The Value Proposition of Cryptocurrency and the Importance of Crypto Integration in Gaming.
Property Rights and “Trusted” Third Parties:
For those unfamiliar, cryptocurrency is a revolutionary new means of transmitting value, storing wealth, communicating and conducting financial transactions that will change the way the world functions. It has wide-spread ramifications on traditional finance and the self sovereignty of an individual’s wealth, and by extension on the entire power dynamic of asset ownership and property rights.
Property rights are fundamental to the functioning of modern society. Historically, those property rights have been subject to the whims of “trusted” third parties. From banks, governments, corporations and so called professionals, we have enjoyed a sort of freedom and assurance in our property rights that has always had at its core a trusted intermediary we all assumed we could rely on and would act in good faith. Yet, when adversity and distress enter the markets and the world at large, human nature is eventually bound to take its course.
As we have seen in the last few years, the lockdowns and resulting economic destruction compounded with the extravagant and reckless money printing have created a landscape of extreme volatility, marked with social unrest and financial and economic distress and disparity throughout the world. Unsurprisingly, we have similarly witnessed the true difficulty with having property rights dependent on “trusted” third parties, and just how trustworthy and virtuous those third parties often are under pressure.
Most of us who grew up in the western world were raised being taught that our governments had our best interests at heart, that banks were safe and necessary, that money was what the government told us it was (fiat), and that we lived in a land of freedom and opportunity. Adversity and economic stress have revealed the reality of these naïve assumptions built in a time of prosperity and growth. Canadian banks confiscated client funds[i], the USA confiscated over $600B in Russian sovereign funds[ii], multiple large banks have effectively become insolvent[iii], Russian citizens had their access to SWIFT and credit cards blocked[iv], banks are restricting access to user funds on a regular basis.
Your wealth is not yours at all if it cannot be accessed free from encumbrance, free from restrictions and free from the permissions of others. Cryptocurrency solves this need for a custodian of your wealth, and truly empowers the individual and enshrines their unabridged property rights.
Wallets and Browsers as the Gateways to Crypto Mass Adoption:
Cryptocurrency enables free unencumbered property rights precisely because it is controlled only by a cryptographic algorithm housed on a blockchain. There is no need for a trusted third party, and users can remain completely pseudonymous.
An individual is able to self custody their own assets on the blockchain free from discrimination, censorship or coercion, with access and control of over their wealth and assets 24 hours a day, 7 days a week, 365 days a year. No more banking hours, weekend closures, time zone delays, border delays, settlement delays, and so much more.
As with most historically significant discoveries and innovations, cryptocurrency is a very nascent technology. The early adopters currently making up the majority of its user base do so with lean and inconvenient user interfaces, poor user experiences, and a need for reasonable technical knowledge of how a blockchain works to safely and effectively navigate the cryptosphere.
Much like the early days of the internet however, huge strides are being made in improvements to the user experience. Eventually, these advancements will abstract away all of the complicated facets of the interactions with the blockchain and the everyday use of cryptocurrency in much the same way as our internet browsers have done so for our use of the internet. We have no need to understand the inner workings of the TCP/IP protocol or the differences between http and https. Our browsers do it all for us, and we can safely navigate and use the internet without any technical knowledge whatsoever.
The end result of the advancements being made in crypto, much like the progression of our interactions with the internet, will be a simple-to-use intuitive interface that requires absolutely no knowledge of how blockchain works behind the scenes. Fittingly, our Browsers and Wallets (basically crypto Web3 browsers) will, as they did with the internet, act as our gateways to this new digital world of crypto. They will be the vehicles allowing us to safely and effectively navigate this incredible new empowering innovation without the complex knowledge currently required to do so.
Brave Browser as a Pioneer in Crypto Integration:
A shining example of the forward thinking innovation that will one day enable the inevitable mass adoption of cryptocurrency is the Brave Browser. All of our interactions with the internet are done through Browsers as our gateways. They shield the user from the complexities of our interactions so that we can click and point and surf the web as if it were a video game. If you are old enough to remember the early days of the internet, Netscape was a revolutionary advancement in web browsers that really enabled parabolic mass adoption. It was the start of the so called “Web 2” era. Crypto is often referred to as Web 3, and it really is the next iteration of technology empowering individuals, and as before it is the gateway advancements that will enable mass adoption.
