Even though Bitcoin will be the world’s leading cryptocurrency for quite some time to come, there are other competing solutions to keep an eye on. GameCredits is an intriguing initiative which will target the gaming community worldwide. This $100 billion industry can benefit a lot from cryptocurrencies in many ways, assuming the team’s plan is executed properly.
The Purpose of GameCredits
With so many people enjoying video games through various mediums, it is only normal that cryptocurrency projects would want to pay attention to this market moving forward. GameCredits is a project and a currency which lets gamers and developers buy and sell games and in-game content quickly and safely. Moreover, it removes the need for credit cards and other payment methods subject to chargebacks.
How Will it Work Exactly?
There are quite a few aspects to GameCredits which people may want to take note of. First of all, the virtual goods currently being sold are subject to a lot of fraud. Since GameCredits is based on blockchain technology, all transactions are permanent and the risk of fraud is removed altogether. For both merchants and consumers, that is a more than welcome change.
Secondly, GameCredits transactions can be performed in an anonymous manner. This lets gamers enjoy their favorite games without having to worry about privacy. Given Bitcoin’s pseudonymity, it cannot provide any degree of anonymity as of right now, and GameCredits may be able to make a positive impact in this area. As for this project’s transaction speed, money can exchange hands in 60 hours or less, which includes the full settlement of transactions in fiat currency.
To store and spend GameCredits properly, there is the GWallet feature. This web wallet service exists to provide users with optimal convenience, but it is also available for download as a desktop client. This wallet makes it pretty easy to complete transactions. There is also a separate desktop client in beta, which focuses on combining mining, saving, and purchasing items with GameCredits.
What is the GAME Token?
As one would expect, the GameCredits ecosystem has its own token. In this case, that token goes by the name of GAME. It will allow users to purchase games in this ecosystem, will make in-game payments more seamless for developers, and will increase the overall value of games incorporating this new currency. It is also possible that GAME will make an impact in the eSports sector moving forward.
The Road Ahead for GameCredits
It seems the immediate future of GameCredits will mainly revolve around further developing the MobileGO ecosystem. This particular venture is designed to support the gaming sector as a whole, yet it pays special attention to eSports. It is also a smart token which comes with its own set of perks and advantages, including peer-to-peer match play and decentralized gaming tournaments.