Blockchain can now Enable Interoperability of Virtual Gaming Items
As online video games continue to rapidly ascend the ladder of sophistication, the demand by gamers for virtual items that can be used across multiple gaming platforms is on the rise. California-based blockchain company HashCash Consultants is teaming up with video game production studios to fulfill this demand through the implementation of blockchain.
Virtual Items have a Lucrative Market
According to a survey conducted by Worldwide Asset eXchange (WAX) involving 1,000 gamers and 500 developers, it was determined that close to three-fourths of gamers were of the view that flexibility to transfer virtual items across multiple games would motivate them to purchase those items more. The primary market for virtual items in games is tens of billions of dollars, as of 2017. This is the collective result of purchases by console gamers, PC gamers, and smartphone gamers who have spent an average of $133, $96, and $37 respectively on such products last year.
On a larger scale, downloadable content worth $5.3 billion was purchased by PC gamers in 2015, while console gamers outdid that number $1.1 billion in the same time period. Virtual items such as skins are sold for hundreds of dollars with its lure of lending uniqueness to video game characters, making the skins industry worth $50 billion. A buyer even spent a mind-boggling $6 million on a virtual planet.
Needless to say, these are far more than just another digital accessory to those who invest in them, and more like invaluable collectibles. The desire to be able to implement them in more than one gaming platform is quite understandable.
Challenges in the Virtual Items Industry
Enhancing one’s personal inventory of virtual items is somewhat of a status symbol, and will grow in popularity over time. This, despite several drawbacks in the current technology to buy, sell, and store these assets. The following are the primary obstacles:
1. The centralized system of virtual item trading necessitates customers to resort to a third party consignment marketplace. This is so because there is a lack of accountability in the current system to confidently carry out peer to peer trading, especially in the case of expensive virtual items.
2. Sellers too depend on a trusted consignment marketplace to sell their products as it would eradicate the doubt (to some extent) of default.
3. Depending on a centralized marketplace that runs on fiat currency increases costs (cross-border settlements charge high fees, and time-consuming), and complications involving banking bureaucracy.
4. Scams are common when trading on lesser-known marketplaces, and there are no regulations in place to protect the interests of genuine buyers and sellers there. Digitals wallets hosted by such platforms are easy to hack.
HashCash Blockchain Gaming Platform Enables Interoperability of Virtual Items
And that is just one benefit. The blockchain company integrates existing gaming platforms with its state of the art blockchain platform which provides better security, transparency, and accountability in the trade of virtual items. HashCash sets up a blockchain network in line with HC NET which is compatible with other leading blockchain networks, making interoperability of virtual items possible.
HashCash also creates native digital assets for video games which are used for making secure and traceable online transactions within the blockchain network on a peer to peer system. Buyers and sellers can trade directly with each other using cryptocurrency with the assurance that their money will not be misappropriated. HashCash assists in setting up security configurations such as IAM, ports routing, IP Tracking, DDoS & Malware protection, Wallet Security using AES 256 & Md5 encryption standard & SSL Configuration, which are essential to maintaining the immutability of blockchain technology.
The interoperability between gaming platforms extends to the acceptability of the native digital assets of the games as well. Games that are part of an inclusive blockchain network can use the same tokens for making transactions, and even for trade in the cryptocurrency exchange set by HashCash Consultants, who are also the world’s largest producer of white label cryptocurrency exchanges.
Setting up a compliance server for managing KYC details, creating the native digital asset on the blockchain or integrating a created ERC token on the network, and creating root account or integrating the contract’s owner-account with the blockchain wallet are managed by the blockchain experts as well.
Reflecting on the need and demand for a reliable platform for transactions of virtual items, Raj Chowdhury, MD of HashCash Consultants said, “A blockchain platform for trade and transactions of virtual assets is attractive not only to gamers but game developers as well, 84% of who when surveyed confessed they would create more in-game items if those were compatible with multiple games. This is mainly because virtual items are a prime component of a game’s monetization strategy, and unnecessary publisher control suppresses their value.”
About HashCash Consultants
HashCash Consultants started as a Blockchain Consulting Company in California. Today, HashCash products enable enterprises to move assets and settle payments across borders in real-time using HashCash Blockchain network, HC NET. Financial Institutions use HC NET for Retail Remittances, Corporate Payments, Trade Finance, and Payment Processing. HashCash also runs the US-based cryptocurrency exchange, PayBito and the leading Cryptocurrency payment processor, BillBitcoins. HashCash offers cryptocurrency exchange and payment processor white label solutions, comprehensive ICO services and customized use case design and development. HashCash propels advancement in the field of blockchain through the Blockchain1o1 program and its investment arm Satoshi Angels.