As the gaming industry starts to utilize blockchain technology to drive digital innovation, there has been an uptick in the creation of “decentralized gaming platforms.” Decentralized gaming platforms serve as a one stop shop for gamers and developers to create and play games, sell/purchase virtual goods, and make use of cryptocurrencies. These platforms can also help companies launch initial coin offerings (ICOs).
The benefits offered by decentralized gaming platforms are highly innovative, as these models apply blockchain technology to achieve a number of advanced features. Secure data sharing, transparent and instant transactions, and peer-to-peer interactions are all part of the decentralized gaming ecosystem.
To put this into perspective, Game Chain System (GCS) is a China-based startup that owns a series of blockchain software solutions. Using this technology, GCS has created a decentralized gaming platform that acts as a marketplace to help developers and gamers connect.
Based on the capabilities offered by GCS, here are 3 general ways decentralized models will disrupt the gaming industry:
- PEER-TO-PEER TRANSACTIONS
One of the main functions decentralized gaming platforms provide is the ability for developers to create games and sell them directly to gamers in a peer-to-peer manner, rather than having to go through a third-party payment system.
For example, all transactions on the GCS platform are made via smart contracts, ensuring instant, secure and direct payments. Transactions made with smart contracts are transparent and easily traceable, which helps solve the issue of fraud in the gaming industry.
Transactions are also quickly processed, as GCS runs on a dedicated game-optimized blockchain capable of accommodating thousands of transactions per second. In turn, this helps drive revenue for games featured on the GCS network.
- SECURE DATA SHARING
Data sharing capabilities are another primary benefit of decentralized gaming platforms. Blockchain technology can enhance data sharing security and increase transparency, making these platforms more secure and efficient.
“A decentralized strategy not only allows for accountability on our exchange, but it also plays an important role for protecting our users’ data (scores, leaderboards, et cetera). Data cannot be manipulated on the GCS platform and the ecosystem exists to support both the gamers and developers,” Game Chain System’s CEO, Lianwei Ling, said.
Moreover, just last week, the Gaming Standards Association and the Gaming Standards Association of Europe announced the creation of a technical committee dedicated to creating standards for the use of blockchain distributed ledgers in the gaming industry. It was noted in an article on SiliconANGLE that the GSA’s president, Peter DeRaedt, recognizes that blockchain technology can specifically revolutionize data sharing for the gaming sector.
“Many industries are evaluating how the blockchain technology can enhance data sharing security and increase operational transparency,” GSA Europe Managing Director Mark Pace said. “GSA will launch this new committee and evaluate the creation of a gaming industry standard.”
- CRYPTOCURRENCY PURCHASES AND INITIAL COIN OFFERINGS
It’s also worth noting that decentralized platforms can help developers launch their own tokens for game licenses and in-game digital assets. These tokens can then be used as a crowdfunding method for companies interested in launching an ICO. Game developers can create their own tokens using the GCS template, and players can then use these tokens to access video games on GCS.
Users can also win GCS’s tokens, which are known as “gamechain tokens” or GCS. These are ERC20 tokens that can be used by developers to build poker games, sandbox games, and much more. Gamechain tokens can also be utilized to access additional features and services, or to purchase virtual goods on the GCS platform. Additionally, gamers can purchase games on the GCS platform using gamechain tokens or other cryptocurrencies like Bitcoin and Ethereum.
THE FUTURE OF GAMING
Game Chain System already has over 20 million users and expects to grow their company with the $35 million raised during their initial coin offering. And as more gamers and developers turn to decentralized gaming platforms, it has become clear that blockchain technology is having a major impact on the entire gaming industry.
Moreover, this represents an entirely new gaming ecosystem being built entirely on blockchain technology. The gaming industry can expect to see big changes made as more decentralized gaming platforms are utilized to provide secure, transparent and peer-to-peer gaming models.