Even now, in 2019, blockchain is still about finances for most people. When people think of distributed ledger technology, they think of cryptocurrency. Or, they think about Initial Coin Offerings (ICOs) or Security Token Offerings (STOs). But blockchain is about so much more than that. Especially over the last year or so, gambling has set out to prove it.
By gaming, we mean any kind of truly interactive entertainment, and it is no surprise that it is frequently being used to present new use cases for blockchain. Indeed, gaming has a history of pushing new technologies to their maximum. One of the biggest challenges for programmers to solve in the 1990s was to create an unbeatable chess playing computer. The spread of internet and its increased speed was driven by a market of eager online gamers. Gaming is even being used today to help architects to restore the Notre-Dame cathedral after the fire there.
In this article, we’d like to present just a few of the ways that gaming is driving Blockchain innovation forward.
If there’s one thing in the crypto space that has reached the status of ‘worldwide internet meme’ it is Cryptokitties. You wouldn’t expect it, but these little cartoon cats have risen to popularity demonstrating a fairly sophisticated concept — non-fungible tokens (NFTs).
Put extremely simply, the qualifier ‘non-fungibility’ refers to the uniqueness of the token. No two NFTs are alike. Within the issuing smart contract of every NFT is included a special function which adds a unique string of data to the token. Cryptokitties use visual representations of unique cats to represent these unique strings.
Since every Cryptokitty is unique, only one of each one can exist. And believe it or not, people are going crazy to buy these things. One Cryptokitty even sold for $170,000!
Cryptokitties might seem just like a gimmick to some, but NFT technology is widely accepted to have real potential to tokenize our world. In Decentraland, an online RPG where users can build and tokenize a virtual world, this picture of the future is clearly demonstrated in an online, graphical format.
In Decentraland, users are able to establish real ownership over digital asset using tokens. Users can build and create unique digital properties, then make money off of it by selling it to other users or by using it to generate revenue through things like rental.
The interesting point here is that the very same thing could be done in the real world. Truly, the ownership of anything can be tokenized and traded using digital asset exchanges.
Unfortunately, with scams not uncommon, online gambling has had its work cut out for itself establishing itself as a reliable form of digital entertainment. Distributed ledger technology has been successfully implemented to this end.
One way blockchain can be used for gambling is as way to ensure absolutely transparent random number generation (RNG). Blockchain has also been implemented to ensure payouts are carried out properly. Ultimately, many of these processes can be integrated into more mainstream applications, such as banking.
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