The newly emerging world of cryptocurrency has still left number of people wondering what the phenomenon actually is. All this hype, is around a simple digital asset which is used for online transactions. This digital asset uses cryptography to secure these transactions and any other manipulations like creation and verification on it. And like any online virtual venture, it has creeped into the online gaming world, which has formed new set of product under the name of gaming cryptocurrencies.
The working of cryptocurrency
The single most important part of this new invention is the decentralized digital cash system, as opposed to central bank systems. The control of cryptocurrency works through a block chain, on a public transition database. It does not require a central authority. They use time stamp techniques to avoid the need of different third party service for addition in block chain ledger. In cryptocurrency network, ‘mining’ is a validation of transaction, and this process is used for creation of new assets. Examples of cryptocurrency:
Uses of gaming cryptocurrency
There are numerous times, when online gaming systems feel the need of transactions. In case of character accessories, buying new assets in game, unlocking premium feature, winning of any virtual tournament, are few to mention. Using cryptocurrency here, has proven a great little solution for all these problems. Different currencies have features to compare with, like having open-source or closed-source nature of the web portal, price of the units and their scope of use.
The dawn of gaming cryptocurrencies was seen around 3 years ago, and numerous forms of the same have flourished since. Different forms, have their own terms and modes of payment, usage, creation and redemption.