With each passing day, the world is unraveling new ways to use Blockchain. Though its initial application was restricted to only financial transactions, Blockchain now finds use cases in the different business niche. The gaming industry is one of the most unconventional places where we could think about using Blockchain. But its features and benefits make Blockchain beneficial for the gaming industry as well.
Blockchain can seriously transform the gaming industry by making it transparent, safe and secure. It also ensures that there on-time payment without any delays. Blockchain offers myriads of features which can prove beneficial for the gaming industry. Here is a look at the key features of Blockchain:
- Encryption of information–
Every information that enters DLT is encrypted cryptographically thus making it safe and secure.
Once the information enters in the system, it would be difficult for someone to change or alter it.
- Peer-to-Peer interaction–
Since Blockchain doesn’t have the presence of the intermediary and the two parties directly interact with each other, it reduces cost and thus making the entire system highly cost-effective.
- Smart Contracts–
This is one of the best features of Blockchain. These are pre-programmed contracts which come with defined conditions. Once these conditions are met, the payment gets automatically sent to the other party.
What is the latest development in the world of gaming?
SatoshiFomo is a decentralized investment game. This game runs on Bitcoin cash network. The players invest in buying keys which are at stake in each gaming round. The players earn profit from the investment. Whenever a player purchases the key, the round is prolonged, and the price of the key goes up. The key holders get a passive income from the keys that are at stake.
The game is the first one in Blockchain and is thus, safe, secure and transparent; It does come with other features, the likes of which include:
Easy to play-
SatoshiFomo is easy to play the game. The game has been developed to offer compatibility over various user-interface. It can be easily played both on mobile phones and PCs.
Safe and Secure Storage-
Since SatoshiFomo is based on Blockchain, all the data or information that is fed in the ledger becomes exceptionally safe and secure. Moreover, the immutability feature of Blockchain ensures that any data is safe from hackers. It becomes almost difficult for a hacker to change the information which once gets entered in the ledger. Every block added to the ledger is associated with the other block, so even if the hacker wants to change it, then he/she needs to make changes in the other blocks as well which again becomes an impossible task. Thus, making Blockchain a safe bet.
One of the key features of Blockchain is that it eliminates the need for a third party. The gaming companies today pay in fiat currency. Although it’s a popular way to make payment at the same time also comes with a fee that bank charges like processing fees. But when Blockchain comes into the picture, then the gaming companies can overcome this fee. Since Blockchain offers a peer-to-peer interaction where the gaming company and the gaming users can directly interact with each other without depending on an intermediary. Moreover, users also don’t need to share their debit or credit card details. Thus, the use of Blockchain guarantees payment with security and drawing more and more people to play game.
Making gaming more democratic-
Voting features are very common in the gaming community. The gaming community is plagued with corruption and manipulation of voting is very common. When applied as a decentralized smart contact, it becomes difficult for someone to manipulate and hack the data or tamper with the voting system. With the help of smart contract and other features of Blockchain, it becomes easy to democratize the gaming world and create a completely new level of transparency.
Highest dividend rate- As compared to other games, the dividend rate of SatoshiFomo is 75% which one can withdraw at any point in time. This gives the players an opportunity to multiply their investment in a short duration.
Integrated DPOS consensus- SatoshiFomo works with DPOS consensus. It operates on a multi-sign mechanism which offers a higher level of decentralization. Moreover, the with the help of 1-plus-m-of-n multi-sign, the jackpot remains safe and free from the clutches of the third party.
With the help of SatoshiFomo, there will be new avenues of gaming opening up to the world. However, with the current status of SatoshiFomo, it appears that it is more of an investment opportunity than gaming. But it does represent new ideas and ways to improve gaming.