From privacy coins to payment coins and storage coins, we’ve got coins for almost everything – including gaming! What do gaming coins mean and what does cryptocurrency have to do with games? Well, esports and gaming are one of the biggest industry. Lots of money are flowing into the industry, making video games an industry that’s great for blockchain integration. With that, developers took the opportunity and the era of gaming cryptocurrencies is born. Here are some cryptocurrencies you should look out for:
GameCredits
Traditional gaming platforms have lots of shortcomings. Fraudulent activities, high middleman fees, low security and anonymity are some problems. Through using the blockchain technology, many of these problems can be avoided or reduced.
The GameCredits platform, much like many of the other platforms we will discuss later, is designed to solve problems present in the gaming industry. GameCredits hopes to provide a secure system which allows gamers to purchase in-game content through peer-to-peer digital cryptocurrency.
Peer-to-peer transaction effectively cuts out fees paid to banks for in-game purchases. Additionally, gamers and developers can also receive payouts through this platform, which means that the waiting time for payout can be greatly reduced.
Coin Symbol: GAME
Consensus: Proof-of-Work
Block Time: 90 seconds
Max Supply: 8.4 million
Enjin Coin
Enjin Coin is another Ethereum based token and is used by millions of gamers – 18.7 million gamers, to be exact. The platform also hosts more than 250 000 gaming based communities. On this platform, virtual goods can be managed, traded and distributed with ease. Additionally, in-game items can be moved between different games. Since this platform uses the Ethereal blockchain, loss of virtual goods to fraud can be prevented, which makes it extremely popular among the gaming community.
Coin Symbol: ENJ
Consensus: Ethereum consensus
Block Time: 17 seconds
Max Supply: 1 billion
FirstBlood
FirstBlood is an eSports platform built on Ethereum which intends to bring about more transparency to online gaming. Through using this platform, players can avoid downtime, hacks, financial regulations and middleman fees.
So how does FirstBlood work? FirstBlood uses 1ST tokens and players will send their coins to the FirstBlood Smart Contract System. After a game, individuals known as Witnesses will connect themselves to the game API, ensure that results are accurate and convey the results to the smart Contract System. If the result is undisputed, the winner will receive the prize and Witnesses will be paid a fee for their services. However, if the result is disputed, a jury voting pool (JVP) will vote and a result will be decided. Through this platform, foul play can be avoided.
Coin Symbol: 1ST
Consensus: Proof-of-Stake
Block Time: N/A
Max Supply: 85.6 million
Chimaera
Chimaera is a platform which seeks to democratise game development by allowing developers to put their important data into the blockchain. That being said, games are not run directly on the blockchain. Although it’s possible to run games directly on the blockchain, it can cause the blockchain to become too massive and result in a strain of resources. To solve this problem, Chimaera provides game channels. These channels do not require space in the blockchain, which makes Chimaera a scalable platform. Only when disputes come up between players, the blockchain will come in handy to solve problems and decide on a result.
Currently, Chimaera has yet to release its token but its definitely a platform that many gaming enthusiasts are looking out for.
Coin Symbol: CHI
Consensus: Proof-of-Work
Block Time: N/A
Max Supply: 225 million
Ethbet
You know how they say “the house always wins”? Well, with Ethbet, the odds can be evened. This peer-to-peer dicing game is another platform that uses the Ethereal blockchain. It is designed such that the favour will not always be with the “house”. With this platform, players will naturally have a higher chance of winning compared to most traditional gambling venues where the “house” always has an edge over players.
Additionally, prizes are sent to players’ wallets instantly so there’s no need to wait or pay a high middleman fee.
Coin Symbol: EBET
Consensus: Ethereum consensus
Block Time: N/A
Max Supply: 10 million
High fees, slow payout processes and fraud are some of the biggest problems in the gaming industry. With these platforms, however, much of these problems are addressed. Losses for developers can be reduced, while the gaming experience and costs for users are improved. You might notice that many of these gaming coins are built on Ethereum – that’s because Ethereum allows for Smart Contracts on its blockchain. Not sure what that means? Read more about Ethereum here to find out.
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