Crypto and gaming concept is quite popular these days as you the online gaming industry has an estimated annual revenue of $53 billion. Economists predict that this sector will grow to $314.40 billion by 2026.
The world is going through a phase of technological revolution, and blockchain technology is evidence of this. Crypto is a disruptive technology and a game-changer in the gaming industry.
Coupled with the advancements in PC and mobile gaming, here are the top ways crypto is used in gaming in 2022.
Promote Transparency and Trust
When online gaming for money sites use a centralized system for their gaming operations, it is very easy for betting operators to manipulate winnings to benefit them.
However, crypto-gambling is changing the odds in favour of gamers. Betting operators and game organizers can’t alter the data in the system.
Crypto transactions are simply in the form of messages and are digitally signed. They are also in the public domain, in the form of a digital ledger called blockchain, and everyone in the network can see them.
The history of every transaction leads back to the original one where the first transaction was produced. No one can manipulate ledgers since you will have to crack the codes of all the blocks in the chain.
And even if they tried, it would be recorded as a new transaction. A new block in the chain.
Transparency and trust are still core issues in online gaming platforms. But with crypto casinos working hard to ensure business trust with players, you’re guaranteed to play fair games.
Improve Security Features
Security is an essential feature in online gaming. Since online gaming involves money sometimes, gamers need a safe and secure platform to trade. They must be protected from any security threat that might arise.
Blockchain transaction uses a high-tech data encryption system like the private key-public key, which secures by encrypting all transactions. Unless you have the key, you can’t access any transaction in the network.
Hackers can’t destroy the decentralized blockchain network because there is actually no one on the server to destroy. These networks use the ‘Proof of Work’ and other consensus algorithms, which are incredibly secure, and hackers can never launch a successful Distributed Denial of Service Attack (DDoS) attack.
Unless you are one of the nodes in the decentralized blockchain network, you can’t snoop into the data in that particular network. Users in a specific public network remain anonymous to each other and could be anywhere across the globe.
Every data stored in the crypto is broken down into smaller chunks and distributed in the storage network.
You also key very little personal data in a blockchain system, and even if a guru hacker successfully broke into the network (which is close to impossible), you will be of little value to them.
That means any data in the system is very safe, and you’re minimally exposed to any authorized party.
Ease Transactions in Crypto and gaming
Online transaction is always a risky affair. Hackers are waiting to collect your credit card information, and they can cause damage to your financial account.
Did you know that you become a creditor to the institution whenever you deposit money into your bank account or an e-wallet account? That means, technically and legally, the money is not yours.
And whenever you transact with a third party, you hope the bank will act in good faith as the intermediary.
That is why you should start transacting in cryptocurrency. You don’t need a third party to process payments. With crypto, you can buy game collectibles very fast.
You also send and receive money without involving the banks, as crypto transactions are peer-to-peer transactions.
Unlike in traditional gaming where in-game coins had no value beyond the gaming environment, when you play crypto games and earn crypto tokens, you can convert them to real money and use them outside the game as real money.
These incentives not only reward you for the playing time and skills you put into the game, but you also get value for the game.
Using cryptocurrency as a form of payment is both safe and cheap. Cryptocurrency is a digital currency developed through blockchain technology.
Returns Control to the Gamers and Developers
In a traditional gaming environment, the game life cycle is at the full dispensation of the gaming providers and developers. If the servers are down or closed before you can use your virtual properties, you lose them altogether.
In Crypto games, players can now own their digital assets fully through the not-fungible tokens (NFTs) and use them for trading without needing another player or game provider to authenticate.
Your funds are in your full control!
When developers use blockchain technology in game development, they can sign smart contracts where they will be sure of payment before organizers can use their games in tournaments.
And to the players, smart contracts will delete the trust issues on the unfair prize money distribution.
Players can sometimes be pressured to lose a match in the eSport arena for financial benefit. Generally, tournaments are costly, and managers and organizers can order players to lose on purpose, earn money, and ensure game continuity.
However, when you use crypto in e-gaming, you incur a lower cost of running an eSport platform, and therefore, you have the financial leverage to organize tournaments and promote them.
Moreover, blockchain transactions are in the public domain, making it easy to detect fraud. As a player, you can be sure to play your best without being blackmailed.
Integration of Gaming Profile
You can use your unique public address on various games when you play a blockchain-developed game. That means you’re not restricted to playing on every game with different unique addresses.
You can also transact with your cryptocurrencies in the different games you play. In short, blockchain allows you to move with your current profile into a new game seamlessly.
Because of crypto, you can now play Call of Duty using Warcraft weapons in a Grand Theft Auto map. Indeed, blockchain is truly changing the rules of the game.
Gaming is work, and you need an efficient, trustworthy platform that values your effort. Crypto is a revolutionary step to ensure business goodwill between all players. Crypto and gaming both are a step toward the future we envision in gaming.