First, let's define what cryptocurrency is…
“A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. Essentially, cryptocurrencies are limited entries in a database that no one can change unless specific conditions are fulfilled.” — Cointelegraph
In laymen's terms, cryptocurrency is a decentralized (not controlled by one entity) currency that is virtual (non-physical). Each transaction is verified by thousands of computers around the world competing to add the transaction to the Blockchain (the ledger). This eliminates the risk of errors or fraud.
But why do we need cryptocurrency? We already have money…
Yes, we already have money, however, the currency we use on a daily basis is subject to inflation and exchange rates. Meaning, if you were to send money abroad to a family member, for example, the amount you send in your currency, may be worth less than the currency they use. Whereas, cryptocurrency is a global currency. It is not affected by the same inflation rates or exchange rates as our normal ‘fiat’ currencies.
Sending money also takes time to process. If you were to send money from the UK to the US, it will take around 3 to 5 working days for the receiver to receive that money. With cryptocurrencies, transactions can take a matter of seconds or minutes.
Cryptocurrency uses blockchain technology which acts as a decentralized ledger, meaning that you can track any and all transactions that take place. To build upon a previous point, this process helps to eliminate both errors and fraud, as the blockchain (ledger) is distributed and controlled by multiple computers around the globe. Meaning if one was to crash or run into some errors, the blockchain would still be up and running as the other computer would still be working.
But why is blockchain technology good for gamers? We can just use normal money…
Of course, there is always the basic memberships and ways to purchase games, packs, and add-ons, but what if simply playing your favorite games can earn you the ability to purchase these things, without using your own hard earned money?
Cryptocurrency and blockchain technology is revolutionizing the gaming industry. The way payments are sent and received, helping to eliminate piracy and has the potential to even help identify hackers and cheaters.
Blockchain technology and gaming are coming together to create a new world of security and ease for players. Here are some of the most significant and encouraging reasons why blockchain and gaming are meant to be.
A significant decrease in negative behaviors like fraud, errors, and piracy: Because blockchains are immutable, they can not be changed or deleted. During the validation process, each block is given a timestamp and secured and linked to the previous block. Although someone can create new transactions, the previous will always be accessible, making the possibility of fraud significantly lower. Counterfeit products are a worldwide problem that hit a range of industries. From pharmaceuticals to shoes & handbags. Having the ability to prove or disprove the authenticity and quality of a product can be challenging because traditional supply chains are complex and lack real transparency.
However, if these products are placed on a blockchain, the products will have an indisputable birthplace, due to their history of immutable transactions and that in turn, will make it difficult to pass off fraudulent products and services.
Players can be rewarded for their in-game efforts and activities: The majority of cryptocurrency projects coming to market are using cryptocurrencies as a way to incentivize players. Many projects create ecosystems where players earn their specific currency and can use those earnings for in-game purchases or in a designated marketplace where users can purchase outside merchandise, like Steam Keys etc. Earning currency for things like play time, unlocked achievements etc. are all used as a way to incentivize and encourage players.
In-game asset ownership & trading: By utilizing blockchain technology, players can now own unique and rare items. Through verification of the blockchain, players can own the rights to in-game items that others do not have access/ownership of. This opens the doors for players to trade their special, rare and unique in-game items between their peers in order to obtain other items or even profit.
Linking all games and in-game items together: One of the benefits of blockchain technology is that it allows for multiple entities to link and synchronize with one another. The possibilities tied to synchronizing and connecting other games are limitless. Imagine creating a character in one game, but then moving and using that same character in another game. In-game currencies and items could also be linked to other games. For example, creating yourself a large cash stack and in WoW but then moving that cash stack over to Runescape. This creates a new economy and cycle for gamers, it may also create a drive to continue in games that may otherwise be a short-lived experience.
Turning your in-game items & activities into real-world cash/money: Blockchain allows the opportunity for players to turn their in-game activities, items, and skills into real-world cash. Imagine being a high level in a game, meaning you have access to items that other players don’t. You could use this to your advantage to turn your in-game skills to obtain items to sell to other players. Building your own economy and ability to buy and trade what you need to make your gaming experience optimal and unlike any before.
Want to know how TriForce Tokens is leading the way in gaming and blockchain innovation? You can read all of our documents and information here: https://triforcetokens.io
If you have any questions regarding the project or would simply like to speak to the team or the community directly, feel free to join us on Discord. You can join here: https://discord.gg/K6e6Mhy