Have you ever spent an hour or two watching
someone playing a video-game? Basically, this question has two possible
“Yes, of course, who hasn’t?” if you are
less than 35 years old, or;
“What? People actually do that?” if you are older than 35. Certainly, some exceptions may apply to this rule, but this introduction serves to say that eSports are a fairly new industry and its growth has been remarkable. It is common to have sports channels all over the world broadcast live gaming competitions from franchises like EA Sports FIFA and Counter-Strike as well as League of Legends and others…
According to the World Economic Forum, between 2019 and 2020 this industry will reach the 1 billion dollar revenue mark and we know it will not stop there.
Knowing this and knowing that all gamers
are tech-savvy, it is not difficult to imagine the integration of blockchain
technology in the gaming industry and this is what we will cover next.
Currently, there is not yet a killer use case for blockchain in this industry. Much has been researched and tested but the main barrier of the blockchain technology also impacts the gaming industry: scalability. The first popular blockchain game was CryptoKitties, which was built on the Ethereum blockchain and saw one of its collectables sold for around $117.000. The hype around the game clogged up the network and put a question mark on such games.
Besides this, there are several partnerships trying to incorporate existing blockchains and their respective tokens into the gaming industry by allowing a fast and reliable transaction for in-game purchases and also by creating funds to provide developers and gaming experts with advice, funds, and access to partnerships to develop blockchain-friendly games.
Potential for Improvements
When we try to understand where the integration of blockchain in gaming can go, there is one aspect that pops up consistently: account ownership. In games where the characters improve through “equipment” that player use during gameplay, the accounts are gaining real value. With this, the probabilities of fraudulent hackers gaining interest in such games also increase. It is then fundamental to have a way to prove ownership of such accounts. This, in turn, makes them as secure as possible for players. If you are thinking that it can be achieved through blockchain, you are correct. It is still not implemented in the major games where the in-game purchases reach impressive values, but it is definitely the next step.
In addition to its potential to help improve account ownership control, blockchain could also allow companies to track down all the items that were sold, ever since their creation and with this create a reliable and immutable ledger of all the game collectables that would further improve its credibility and value.
Finally, we might see soon the more financial side of blockchain apply to tournament prizes and awards. In such a global sport as eGames, not everyone wants to be paid in dollars or euros. Furthermore, cryptocurrencies might constitute an escape route for this issue.
It is clear that eSports are going to achieve an honourable reputation. This includes improvements in both the business volume and the number of players in the eSports landscape. Blockchain integration in a popular game might arrive one day. But for now, it is important that more games develop natively onto the blockchain. This ensures that functionality and effectiveness actually pay off for the big producers to start investing in such integration. Once they do, the rest will be an easy and smooth way for a fastest, safer and smarter gaming industry.
Coinbase Custody selected by 21Shares for Bitcoin ETP
Today we’re proud to announce that 21Shares AG has chosen Coinbase Custody to store its digital assets for its Bitcoin ETP. 21Shares AG is listing its 21Shares Bitcoin ETP (ISIN: CH0454664001 — WKN A2T64E) on the Deutsche Börse’s Xetra electronic venue on Thursday July 2nd 2020. Coinbase Custody will serve as custodian for the underlying assets of their Bitcoin ETP.
21Shares selected Coinbase Custody after reviewing our institutional-grade offline storage solution, which includes world-class security, regulatory compliance and insurance coverage. Coinbase is committed to serving a wide spectrum of institutional clients and we are excited to be the chosen custodian for the 21Shares Bitcoin ETP, Europe’s first physically-backed bitcoin ETP.
Hany Rashwan, CEO at 21Shares AG, says, “21Shares is delighted to bring this historic product to Europe. We are honored to give investors access to the best performing asset class of the last decade and we believe the next ten years as well, through our simple, transparent, and regulated crypto ETP product suite.”
Coinbase Custody is the world’s largest and most trusted crypto custodian. To learn more about Coinbase Custody click here.
Compound (COMP) is now available on Coinbase Earn
Earn COMP while learning how to borrow crypto and earn interest with Compound
Coinbase’s mission is to create an open financial system, where anyone in the world can participate on equal terms from their computer or smartphone. To bring this vision to life, we’ll need to make blockchain technology more accessible, both in the sense of making cryptocurrencies easier to obtain and easier to understand.
Coinbase Earn is a trusted source where customers all around the world can educate themselves about new developments in crypto and earn assets as rewards. Starting today, Coinbase customers can start earning Compound (COMP) by watching lessons and completing quizzes about the Compound protocol and its governance token COMP.
Compound (COMP) is an Ethereum token that governs the autonomous Compound protocol. The protocol allows anyone to borrow and lend Ethereum tokens through a decentralized market. Lenders earn interest on the crypto they supply to the protocol and borrowers pay interest to borrow it.
The ability to earn crypto assets has become an increasingly important function in the crypto ecosystem — alongside buying, staking, voting, and mining — especially when paired with education.
Since the launch of Coinbase Earn in 2018, we’ve announced nine different assets, including 0x, Basic Attention Token, Zcash, Stellar Lumens, EOS, Dai, Tezos, Orchid and now Compound. In less than a year, asset issuers offered over $100M in crypto to distribute to our customers, and we have launched Earn internationally. As we expand globally, millions of people are gaining access to a trusted, secure, and legal bridge to the crypto economy — even if they don’t have a credit card or bank account with which to buy crypto.
Check out all Coinbase Earn campaigns through our homepage or access them directly through the Coinbase mobile app.
Coinbase receives a servicing fee from the participating asset issuer. Consideration for Coinbase Earn is wholly independent of our digital asset framework for new listings. Click here for our Earn FAQ and terms.
Compound (COMP) is now available on Coinbase
Starting today, Coinbase supports Compound (COMP) at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, convert, send, receive, or store COMP. COMP will be available for customers in all Coinbase-supported regions, with the exception of New York state.
Compound (COMP) is an Ethereum token that governs the Compound protocol. The protocol allows anyone to supply or borrow Ethereum tokens through a decentralized market. Suppliers earn interest on the crypto they supply to the protocol and borrowers pay interest to borrow it.
One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on Coinbase. We published a process for listing assets, designed in part to accelerate the addition of more cryptocurrencies. We are also investing in new tools to help people understand and explore cryptocurrencies. We launched informational asset pages (see COMP here), as well as a new section of the Coinbase website to answer common questions about crypto.
You can sign up for a Coinbase account here to buy, sell, convert, send, receive, or store COMP today.
Coinbase owns COMP tokens as a result of a 2018 investment in Compound. Coinbase intends to maintain its investment in Compound for the foreseeable future and maintains internal policies that address the timing of permissible disposition of its digital assets, including COMP tokens.
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