Enter Brave Browser. Brave has embraced cryptocurrency head on, integrating a native crypto wallet directly in their browser, and releasing their very own cryptocurrency called the BAT token. The Basic Attention Token is a utility token incentivizing creators and users and allowing true ownership of your data by shifting the ad revenue structure and allowing users to opt-in to advertisements and be rewarded with BAT tokens.
It also has a built-in VPN, which is a must when navigating crypto, and combines solid privacy features and anti cookie pop ups, which is probably the most overdue convenience feature of any browser out there.
More recently, Brave also sponsored the largest Web3 Esports tournament ever, called the Xtreme Championship Series by XBorg, the leading Esports 3.0 infrastructure project in the Web 3 space. This type of commitment to the growing cryptosphere and Web 3 gaming space is what will enable the mass adoption that is so vital for the future of crypto in finance and gaming.
More companies with this level of commitment to user-first technologies are needed to move the space forward and shift the balance back in favour of individuals over the centralized entities.
Gaming as the Medium of Mass Adoption of Cryptocurrency:
People are by nature drawn to entertainment as a means of destressing, or socializing, or connecting with friends and family. The growth of the Esports scene has been astronomical as the technology has allowed for more and more possibilities, more in-depth gaming experiences and faster innovation. The traditional Esports industry is expected to grow from a $1.2B industry in 2021, to a nearly $5.5B industry in 2029, an impressive CAGR of 21%[v].
Gaming is known for its intuitive interfaces, shortened learning curves, and smooth and seamless user experiences. The exponential growth, however, has outpaced the underlying financial infrastructure, and left an imbalance in the economic interests of all parties involved. Players and fans arguably contribute the vast majority of the sweat equity, and yet the corporations and venture capitalists generally take the lion’s share of the revenue generated.
The new Esports 3.0 space lead by innovative projects like XBorg and Brave Browser aims to level the playing field through the integration of cryptocurrency. Crypto will empower fans, players and corporations alike. Players will be able to truly own their in-game assets, achievements and hard-earned reputations through the use of Non Fungible Tokens (NFTs) and gaming tokens. Fans will be rewarded for their loyalty and contributions with token rewards, collectibles and even revenue shares. Investors will now included the fans and players themselves as well as the venture capitalists and corporations, and revenue share will be shared by all in a more meritocratic fashion.
This new Esports 3.0 model creates a frictionless financial model, with less waste and more equitable participation of all contributors. As importantly, it allows Esports teams, players and fans to contribute and involve themselves in a fairly incentivized manner with much lower barriers to entry. No more will teams be kept from competing for lack of corporate sponsorship, or lack of the often 10s of millions of dollars required to get started. No more will successful and competitive players be left with a small fraction of the revenue generated by their gameplay. No more will fans be used a consumable resource rather than an integral component of the community. Esports 3.0 truly empowers ALL parties, allowing full and unrestricted ownership of in-game assets and it is cryptocurrency that is the technological innovation making this next generation of Esports possible.
Conclusion:
It is a natural progression that the financial interests of the Esports world will eventually flow to those creating the value in proportion to their contributions. Yet that progression will not occur without the pioneers that that are innovating and pushing the boundaries.
The future of Esports is very bright, and on the precipice of huge advancements and a new meritocratic dynamic empowered by cryptocurrency. The flow of corporations and investors, fans and players, developers and innovators bringing their resources and expertise to the space is at a stage where contributors are inspired by belief and conviction. Soon, as these pioneers integrate the freedom and equity of cryptocurrency into the exciting and competitive world of Esports, these myriad contributors will come instead because it is a land of opportunity accessible to all, and beneficial to all.
Good luck and see you on the next one!
Sovereign Crypto (aka Rickky Bobby on Discord)
XBorg Content Council
About XBorg
XBorg is building a Gaming Credential and Application Network for players and Decentralized Gaming Societies, enabling them to build their digital identity and play a greater role in esports organizations. With top teams in the most competitive Web3 esports titles and being a major tournament organizer in the Web3 gaming industry, XBorg is at the forefront of innovation in esports.
XBorg is powered by SwissBorg, a crypto app revolutionizing wealth management with 750,000 users.
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References:
[i] https://globalnews.ca/news/8590302/trucker-convoy-gofundme-stopped/
[ii] https://www.businessinsider.com/us-putin-sanctions-russia-central-bank-war-chest-ukraine-crisis-2022-2
[iii] https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/
[iv] https://www.reuters.com/markets/europe/us-uk-europe-canada-block-russian-access-swift-2022-02-27/
[v] https://www.fortunebusinessinsights.com/esports-market-106820
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