Is Algorand Creating a Decentralised World for and the Gaming Industry?

Is Algorand Creating a Decentralised World for and the Gaming Industry?


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The gaming industry is a billion-dollar industry. The human mind is constantly in need of a distraction or entertainment and the gaming industry provides enough of these. The U.S. gaming is estimated to reach $230 billion by 2022. This is from a worth of US$18.4 billion in 2017 with a total of 2457 companies and 220,000 employees. The gaming market is vast and lucrative for those looking to explore what entertainment and games they can push out with high-end machines and software. The industry is also constantly evolving and has now carved a spot for the blockchain. Which is why a blockchain network like Algorand has joined the Blockchain Game Association (BGA) with the aim of bringing more scalability and security to gaming.

The blockchain is a valuable tool to the gaming world providing fast and secure payment networks,  verification of scarce virtual assets and collectibles as well as a decentralized asset exchange. The block gain also creates an avenue for developers to monetize their products properly. Algorand aims to use its alliance to the BGA to bring more incentives to the gaming industry. The Algorand network aims to create various benefits to the industry including enabling new monetization models and creation of nonfungible tokens. The general aim is to create a better valuation of products, reduced transaction cost,  increased network speed, and create more market opportunities for players, creators and publishers. 

A Way Forward in Gaming with Algorand

Gaming companies are no longer looking at the blockchain as a tool to incorporate but as a backbone to the market. To the gaming world, gaming assets are almost equivalent to valuable tangible assets. The blockchain will, therefore, help provide proof of ownership of specific virtual assets. It will also be of huge benefit to gambling and betting and provide numerous reward and payment benefits. So what is the Algorand Blockchain bringing to the gaming system? 

Asset creation

Games can create in house tokens that can be traded on exchanges using Algorand. This way, digital in-game purchases will be rare and uniquely encrypted with cryptography. The community of gamers can create a virtual asset market where this asserts can be traded and their social value increased. 

Increased Security/CopyRight Management 

Gamers have been plagued for years by counterpart copies of rare items. In traditional gaming, it was not so easy to carry out a virtual transfer of ownership. However, Algorand can enable the ease of transfer of assets. Algorand 2.0 is built to sustain the creation and transfer of non-fungible assets. This way, the value of assets remain intact and Algorand will counter the sale of counterfeit goods. Also, since these assets will be built or hosted on the blockchain, duplication will be impossible as that is one of the features of the blockchain, immutability. Also, game creators can protect their creations by utilising Algorand smart contracts (ASC1) which utilises the Transaction Execution Approval Language or TEAL. A consensus on the price and transfer of ownership can be embedded into the smart contracts and payment will be triggered once all the criteria are fulfilled. 

Faster Payments

Algorand utilises self-validating transactions which will fasten the process of approving individual payment and balances. This will make the purchase of items and games faster and will ensure the payments are secure. Also, gaming will become powerless and payment can be made for any part of the world with ease. Also with micropayments, developers can receive payments directly and make more profit than facing a lot of hurdles selling their software outside of app stores.  

Prediction Markets, Staking, ESports and Betting

The gambling industry is a huge and evolving industry. Since it is mostly frowned upon, it is constantly difficult for participants to make payments. However, with the Algorand blockchain, gamblers can keep their identities hidden as the blockchain gives them the needed anonymity. To be a player in an Algorand-enabled online casino, all a player needs is a wallet with which you deposit while playing and withdraw if you win. Many online casinos are equally beginning to integrate crypto payments even if they are not blockchain integrated. In addition, the Algorand blockchain can aid predictability in betting and prediction markets. Most often the odds are stacked in favour of the gambling house and against the player. However, Algorand can enable a fair predictability system. Esports are not left out as they are a new gaming market and still under certain regulations. Algorand can enable a better-decentralised management system as well as a payment system for both the creators and players. 

A Foreseeable Gaming Future

Looking at the past, blockchain gaming has come a long way. From the creation of CryptoKitties, a game that allows you to earn Non-fungible tokens, the future holds a lot of promise. Developers can now create decentralised games that can be natively supported on the Algorand network. Gaming API protocols can be natively hosted through the AlgoSDK giving developers connection to a decentralized relay network of infrastructure providers and node operators as well as lowering cost.  

Algorand has made an extended effort to join the BGA with 60 other reputable BGA companies such as ConsenSys and MakerDAO. Algorand is already taking giant leaps towards the gaming industry. A proof is a fact that the Algorand blockchain was chosen to record the official chess ratings on blockchain during the launch of the digital games of FIDE Online Arena. In fact, Sergey Karjakin, chess grandmaster played a round of chess against Silvio Micali, the founder of Algorand. 

Conclusion

Algorand is already taking bold steps to dominate the gaming industry. However, it may take a while for the mass adoption of blockchain-based games to become a realisation. Despite the many factors mitigating against the realisation of mass adoption in the industry, the benefits outweigh the odds. Faster payments, anonymity in payments, intellectual property management and fair predictability are needed in the industry and hopefully, a blockchain gaming future will be a reality. 

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chidi
chidi

i am a blockchain evengelist, a networker and a smart worker going around the world and working towards mass adoption of decentralization


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