Surat Samachar

The online gaming industry (BXTB) may benefit from the blockchain

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The online gaming industry (BXTB) may benefit from the blockchain

February 25
00:06 2020

Nearly every field of commerce has been revolutionized by the Internet, but even among the different areas, online gaming has notably blown up since its advent. According to Forbes, the online gaming market has been growing at an annual rate of 9% – dramatic growth indeed. Blockchain technology promises to disrupt and innovate just about any area tech is involved with, but many of these benefits still await fuller maturation and implementation of blockchain infrastructure. Online gaming, on the other hand, stands ready to reap the benefits of decentralized ledger technology in a very immediate way.

Fairness

A crucial component of any type of online gaming and gaming is fairness. While it’s obvious that any gaming (online or otherwise) makes a profit for the house in the big scheme of things, it is vital that any game or system of wagering is essentially fair. Before blockchain, this fairness had to be simply trusted by customers of the service. Some third party services attempted to document and track fairness of different online gaming companies, but it is a difficult task when the services are so opaque. With blockchain, there’s no longer a need for this trust. This is because of one of the most basic yet powerful aspects of blockchain: a decentralized ledger.

Transparent Ledgers and Accountability

Blockchain enables the online gaming ecosystem to maintain immutable (a.k.a. tamperproof) records of all transactions, deposits, wagers, and payouts. Players and on line gaming companies alike can use this function to ensure all that was due is paid, and that there’s no funny business going on. In the case of any disputes, the blockchain records can be referred to with authority – no grey areas or wiggle room. Such ledgers can also be audited by third parties and analyzed for discrepencies or hidden stacked odds.

Deposits, Cash Outs and Settlements

In the past, transferring money in and out of online gaming companies depended on the cooperation of a bank. Banks could monitor and control such payments at their whims, and it’s not unheard of for these transactions to be blocked. With blockchain, such gatekeepers are removed, fully empowering players and gaming companies to deposit and withdraw funds in and out of the system at their will. In the past, players might need to put their trust into uncertain third parties in order to participate in online gaming places – a risky proposition at best, and quite possibly a factor preventing the online gaming space from growing at an even more dramatic rate. With blockchain, those third parties are removed and the power is put squarely in the hands of players and on line gaming companies.

Peer to Peer Betting

While there will always be a place for organized online gaming, blockchain can allow users on a network to place bets with each other through smart contracts, or even run their own miniature online games or gaming companies. This would be utterly impossible in the past unless among trusted acquaintences – and even then, we all know someone who’s flaked out of paying out a bet to their buddy. Blockchain and smart contracts empower individuals to make completely legitimate bets on a small-scale level – whether for fun or for profit. This aspect of online gaming on the blockchain could even promise to eliminate the house advantage mentioned earlier – something many gamblers and potential gamblers would love to see.

BXTB – A Cutting Edge Blockchain for the Online Gaming Industry

While there are many blockchain projects attempting to bring these advantages to online gaming, many of them are built on a weak foundation – common problematic factors include ICOs and token sales (causing centralization), reliance on Proof of Work (unsustainable) or Proof of Stake (again centralized and lacking key elements of a true blockchain). Other systems fail to properly incentivize participants in the ecosystem. BXTB solves all these problems and more.

BXTB is based on Proof of Capacity, a simple yet efficient next generation mining algorithm, and has no token sale or ICO – meaning its tokens will be fairly distributed to miners. And once BXTB are staked to be part of its ChipsNet ecosystem, holders receive a 0.25% fee paid out whenever their staked coins are used in a transaction – incentizing strong support for the network’s transactions, as well as benefits for using those tokens within any online game company.

The future of online gaming is exciting once blockchain enters the picture, and BXTB is well worth keeping your eye on whether you’re a players, an online gaming company, or an investor.

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