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How Blockchain Games are changing the Games Industry!

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Blockchain technology entered our lives via cryptocurrencies and cryptocurrencies became one of the most popular financial investment tools. Starting from the beginning of this year, cryptocurrency owners made lots of profit until the massive pullback happened on the 19th of May. In addition to being a financial investment tool, we have seen people talking about whether any of the cryptocurrencies can be the future form of money that we will use in our daily lives.

Some companies like Tesla announced that they are going to accept Bitcoin as a payment method but after a while they backed off from the decision. Moreover, there are some online gambling opportunities Ethereum Casinos or Bitcoin Casinos, where you can deposit cryptocurrencies and start online gambling.

As cryptocurrencies get more popular and the demand for them is getting increased, the governments are getting concerned about cryptocurrencies even if they don’t take any action against it, the announcements that are made by governments or big companies have a huge impact on the market.

However, in this article, we will focus on how blockchain technology is changing the gaming industry and why it is powerful against the traditional transaction methods used in the industry before.

Easier In-game Purchases

If you are a game developer, you can easily help players by letting them make purchases by using cryptocurrencies. In this case, the players won’t need any third party payment providers to process their payments and they can instantly buy in-game items.

Also because the third party providers are eliminated in cryptocurrency transactions, players don’t pay any fees for the transactions. Some of the blockchain start-ups are already noticing this opportunity. For example, Enjin introduced a concept for game developers which include software development kits, wallets, game plugins and other apps for item management and payment. In addition to this, they introduced a new token called ENJIN Coin, which will be used for the transactions in their platform.

Safer and More Secure Environment For Game Developers

Blockchain technology uses a complicated data encryption technology to secure crypto token transactions. By using the computer technology we are using today, it is nearly impossible to hack these encryption techniques. In addition to this, nearly all of the cryptocurrencies are decentralized and the hackers won’t be able to destroy a decentralized blockchain network since there is no specific server to take down.

Nodes have the distributed databases in a shared manner and each node has the whole information in the database. The existing information on the blockchain can’t be deleted or changed by the hackers and it is impossible to perform a DDoS (Distributed Denial of Service) attack against the blockchain systems. The consensus methods used in the blockchain systems such as Proof of Work or Proof of Stake keeps the network safe.

True Ownership and Secure Storage

Unlike the currency situation where you don’t really own an in-game item, a benefit of blockchain in gaming is that players can really own their items. The difference is made by the smart contracts which govern the transactions inside the game on a blockchain system. Smart contracts take place automatically upon fulfillment of conditions coded in them and once the conditions are met, the results are irreversible.

When you launch a blockchain-powered game, all the purchases that have been made by players using smart contracts are transferred to their public addresses. In addition to this, smart contracts allow transparency, which means that all the transactions are recorded on the blockchain and they can be viewed by all the players.

The blockchain is decentralized and the records are unchangeable. Nobody can change the public addresses where the assets are recorded and nobody can change the ownership of the in-game assets.

New Opportunities for Collaborations

Blockchain technology is revolutionizing the gaming industry by enabling an open communication between players and developers. This is happening  because blockchain applications are driven by community consensus and it is not top-down.

A player or another developer can come up with some ideas to make a game better and if the community agrees, those changes will be made in order to make a game better.

Blockchain Prevents Frauds

Earlier in the article, the strength of the blockchain system against hackers was explained. However, the smart contracts running on a blockchain can be manipulated if they have bugs. Earlier in 2016, we have seen in the Ethereum DAO case that those bugs can be exploited by hackers. In the case of Ethereum DAO, attackers manipulated  a loophole in the DAO (Decentralized Autonomous Organization) smart contract.

The attackers were about to make 3.6 Million Ethereum out of this attack, however, the transparency of the blockchain prevented this scam. As mentioned above, everyone can read the transactions recorded on the blockchain and thanks to this Ethereum community could discover the hack. They used a hard fork to prevent the transfer and refunded the money to DAO investors.

Blockchain technology anyways provides transparency and in a case of attack like Ethereum DAO but if you plan to develop a game on the blockchain, make sure that you code your smart contracts properly. The connection between gaming and blockchain is getting stronger naturally and if you are a current or future game developer, it is good to adapt blockchain technology into your projects as it is helpful for both the developers and the gamers. So, if there is a tool which will create a win-win scenario, why not use it?

Conclusion

To sum up, starting from 2013, cryptocurrencies gained popularity day by day and nowadays it has reached to a point where nearly everybody on earth knows about them. Thanks to the development in cryptocurrencies, the blockchain system is also developing. Bitcoin being the first, Ethereum the second and Cardano the third, we have seen three different generations of blockchain until today and it looks like the development will keep going.

