LUD Pay: Converting In-Game Currencies Into Real World Value
While important, the end goal of any blockchain project shouldn’t solely be about how many transactions per second it can generate or how much better its underlying technology is versus its competitors. We need to look beyond which niches are hyped within the blockchain industry to broader considerations about a mainstream audience, incorporate adoption through accessibility, and visualize what disrupting traditional industries might look like.
When we think about the gaming industry, there are a few key pain points that current centralized solutions fail to address. These are:
- Limited freedom: Wealth created by a player is artificially silo’d and non-transferable, even to titles from the same publisher.
- Black market economies: Items that a player obtains cannot be sold to other players for real-life currency leading to users breaking ToS by selling accounts, items, gold.
- Lack of transparency: Gaming algorithms are unclear and are intentionally used as a means of monetizing the user toward loot boxes at the expense of overall gameplay.
With this in mind, we developed LUD Pay.
What is LUD Pay?
Simply put, LUD Pay is the world’s first payment solution that lets gamers directly convert in-game items and currencies to real-world, spendable money. It’s the result of our partnership with FullPay Japan, the authorized representative of WeChat in the country, Jmode, and SoftBank.
By providing interoperable functions between different gaming universes, as well as the virtual and real world, gamers can spend their LUD tokens at participating stores.
In doing so, games built on the Ludos Protocol become inherently more efficient as resources are more effectively utilized. Furthermore, with LUD Pay, LUD tokens will ‘protect’ a player’s generated wealth in his or her games by offering continuance across multiple gaming universes.
How does it work?
Any time you earn currency in a game that is running on the Ludos Protocol, you will have the ability to trade that currency in for LUD tokens. Then, by using the Ludos Wallet you will have the ability to spend your LUD in any store that supports FullPay, one of the largest payment providers in Japan.
“But what about the volatility of cryptocurrencies?” you might ask. Well, that is where our partnerships with SoftBank, IBM, and the Yokohama Bank come in. While we can’t divulge much information at this stage, we are working on a solution to address this problem.
“How do these partnerships impact LUD Pay?”
In addition to being a strategic partner, SoftBank is also one of our main investors, helping to ensure the long-term success of the project.
FullPay is a licensed digital payment company, it is also an authorized agent of Wechat Pay in Japan. The details of our strategic partnership include integrating the use of LUD tokens for payment at Narita and Haneda Airport.
Jmode provides thousands of retailers in Japan with an inventory management system, AI and Big data analysis. Their user base is an impressive 20 million! In our strategic partnership, Jmode and Ludos will push forward the adoption of Ludos protocol and LUD tokens onto their system. This creates an immediate user base, ecosystem, and liquidity.
“How functional is the LUDPay wallet?” The LUDPay wallet will have the following features and capabilities: registration via unique mobile number, news alerts, wallet, a record of assets, token center and mining missions. It has five language capabilities: Arabic, Chinese, English, Japanese and Korean. The development team has also conducted rigorous testing surrounding the security of wallet’s applications.
LUD Pay represents a key development in the gaming industry, one that enables gamers to enjoy an open, transparent, fair, and rewarding gaming experience.
About Ludos Protocol
Ludos Protocol is a purpose-built blockchain infrastructure project for the gaming community. As only the third blockchain project to be backed by Japanese investment giant Softbank, Ludos addresses numerous shortcomings in the existing gaming landscape. Its main chain + multi-sidechain architecture allows games to run entirely on their own blockchain, preventing scalability issues that have plagued previous blockchain-based games. Additionally, the Protocol seeks to create a gamer-friendly ecosystem whereby game developers and gamers can come together to easily crowdfund and build on the platform. The use of non-fungible tokens (NFT’s) within the ecosystem will allow gamers to swap assets in one game for assets in another. Finally, through their partnership with FullPay Japan, Ludos will give gamers the chance to use LUD tokens that are earned in-game to shop and buy at a range of retail stores in Japan and later the world.
Ludos Protocol Links
Telegram Channel: https://t.me/LudosProtocol
Telegram Announcement Channel: https://t.me/LudosAnnouncements
BitcoinTalk Thread: https://bitcointalk.org/index.php?topic=5064140