to another to avoid massive fees. If fees don’t scare you, you can wire the money, but this still takes gas, time, and often times there are limits on the amount you can transfer. Bitcoin solves all of these problems. Middleton loves crypto currencies so much, he founded Vertiseum, an Ultracoin technology. Although the legalities of his ICO are currently under scrutiny, Middleton still stands behind his advocacy of cryptocurrencies and posts many YouTube videos educating the public on the many uses of them in everyday life.
Black Influencers to FollowWant to learn more about Bitcoin before you dive right in? Understandable! There are many influencers of color who know a lot about the cryptocurrency world! Check out Dr. Boyce Watkins, a financial scholar who offers numerous courses in cryptocurrency for beginners as well as an internet club for investors. He also runs Financial Juneteenth, a cryptocurrency group specifically for black investors and it is currently one of the largest cryptocurrency-based communities on the internet, so make sure you pay it a visit!
Lamar Wilson is another notable influencer, widely known for building his own blockchain company Hijro, as well as a cryptocurrency wallet, back before it was even cool! He contributes abundantly to the Financial Juneteenth group listed above, as well as teaches a class about investing in cryptocurrencies on the Black Business School site.
Also follow Ian Balina, a man famous for his unique approach to ICO’s thanks to his analytics background and former employment at IBM. He currently leads a global cryptocurrency investor syndicate, and posts content on YouTube, Twitter, and Instagram. Balina’s content is so revolutionary that he has been featured in numerous articles in many different magazines, most notably Forbes and Huffington Post.
If after following all of these people you are still a little lost when it comes to cryptocurrency, don’t worry! It’s a confusing field at first. Just remember that cryptocurrency is for everyone and it make take time to learn about the ins and outs of the high-level technology. There are many websites which offer free guides you can take advantage of to help you find your way. So, subscribe to a few of them, investigate your questions, and you’ll be a cryptocurrency pro in no time!
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Here's how naked short-selling works: Imagine you travel to a small foreign island on vacation. Instead of going to an exchange office in your hotel to turn your dollars into Island Rubles, the country instead gives you a small printing press and makes you a deal: Print as many Island Rubles as you like, then on the way out of the country you can settle your account. So you take your printing press, print out gigantic quantities of Rubles and start buying goods and services. Before long, the cash you’ve churned out floods the market, and the currency's value plummets. Do this long enough and you'll crack the currency entirely; the loaf of bread that cost the equivalent of one American dollar the day you arrived now costs less than a cent.http://www.rollingstone.com/politics/news/wall-streets-naked-swindle-20100405
With prices completely depressed, you keep printing money and buy everything of value - homes, cars, priceless works of art. You then load it all into a cargo ship and head home. On the way out of the country, you have to settle your account with the currency office. But the Island Rubles you printed are now worthless, so it takes just a handful of U.S. dollars to settle your debt. Arriving home with your cargo ship, you sell all the island riches you bought at a discount and make a fortune.
If Bitcoin becomes a major currency, then tens of trillions of dollars on the "legacy ledger of fantasy fiat" will evaporate, destroying AXA, whose CEO is head of the Bilderbergers. This is the real reason why AXA bought Blockstream: to artificially suppress Bitcoin volume and price with 1MB blocks.https://np.reddit.com/btc/comments/4r2pw5/if_bitcoin_becomes_a_major_currency_then_tens_of/
Blockstream is now controlled by the Bilderberg Group - seriously! AXA Strategic Ventures, co-lead investor for Blockstream's $55 million financing round, is the investment arm of French insurance giant AXA Group - whose CEO Henri de Castries has been chairman of the Bilderberg Group since 2012.https://np.reddit.com/btc/comments/47zfzt/blockstream_is_now_controlled_by_the_bilderberg/
Bitcoin has its own E = mc2 law: Market capitalization is proportional to the square of the number of transactions. But, since the number of transactions is proportional to the (actual) blocksize, then Blockstream's artificial blocksize limit is creating an artificial market capitalization limit!https://np.reddit.com/btc/comments/4dfb3bitcoin_has_its_own_e_mc2_law_market/
Bitcoin's market price is trying to rally, but it is currently constrained by Core/Blockstream's artificial blocksize limit. Chinese miners can only win big by following the market - not by following Core/Blockstream. The market will always win - either with or without the Chinese miners.https://np.reddit.com/btc/comments/4ipb4q/bitcoins_market_price_is_trying_to_rally_but_it/