The gaming industry is also taking advantage of those developments as blockchain provides true ownership, faster and cheaper transactions and prevents fraud while being transparent. For those developers who are working on new games, it is a good idea to keep in mind that building a game on blockchain will create gains for both the developers and the gamers.

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Source: https://www.fintechnews.org/how-blockchain-games-are-changing-the-games-industry/

Blockchain

Amazon Wants to Hire A Blockchain Executive Lead

Amazon has posted a job advertising on its website for a digital currency and blockchain executive lead, signalling potential crypto integration.

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Amazon has placed a job advertisement for a digital currency and blockchain executive lead on its website, indicating future crypto integration.

Amazon Posts A Position For A Blockchain Executive Lead

The job description seeks for someone to “own the vision and strategy for Amazon’s Digital Currency and Blockchain strategy and product roadmap,” as well as someone with a “Deep grasp of the digital / cryptocurrency ecosystem and associated technologies.”

The position would be located inside Amazon’s Payments Acceptance & Experience team and would “create Amazon’s Digital Currency and Blockchain strategy and product roadmap.”

While this appears to be a key position within the firm, it is not the only one based on blockchain. A job search for ‘blockchain’ on Amazon’s job board yields 73 results for various blockchain specialist and development positions.

“We believe that the future will be built on new technologies that enable modern, rapid, and inexpensive payments, and we intend to offer that future to Amazon customers as quickly as possible,” the company declared, according to Business Insider’s Eugene Kim.

Amazon Does Not Accept Cryptocurrency As Payment For Its Items

Amazon Web Services, the company’s cloud-computing division, provides a managed blockchain solution. 

However, Amazon does not accept cryptocurrency as payment for its items. Amazon CEO Andy Jassy (then CEO of AWS) stated in 2017 that the business was not especially focused on blockchain technology, while he admitted that Amazon was “watching it closely.”

Bitcoin and other digital currencies have gained in popularity in recent years, leading to increased institutional use. Facebook, which has funded a digital currency initiative called Diem, is another example of a technology company warming up to cryptocurrencies. 

In May, Apple said that it was seeking for a lead negotiator to form agreements with “alternative payments” partners, with cryptocurrencies listed as one possible area of competence.

READ  CRC’s Ratings Good News For BAT, IOTA; Not For Ripple

#Amazon #Amazon AWS #Amazon jobs #Amazon’s Digital Currency and Blockchain strategy #Amazon’s Payments Acceptance & Experience team #Andy Jassy #Blockchain #Crypto integration #Diem Digital Currency #Eugene Kim

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Source: https://www.cryptoknowmics.com/news/amazon-wants-to-hire-a-blockchain-executive-lead

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Canadian Border Town Halts Crypto Mining to Draw Up Regulations

Massena, a small New York town along the Canadian border has put the brakes on its crypto mining operations with a 90-day moratorium on new miners.

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Massena, a small New York town along the Canadian border has put the brakes on its crypto mining operations. The town has imposed a 90-day moratorium on new crypto miners, during which it will draw up fresh regulations to ensure that mining facilities and rigs are prevented from littering areas.

Canadian Border Town Suspends Crypto Mining Operations

As per a report published by the Associated Press, Massena has suspended all new mining operations for Bitcoin and other cryptocurrencies for 90 days. The town’s supervisor Steve O’Shaughnessy said that the decision was taken after trailers filled with mining equipment started popping up on the main road.

“We don’t want Massena to be filled up with these sea boxes throughout the town,” he asserted. “We don’t want it littered with these trailers that are pumping out Bitcoin.”

Town officials are planning to leverage the 90-day restriction to formulate rules that keep Massena’s roadsides uncluttered and make mining facilities more “presentable.” 

“We just want to make sure if they’re going to come here, that it’s a nice presentable building,” O’Shaughnessy stated.

Meanwhile, the town’s power supplier Massena Electric is in negotiations with three crypto miners. According to a WWNY report, the company is making sure that any deal it makes with these businesses protects its customers, who will also benefit from the increased sales. The energy supplier also has its own moratorium on working with new mining firms.

China’s Crypto Crackdown Brings Opportunities for Massena

Like many other North American towns, Massena has seen an influx of crypto miners ever since China banned mining operations in many of its provinces. Ousted companies scouring for greener pastures look towards the region for cheap electricity and legal support.

This bodes well for border communities that were hammered by job losses in factories for nearly a decade. The emergence of Bitcoin and other crypto mining companies indicates that new jobs are coming out and industrial activity is regaining its lost momentum in places like Massena.

As reported earlier, North America’s contribution to the global Bitcoin mining share is steadily increasing. The United States is now the second-largest hub for crypto mining with 17% of the world’s BTC miners. That is a staggering increase of 151% from last year’s mining rates in September. With more crypto miners flocking to the region, it’ll become easier for the industry to seek the support of regulators to continue their expansion in the future.

