The Blockchain Technology Has the Potential to Change the Game Industry Forever
The in-game marketplace as a whole is worth billions despite being barely over a decade old. However, big name game developers have always shied away from working on a cross platform marketplace. Dmarket is changing all that with its highly decentralized, cross platform marketplace for gamers from across the world.
Last month Valve banned over an estimated 40,000 CS: GO players or accounts. The reason is believed to be cheating, hacking and fraud. It is the largest instance of bans by Valve, but the company is not alone. With so many people actively cheating, it is no wonder that game developers are hesitant to work on a shared, cross platform marketplace. But Dmarket seems to have figured out the solution by using the blockchain as an integral part of the digital market.
The latest estimates put the gaming market at worth over $100 billion in revenue. The advent of virtual reality gaming will add another $40 billion to the industry by 2020. Currently, there are 10,00,000 video games which require people to compete and earn in-game items as they progress. But what if all the hard work they put in could be translated into real world money in a decentralized marketplace? That’s the idea that drove the development of Dmarket.
A decentralized market will store data across a network of participating computers via a P2P system. Using the blockchain eliminates the interent risk of a regular centrally run database or system. Decentralized systems use ad-hoc message passing on a distributed network. Since the network does not have a central point computers, hackers and crooks cannot exploit it. Plus, the blockchain encrypts all data using public-key encryption which is a random string of numbers in the blockchain’s address. Each address has a value token associated with it. The private key gives the person who owns the digital asset a way to interact with it in different ways. Additionally, all data on a blockchain is considered incorruptible.
By using the blockchain with the creation of smart contracts the whole problem of duplicating digital assets is solved. So, for instance, a person who owns a valuable weapon in CS: GO, cannot sell it yet retain a copy of it, which can then be resold. Plus, the buyer will not be able to duplicate their financial holdings enabling them to buy and yet not spend anything.
The entire system of one click buy, sale and exchange will also be untraceable for hackers because it will leave no tracks behind. So, gamers can anonymously trade and buy items half way across the world via just their handles or usernames and even that can be kept a secret!
The launch of Dmarket may kick off a series of other implementations of the blockchain as businesses start seeing it as a much better way of securing data while enabling smooth transactions.
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