The Fed/FOMC holds meetings to decide on money supply. Core/Blockstream & Chinese miners now hold meetings to decide on money velocity. Both are centralized decision-making. Both are the wrong approach.https://np.reddit.com/btc/comments/4vfkpthe_fedfomc_holds_meetings_to_decide_on_money/
So, on the expiration date of the HK stalling / non-scaling non-agreement, Viacoin scammer u/btcdrak calls a meeting with no customer-facing businesses invited (just Chinese miners & Core/Blockstream), and no solutions/agreements allowed, and no transparency (just a transcript from u/kanzure). WTF!?https://np.reddit.com/btc/comments/4vgwe7/so_on_the_expiration_date_of_the_hk_stalling/
This disastrous, desperate meeting is the latest example of how Bitcoin's so-called "governance" is being hijacked by some anonymous scammer named u/btcdrak who created a shitcoin called Viacoin and who's a subcontractor for Blockstream - calling yet another last-minute stalling / non-scaling meeting on the expiration date of Core/Blockstream's previous last-minute stalling / non-scaling non-agreement - and this non-scaling meeting is invite-only for Chinese miners and Core/Blockstream (with no actual Bitcoin businesses invited) - and economic idiot u/maaku7 who also brought us yet another shitcoin called Freicoin is now telling us that no actual solutions will be provided because no actual agreements will be allowed - and this invite-only no-industry no-solutions / no-agreements non-event will be manually transcribed by some guy named u/kanzure who hates u/Peter__R (note: u/Peter__R gave us actual solutions like Bitcoin Unlimited and massive on-chain scaling via XThin) - and as usual this invite-only non-scaling no-solutions / no-agreements no-industry invite-only non-event is being paid for by some fantasy fiat finance firm AXA whose CEO is head of the Bilderberg Group which will go bankrupt if Bitcoin succeeds.**
vampireban wants you to believe that "a lot of people voted" and "there is consensus" for Core's "roadmap". But he really means only 57 people voted. And most of them aren't devs and/or don't understand markets. Satoshi designed Bitcoin for the economic majority to vote - not just 57 people.https://np.reddit.com/btc/comments/4ecx69/uvampireban_wants_you_to_believe_that_a_lot_of/
Satoshi Nakamoto, October 04, 2010, 07:48:40 PM "It can be phased in, like: if (blocknumber > 115000) maxblocksize = largerlimit / It can start being in versions way ahead, so by the time it reaches that block number and goes into effect, the older versions that don't have it are already obsolete."https://np.reddit.com/btc/comments/3wo9pb/satoshi_nakamoto_october_04_2010_074840_pm_it_can/
The moderators of r\bitcoin have now removed a post which was just quotes by Satoshi Nakamoto.https://np.reddit.com/btc/comments/49l4uh/the_moderators_of_rbitcoin_have_now_removed_a/
theymos 1/31/2013: "I strongly disagree with the idea that changing the max block size is a violation of the 'Bitcoin currency guarantees'. Satoshi said that the max block size could be increased, and the max block size is never mentioned in any of the standard descriptions of the Bitcoin system"https://np.reddit.com/btc/comments/4qopcw/utheymos_1312013_i_strongly_disagree_with_the/
"Even a year ago I said I though we could probably survive 2MB" - nullchttps://np.reddit.com/btc/comments/43mond/even_a_year_ago_i_said_i_though_we_could_probably/
Greg Maxwell used to have intelligent, nuanced opinions about "max blocksize", until he started getting paid by AXA, whose CEO is head of the Bilderberg Group - the legacy financial elite which Bitcoin aims to disintermediate. Greg always refuses to address this massive conflict of interest. Why?https://np.reddit.com/btc/comments/4mlo0z/greg_maxwell_used_to_have_intelligent_nuanced/
The most upvoted thread right now on r\bitcoin (part 4 of 5 on Xthin), is default-sorted to show the most downvoted comments first. This shows that r\bitcoin is anti-democratic, anti-Reddit - and anti-Bitcoin.https://np.reddit.com/btc/comments/4mwxn9/the_most_upvoted_thread_right_now_on_rbitcoin/
Be patient about Classic. It's already a "success" - in the sense that it has been tested, released, and deployed, with 1/6 nodes already accepting 2MB+ blocks. Now it can quietly wait in the wings, ready to be called into action on a moment's notice. And it probably will be - in 2016 (or 2017).https://np.reddit.com/btc/comments/44y8ut/be_patient_about_classic_its_already_a_success_in/
I think the Berlin Wall Principle will end up applying to Blockstream as well: (1) The Berlin Wall took longer than everyone expected to come tumbling down. (2) When it did finally come tumbling down, it happened faster than anyone expected (ie, in a matter of days) - and everyone was shocked.https://np.reddit.com/btc/comments/4kxtq4/i_think_the_berlin_wall_principle_will_end_up/
We now know the miners aren't going to do anything. We now know that a minority fork can survive. Why are we not forking right now?https://np.reddit.com/btc/comments/4vieve/we_now_know_the_miners_arent_going_to_do_anything/
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