XRP used to transform blockchain-based gaming with Xpring partnership
Beyond blockchain technology’s already known use-cases, such as trading and creating assets, blockchain-based gaming has started to gain traction lately. One of the biggest sectors in the digital space is the gaming industry, which has experienced a drastic change with advanced Augmented Reality and Virtual Reality in recent years.
Blockchain firm, Ripple’s investment arm Xpring had previously tapped into the $140 billion industry, that is ripe for disruption, with its partnership with Forte. The San Francisco-based company, which leverages the Interledger Protocol [ILP] for conducting transactions across different blockchains, aims to accelerate adoption of the technology in games. In addition to ILP, Forte also uses digital XRP to maximize cross-chain interoperability, security and inter-asset liquidity.
At the stage of UBRI Con conference, Brett Seyler, Co-founder and Chief Platform Officer at Forte stated:
“The free-to-play business model dominates the way games are run now. This model has grown the gaming industry more than any other business model in the last ten years.”
While currently, the free-to-play business model dominates the way games are run, modern game economies have become complex and difficult to manage due to increased sophistication and competition of the model, according to Seyler. And this is where blockchain technology acts as a solution. The exec further added:
“Creating game economies with multi-sided participation, open markets and increased transparency offer a potent solution to the challenge of the complexity plaguing game developers that result in stagnant economy design”
The difference between traditional games and blockchain games is that the “code and logic of blockchain games could be written in smart contracts and run on blockchains”. The main advantage in the case of the latter is that it brings in more transparency, data immutability, thus making games fair and trustworthy as opposed to the traditional ones which are centralized with power resting in the hands of the game publishers.