Today, every industry is looking to adopt and utilize the revolutionary features of blockchain technology. For instance, a popular online payment system, PayPal recently announced an integration of cryptocurrency into its system. This speaks largely of an interesting revolutionary process ongoing and forthcoming.
Algorand is an open-source company with the primary goal of building a borderless online economy. The Algorand foundation is fully focused on solving the trilemma issue facing blockchain (decentralization, scalability, and security) and developed a protocol that deals with that.
Knowing this, several industries have reached out to Algorand for assistance in effectively running their businesses. Algorand’s sophisticated technology goes a long way in improving the businesses of their partners hence more companies reaching out. One of the sectors benefiting from Algorand’s high tech and development is the gaming industry.
Blockchain and The Gaming Industry
We all know the gaming industry is experiencing exponential growth at the dawn of each new day. An estimated 2.7 billion people are said to be gamers at the end of August 2020 and the growth will undoubtedly continue.
The industry is known to waste no time when it comes to adopting new and innovative technologies; artificial intelligence, virtual reality, augmented reality, etc. Blockchain technology is amongst the latest adoption movements of the gaming industry. This technology provides a lot of benefits for a better gaming experience for both game makers and players.
Blockchain technology has the capability of establishing a modern gaming era and propels growth in the gaming industry. Characteristics of the gaming industry and how blockchain helps in its improvement includes:
- To play popular games, you need money. Although some games enable players to acquire digital gold, it is still not enough as it takes a lot of time to acquire which can be exhausting. Blockchain helps make for easier, faster, and cheaper transactions.
- Game developers ought to have a stable, secure, and resourceful environment to enable them to create and deliver games easily. Also, game players need to purchase in-game assets and they require an easy and secure platform for that. Blockchain helps make these a possibility.
- Game players would love to play many games with one profile; blockchain technology can help make this a possibility.
Furthermore, blockchain does so much by helping the unrecognized quality developers fulfill their potentials; prevent unnecessary and unwanted shutting down of games, bring talented developers together, and more.
Algorand Blockchain and the Gaming Industry
Algorand announced in mid-2020 that they have joined the Blockchain Game Alliance (BGA). The Blockchain Game Alliance (BGA) is a group of blockchain and gaming companies that believe and comprehend the enormous potentials the emergence of blockchain technology provides for the gaming industry, and thus dedicate themselves to promoting the technology in the gaming industry.
The BGA offers participants an open forum to exchange information and cooperate on research, encouraging innovative methods of developing, distributing, playing, and monetizing games.
What followed this new development of Algorand was a selection to store official chess ratings by Fédération Internationale des Échecs (FIDE), as the International Chess company launched digital games.
It is estimated that more than 5 million chess games are played online every day and this revolutionary announcement for Algorand began with the first-ever digital chess ratings documented on the blockchain – a chess game between chess professional, Sergey Karjakin and founder of Algorand, Silvio Micali.
For the first time, numerous chess ratings from players all over the world will be registered on the Algorand blockchain, and universally available to all other chess channels and media sites, following this introduction of digital chess games by FIDE Online Arena, rendering this a remarkable occurrence for both blockchain communities and digital chess.
The open and public blockchain of Algorand adds complete accountability and automation to the ecosystem of digital chess. While player ratings on the blockchain will be checked, reporting data will be accurate and protected from malicious activity. Millions of global chess players would have access to consistent reporting for one of the most famous games in the world, with the Algorand protocol eliminating uncertainty from the current system. The public ledger of Algorand offers a high level of scalability to satisfy the need of digital chess organizations to validate ratings for millions of global chess players.
To further build equitable and modern game opportunities for millions of chess players around the world, World Chess decided to leverage the Algorand blockchain and it is already yielding great benefits. Algorand assists FIDE in providing rewards and bonuses for the chess community, blockchain-based live betting, and internal currency.
How Algorand’s Major Features will Aid the Gaming Industry
For the online gaming industry, there is an enormous number of users, transactions, and records to be handled. Therefore, scalability, which is an intrinsic characteristic of Algorand because of its consensus protocol, is of utmost importance. With more than 5 million chess games played online every day, the amount of on-chain transactions would be increased.
In relation to payments, non-fungible tokens which can be easily and seamlessly created on the Algorand blockchain are recommended. This will provide the gaming industry with quality economic incentives. It provides evidence of ownership of virtual objects and characters to gamers and helps broaden the monetization method for both game developers and players.
Other benefits include:
- Fast Network
- Sophisticated tools and resources
- Community ownership
- Advanced payment models
- Enhanced marketing potentials for both game developers and players
- New Gaming Ways
- Publishing Game Play
- Enforces accountability, hence trust
- Reduction of cost for gamers
The gaming industry will continue to experience growth with their adoption of blockchain technology and the earlier the world acknowledges these numerous potentials of blockchain technology, the better for it.
Algorand is currently getting deserved recognition and setting the standard when it comes to blockchain innovation. With the gaming industry, the potentials are enormous. Algorand’s partnership with World Chess shows its efficacy in the world of digital gaming and further validates the potential of the blockchain to deliver.
Connect with Algorand today!
Official Website: https://www.algorand.com/wallet
Guest post contributed by Helen IMAH – Algorand Ambassador
This is a guest featured post by a third party. BlockNewsAfrica urges users to do their own research before investing in projects or using products or services.