Blockchain

BitGuild and Tron set to make in-game purchases via Blockchain Technology

Purchase of in-game items isn’t a very new concept it has been around for quite a long time and gamers have become well aware of this marketing gimmick. Also, it is a known fact that every time a chance of purchasing a product online using real money arises, hackers are quick to pounce at this opportunity, not to mention fraudsters and item duplicators as well. Blockchain technology seems to be the ideal solution for this scenario. As it can provide a sophisticated way to prove item ownership while also offering a robust environment where transactions are recorded, verified, and transparent.

In the previous week, an announcement was made by BitGuild — a blockchain gaming platform spearheaded by the virtual currency and gaming industry trouper Jared Psigoda, He announced the formation of a new partnership with Tron, a blockchain-based protocol that intends on creating a global zero-cost content entertainment system.

As per the announcement made by Bitguild, it also stated that through this partnership Bitguild will offer an exclusive set of limited-edition in-game assets for the Tron community, this will further denote the Tron brand and the TRX token associated with it. It was also revealed that using TRX a buyer can purchase these assets, meanwhile, the company also hinted at the possibility of making these assets available on the BitGuild virtual item exchange in the future.

CEO of BitGuild, Jared Psigoda stated that “Blockchain and smart contract technology enables all gamers to own their items,”, while further adding, “Rather than an item being flagged on a game developer’s server as ‘belonging to’ a particular player, that specific item will be sent to that player’s digital wallet over the blockchain. The gamer would then own it and can do whatever he or she wishes to do with it. They can either sell it, trade or import it into another game. In addition, smart contracts are open source and permit for player verification of things like item drop rates.”

To further elaborate it in simple terms, an epic sword was just an intangible piece of data on a private server, before Bitguild came into the picture. The introduction of blockchain technology and the exchange enables the owner of that weapon to choose freely between holding onto it or trading it as this epic sword would belong to the gamer in the form of a token on the blockchain.

How is this different from traditional exchanges like G2G and other blockchain solutions like DMarket?

The CEO of Bitguild said that “Traditional real money trade (RMT) websites are involved in the sale of video game items, currencies and power levelling services,” While further adding “Not a single one of these items sold on those particular websites have any specific  token on the blockchain, nor does the buyer or seller at any given time  actually ‘owns’ the items. In exchange for their money, gamers actually purchase the ‘right to use an item’ subject to the developer of the game’s Terms of Service and End User License Agreement.”

Thus, making in-game items a highly unpredictable resource currently, as per Psigoda, elaborating further on this statement he added “The game developer could ban the user’s account, at any time which would result in the gamers losing all of their game items which they owned,”

Furthermore, Bitguild CEO also went on to add  “This occurs every time, it is most often seen in games where developers have specifically mentioned that it is against the ToS to engage in the trade of in-game items for cold/hard cash. In addition, these platforms being highly insecure and a place for extensive frauds, with players getting scammed by shady sellers and sellers being manipulated  by fraudulent buyers.”

Back in 1999 buying and selling of game items was quite popular in the RMT industry, stated Jared Psigoda.

BitGuild founder further concluded by saying “Blockchain virtual item exchange solutions like WAX and Dmarket are excellent companies that make it accessible  for the cross-game trading of items from some of the top games available out there,”

Psigoda said. “They primarily focus on collaborating with pre-existing game developers to permit the rights to their items to be transferred in a frictionless manner over the blockchain. Unfourtanetly, most of the assets that are transferred are not blockchain assets. The team of BitGuild is firm believers that blockchain games would prove to be  an entirely new class of games where the game characters and items themselves are tokenized and will remain within the players’ digital wallets.”

The upcoming BitGuild token will be known as PLAT, A total of 10 billion PLAT tokens will be created.BitGuild also recently announced that its upcoming ICO, will go live at  7 p.m. on March 15th, 2018, wherein users will be able to purchase these tokens which can be used on the BitGuild platform thereafter.

The next step for BitGuild and Tron?

Psigoda addresses this topic and stated “We have been following the Tron project for a long time now and have learned that they have one of the most engaging and active communities in this industry,”

Jared Psigoda also added “We believe that in the current market environment, the era of ‘grand visions and white papers’ might be coming to an end, and it is perhaps the right time to start developing real applications on top of this amazing technology for end-users to interact with. Gamers have always been the first ones when picking up new technologies, and a truly fun game, if it is able to educate new users on blockchain and cryptocurrencies, could prove to benefit the entire industry. The Tron community is young and tech-savvy, making them the ideal partners for us to collaborate with on gaming projects.”

About the author

Amit Iyer

Amit Iyer being inspired by Raj is also a college dropout. He possesses the skill of quick grasping which has been a great asset to TokenTornado. A true Digital Marketing Prodigy. He specializes in SEO and is also working on many freelance projects. At the age of 18 he is the youngest co-founder at TokenTornado

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