Cryptocoins, ICOs, and Gaming

Cryptocoins, ICOs, and Gaming

If you haven’t already heard, there are some kids getting into the cryptocurrency act, and if you are a gamer, you may want to sit up and take notice. MarketWatch just published an article introducing George Weiksner, an 11-year-old from Old Greenwich, Connecticut who has founded a company called Pocketful of Quarters and has launched his own Initial Coin Offering (ICO).

Weiksner’s company hopes to resolve an issue where “unused and unwanted coins” are unable to be transferred to another gaming platform in order to play different games. His goal is to “design a platform that unlocks coins that are ‘stuck’ in games that gamers no longer want to play” and to create a universal cryptocurrency for games. The company is just one in a long list of companies that hope to solve real-world issues by unpacking the potential of blockchain technology.

From blockchain health that aims to improve the methods of collecting, storing, and disseminating health data to freight coin, which is streamlining the transportation processes through digital ledgers and smart contracts, technology aficionados are looking to revolutionize various industries globally. Companies like these are frequently using Initial Coin Offerings (ICOs) to fund their startups.

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But just what is an Initial Coin Offering (ICO)? Basically, the ICO process is a fundraising means in which a company attracts investors looking for the next big crypto by releasing its own digital currency in exchange for another, typically for Bitcoin. Since 2013, ICOs have often been used to fund the development of new cryptocurrencies.

The developer starts with the creation of a plan in a whitepaper. A whitepaper is a persuasive, authoritative, and detailed report on a specific topic that presents a problem and provides a solution. It explains what the project is about, what needs will be met by the project, the amount of funding that that is required to complete the project, and how long the ICO campaign will run. In essence, they are advanced problem-solving guides that encourage investors to consider investing in the company.

Weiksner has started developing his whitepaper; of course, this isn’t easy to do when you go to school every day and only have a few hours between homework, dinner, and bedtime to complete it. At some point, the 11-year-old may want to consult an attorney like Aaron Kelly, who specializes in technology, intellectual property, and startups, to ensure his work, his company, and his launch are all protected.

What does this mean for gaming? Pocketful of Quarters is not the first company to look at blockchain technology’s potential to invade the gaming industry, but it does come at the issue from a slightly different perspective. While some industries have been dragging their feet about accepting the inevitability of cryptocurrencies, the gaming industry has taken an “arms wide open” approach and has been utilizing them for a decade. Here are a few of the better known and widely used gaming cryptocurrencies.

Chimaera. Chimaera is believed to be the world’s first blockchain-based gaming platform and provides an opportunity for users to create decentralized multi-player universes. It utilizes trustless off-chain interactions and game channels that can be used for player interactions without requiring space in the public blockchain. Additionally, it allows private messaging, the selling of games, and social media and community platforms.

Enjin. Enjin is among the world’s largest gaming platforms. Its cryptocurrency, Enjin coin, is an Ethereum-based token that allows for the distribution, development, and trading of virtual goods. The goal is to develop open-source software development kids, wallets, game plugins, virtual item management apps, and a secure payment gateway. Its website boasts a website builder, a host of tutorials for building custom sites, and gamified forums.

GameCredits. Game Credits primary initiative consists of development a currency-driven gaming platform. The platform focuses on providing a secure, robust system that will replace existing in-game buying options and mechanisms. Google Play and Apple allow only credit card payments, but Game Credits expanded their deposit options by adding cryptocurrency in the market.

Video games represent an industry foremost for blockchain integration and video game-related currencies. Gaming cryptocurrencies and developers like George Weiksner are changing both the fact and the economies of gaming. Experts anticipate that by 2020, the global market of gamers will generate approximately $128.5 billion in gaming revenues.

If you’re looking to see what this innovative kid is doing, check out his site at Pocketful of Quarters.

What would you like to see in the gaming industry? What ideas do you have for some innovations that would improve gaming?

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