Everybody in the cryptocurrency industry remembers how CryptoKitties brought the gaming industry into the spotlight and showed the potential for what could be built by combining game design and crypto technology.
The game was a proof of concept that hinted at what is to come – blockchain gaming.
One company, BitGuild, sees the rise of blockchain games as an entirely new class of games that could be the biggest thing to hit the industry since free-to-play. These games feature much more robust economic systems with a greater focus on trade than traditional games, and build on top of the blockchain.
The team at BitGuild is busy at work building a platform that will try to solve many existing problems in the gaming industry for both players and developers with the help of the blockchain. All the while revolutionizing the gaming industry.
In the words of the CEO of BitGiuld, Jared Psigoda (also a co-founder and CEO of Reality Squared Games, R2Games), gaming industry is “plagued with rampant fraud.” While players get no protection from traditional payment providers such as credit cards for virtual item sales, “game developers spend millions of dollars a year on customer support to combat bad actors.” What’s more, in a traditional situation, every game item players buy is not owned by them. In contrast, games on the BitGuild platform will all use item tokenization, effectively allowing players full control over their virtual game assets.
Founded in 2017, BitGuild business case is built on trust and security. The platform is being designed to boost players’ trust with the help of the smart contracts on the Ethereum network. Players will rest assured that trades they make will be executed as planned.
One major hurdle the team will be facing is the TPS (transactions per second) problem that currently affects Bitcoin and Ethereum as these transactions are resource and time-consuming. Sine every piece of loot or collected item in a game is potentially a blockchain transaction, this would require a TPS in the hundreds of thousands to millions per second. This could clog up the cryptocurrency networks.
Progress and plans
The team is currently building blockchain games which will be playable in any standard web browser. Developers will receive revenue from their games on the platform in PLAT, platform tokens, which can be cashed out. What’s interesting, they will also have funds allocated to help localize and promote these games which will not be the last thing attracting developers to BitGuild.
Public token sale begins today, March 15. The total supply of PLAT is 10 billion, of which 45% will be sold during the token sale.
The official launch of the platform is slated for Q2 2018, along with BitGuild the game beta launch, followed by an official launch in Q3.
Throughout 2018 and 2019, the team plans to launch up to 30 bockchain games on its platform localized into 15+ languages.
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