Blockchain is a relatively new technology, but it has already proven useful in various industries, including gaming, finance, education, and many more. One significant advantage of this technology is decentralization. The application of blockchain, particularly in finance, enables a trustless environment in which people can transact directly without the need for a third party.
The use of blockchain is also growing in the gaming industry. Many developers are beginning to incorporate smart contracts to regulate the financial aspect of games while also reducing gaming fraud.
The advantages of decentralized blockchains in games
Preventing gaming fraud: Blockchain aids in the prevention of gaming fraud, just as it does in the prevention of digital currency fraud. As an open-source ledger technology, data or gaming assets stored on blockchain are publicly accessible. They have been monitored for duplication, hijacking, and other fraudulent acts by several miners on the network.
Third-party removal: Some developers rely on centralized platforms to manage game activities or functions, which may necessitate sharing user/player information for due diligence. On the other hand, some developers can decentralize and manage various aspects of games using blockchain-based smart contacts. This eliminates the need for third parties.
Another huge benefit of blockchain in the gaming space is financial efficiency. Smart contracts enable game operators to incorporate and manage the financial aspects of games efficiently.
A smart contract is essentially a self-executing computer program that operates in accordance with the terms of the blockchain-based agreement. A smart contract acts as a middleman between two transacting parties, similar to an “if/then” program. The transaction will not be completed unless both parties are satisfied with the terms of the agreement.
This is a very efficient way of handling finance in games, ensuring players receive whatever virtual asset they purchased.
LOOP is an excellent example of a promising blockchain game.
LOOP is a typical example of a blockchain-based game that runs on Ethereum’s smart contract technology. It is a referral game that uses a smart contract to distribute rewards to players in Ether (ETH) directly into their specified Ethereum address, eliminating the need for any centralized authority.
In LOOP, the more players you bring in, the better your chances of winning. A specific gaming table winner receives a 200 percent bonus in ETH, while players can receive a 50 percent bonus for each referral.