Cryptocurrency is in rage nowadays with every other company launching an Initial Coin Offering (ICO) regularly. Out of all these ICOs, a little few might be of no use while others might be cool enough for investors to earn a few bucks and may have some great use cases.
Cryptocurrencies have been launched for almost every sector out there. In this post, we will talk about certain major cryptocurrencies that are associated with gaming. C’mon! Who doesn’t like to play virtual games here or tried playing at the different Bitcoin casinos? Might be a few! For all others, please go ahead and learn about different major cryptocurrencies associated with gaming.
Enjin Coin (ENJ)
Well! Every discussion about cryptocurrencies associated with gaming is incomplete without Enjin Coin (ENJ). Responsible for creation, distribution, management, and trading of virtual goodies, Enjin Coin – based upon Ethereum, allows gamers from all over the world to trade and buy in-game purchases or items.
Since it is based upon Ethereum blockchain there are minimum transaction fees and no compromise on security. Through ENJ, game developers can transform ENJ tokens into various in-game assets while the players, on the other hand, will also have the power to convert the in-game items that they have back into ENJ currency.
Enjin Coin (ENJ), surely, has a great future up ahead as it already has a vast user base and some co-founders of Ethereum are a part of the team that created ENJ. This gaming coin has serious future in investments and the founders are looking to tap into other sectors and markets as well apart from gaming. So, even if you are not a serious gamer you can go on with keeping some ENJ with you, just to make sure that you have some coins with you when this project is expanded further. As of now, Enjin has about 19 million gamers joined with it incorporating about 250,000 communities based on gaming.
EBET is a decentralized dicing game that is based on Ethereum. It employs smart contract technology of Ethereum, which means that players interested to play the game don’t require registering or putting in any kind of initial deposit for making them eligible to play the game.
Moreover, with the help of smart contracts, whatever amount a player wins, he/she, gets the amount directly and instantly in his/her wallet. EBET has no central authority or “house” control making it 100% decentralized and just joins players with each other.
Also, there is a sense of security on the platform, as all bets made by players as well as the winnings garnered by each player are stored on the blockchain enabling everybody to see them and thereby eliminating any chances of human modifications and manipulations.
Ethbet, although part of online gambling, truly stands out among all other gambling sites due to its decentralized nature and has a great potential to grow in coming future.
MobileGo is a solution put forward by GameCredits for enabling the game players as well as developers to go around the high fees and various other kinds of restrictions that are put forward by major virtual application stores.
MobileGo is an Ethereum based token and the developers are giving an opportunity to Android users for installing a customized application store which will host certain partnered games. Payments for the games, downloaded from this customized application store, will be done in the form of MobileGo tokens.
This way, even the game developers don’t require paying the hefty fees charged by the major application stores and the platform ensures maximum revenue for them. Not fully decentralized, MobileGo uses a centralized platform for checking and comparing the Apk hash uploaded by the game developer to that of the copy available in the Google Play Store and thereafter the game is directly downloaded from Google Play Store itself.
Chimaera is basically a platform, based on the blockchain, which is meant to be used for development of games. The platform can be used by the game developers to develop decentralized games. But what makes it stand apart from other similar gaming platforms available? The answer to this question is the way in which Chimaera tackles the scalability issue of the blockchain.
It incorporates Trustless off-Chain scaling, also known as game channels which mean that there is a trustless interaction between different players which, basically, doesn’t require any space in the public blockchain, thereby allowing scaling to an infinite level.
For sustaining scalability, Chimaera also uses the concept of Ephemeral timestamps. These timestamps give the ability to timestamp a certain amount of data at a certain time for verification purposes. With the usage of Ephemeral timestamps each node or computers, that are a part of the blockchain, will have the power to timestamp data.
Apart from this, Chimaera has tons of other features like private messaging, social media, platforms hosting various communities and even a market for selling and buying various games as well as other applications. Using Chimaera platform, game developers can also issue their very own game currencies and employ ICOs for the same enabling them to crowdfund the development of their game.
All these facilities and features surely brighten up the coming future for Chimaera.
HEROCoin is another entrant to the world of virtual betting. Just like Ethbet there is no “house” controlling the game. Moreover, developers, players as well as token holders can benefit from each and every game played.
Token holders will get a set income from all the game pools. Players get their share from the pool when they win. Developers, on the other hand, are rewarded for the facilitation and management of each and every game. Thus, there is a win-win situation for everybody.
The platform is not completely decentralized though as everything is managed on HeroSphere website. However, seeing the trends, there is a hope that founders of HEROCoin make an effort to provide decentralized access.
Gaming Cryptocurrency – Conclusion
There are lots more in the list of cryptocurrencies associated with gaming. Undoubtedly, Cryptocurrency has a great future in gaming sector as many gaming cryptocurrencies are under development. Let us wait and see what they bring for us as and when they unwrap themselves.
If you are interested in even more cryptocurrency-related articles and information from us here at Bit Rebels then we have a lot to choose from.