READ  Peter Schiff Says Tether Could Surpass ETH, Become 2nd Largest Crypto

#China Crypto Crackdown #Crypto Mining #Massena #North America

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Source: https://www.cryptoknowmics.com/news/canadian-border-town-halts-crypto-mining-to-draw-up-regulations

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Uniswap Labs Restricts Access to Some Tokenized Stocks and Derivatives on Protocol Interface

Uniswap Labs revealed in a blog posting that it is restricting access to tokenized stocks and derivatives on its supporting protocol interface.

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Uniswap Labs, the software development studio, revealed in a blog posting on Friday that it is restricting access to some tokens involving tokenized stocks and derivatives on its supporting protocol interface. The news came after the announcement by the regulators of the United States that they are going to increasingly watch out for these types of products.

Uniswap Labs Restricts Access to Tokenized Stocks and Derivatives

While explaining the decision of restricting the tokens following the announcement made by the US regulators, they mentioned the evolving regulatory scenario. The blog entry said:

“Consistent with actions taken by other Defi interfaces, we have taken the decision to restrict access to certain tokens through app.uniswap.org.”

Along with this, other crypto firms have canceled their tokenized stock products in recent weeks, and one such example is Binance. Though it should be noticed that Uniswap, unlike Binance, is a decentralized exchange and it is restricting access through its own interface. 

Gary Gensler, the Chairperson of the Securities and Exchange Commission said in a speech on Tuesday in front of the Bar Association that stock tokens on both centralized and decentralized platforms are required to be registered with the regulator.

Limited Access to over 100 Tokens

As stated by the Uniswap Labs, the statement read:

“Today, consistent with actions taken by other Defi interfaces, we have taken the decision to restrict access to certain tokens through app.uniswap.org. Importantly, the Uniswap Protocol — unlike the interface — is a set of autonomous, decentralized, and immutable smart contracts. It provides unrestricted access to anyone with an Internet connection.”

The SEC and CFTC have similarly led authoritative incursions into the token market and have targetted certain asset classes for possible fraud and illegal activities.

The Github repository has the list of all the tokens that are now going to become unsupported on the Uniswap web app and it was published by the Uniswap Labs. 

READ  Tokenized Stocks of Tesla, Facebook, Google Launched on Solana Blockchain

#Derivatives #Tokenized Stocks #Uniswap Labs

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Source: https://www.cryptoknowmics.com/news/uniswap-labs-restricts-access-to-some-tokenized-stocks-and-derivatives-on-protocol-interface

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Is London Hardfork Delayed Again? How Well Will Ethereum Price Hold Up?

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The post Is London Hardfork Delayed Again? How Well Will Ethereum Price Hold Up? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Elon Musks’ revelation that he holds Ethereum gave it the much-needed nudge to break above the $2000 psychological level, Since then ETH has been trading in green. However, ETH should now hold up well to continue the uptrend or a sideways action will bloom again. ETH has been trading in the $2,007.48 – $2,156.63 range, …

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Elon Musks’ revelation that he holds Ethereum gave it the much-needed nudge to break above the $2000 psychological level, Since then ETH has been trading in green. However, ETH should now hold up well to continue the uptrend or a sideways action will bloom again.

ETH has been trading in the $2,007.48 – $2,156.63 range, After opening the day at $2039 it has continued to rise and is trading at $2152 up by 4.1% in the last 24 hours. The weekly trend also looks good as it has risen 14.9% in the last 7 days. 

Popular Analyst and trader Rekt Capital has charted key levels for ETH to hold over the weekend. According to him, ETH should have a weekly candle close above $2058 to reclaim its multi-month higher low. 

While this is for the short term, making a long-term ultra bullish case for ETH is analyst Crypto Wolf on Twitter. The analyst says ETH will hit $4k in the next 6 months. When this scenario plays out ETH hitting $10K will be an obvious possibility.

London Hardfork to be delayed?

The much-awaited deployment of London Hardfork which was scheduled for Aug 4 can now be tentatively postponed. According to the ETH2 developers, the team will consider the optimal solution for network security, and any delay in the hard fork will be due to security concerns.

Prior to the London hard fork, the ETH2 developer team addressed the concerns of miners and traders. The team discovered and addressed a flaw in the code. However, if there are any more security issues, the hard fork may be postponed.

On the next AllCoreDevs call, the developers will debate the best technique for securing the Ethereum network.

With a possibility of delay in London Hardfork, ETH could fall short of a strong catalyst to uphold its price action. Hence, it is to be watched out for how ETH performs alongside the support of the broader crypto market.

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Source: https://coinpedia.org/ethereum/london-hardfork-delayed-again-will-ethereum-price-hold-up/

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