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Is GameCredit On The Road To Global Dominance?

GameCredits is one of the utility tokens driving the adoption of cryptocurrency in the burgeoning gaming industry. As such, this article will give an in-depth review of GameCredits

The gaming industry rakes in $100 billion annually and GameCredits is core to the implementation of blockchain in this burgeoning industry. It is an ecosystem that facilitates the monetization of gaming infrastructures and products. It provides game developers a platform to monetize their games by building different payment systems like wallets and payment trackers.

In addition, GameCredits’ native token GAME is the universal payment token of the ecosystem. As such, Game token holders can purchase any listed product on the platform on the go.

Also, read: Is Gaming Driving the Cryptocurrency Mass Adoption?

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GameCredits Uses the Proof-Of-Work Mechanism

Like bitcoin, the GameCredits utilizes the proof-of-work mechanism to mine its tokens as well as verify transactions. However, one major threat to networks utilizing this sort of verification mechanism is the double-spending or 51% attack.

It is quite easy for attackers to manipulate transactions or even mine a huge amount of coins. In light of this, GameCredits introduced a way of evolving and securing its proof-of-work mechanism. The network partnered with Komodo blockchain to create an inter-blockchain verification system.

Komodo miners will periodically receive hash from GameCredits’ network and then proceed to write it into one of komodo’s blocks. As such, GameCredits will have a sort of back-up of its blockchain. Therefore, the network will easily identify and reject manipulated blocks. This concept is similar to the popular cloud-based blockchain solution being explored by the Ethereum blockchain.

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Other Security Features

Also, GameCredits introduced a concept called Blinking which is a multi-factor identity verification tool. The tool is based on the open source HyperLedger fabric and it utilizes a number of identity verification mechanism. These mechanisms include:

  • Facial recognition
  • Password verification
  • Fingerprint scanning

As such, the network will utilize this tool to secure its users’ funds and identities.

Game Credit features

Other Major Developments

GameCredits is extensively working on achieving its goal to become the universal token of the gaming world. As such, it has expanded its scope to fantasy sports betting, e-sports, and mobile gaming sectors. Recently, GameCredits partnered with FanDuel, a fantasy sports platform which will utilize the GAME tokens to reward its customers.

The partnership was crucial to GameCredits’ growth as it was an avenue for introducing its products to FanDuel’s 6 million customers. In addition, an A-list gaming firm, Unity has started utilizing the GameCredits platform to build its payment systems.

These developments show that the development team’s commitment to making the platform a global phenomenon.

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The GAME Token

GameCredits launched GamerCoin (GMC) in 2015 before rebranding its name to GAME. At press, time GAME had a market cap of $12,457,274 USD and each token sells for $0.179946 USD. In addition, there is 69,227,813 GAME in circulation. The token’s specification includes:

  • Total coin supply: 84,000.000 GAME
  • The time it takes to discover a block: 90 seconds)
  • Block reward: 25 GAME
  • Algorithm: Scrypt

GAME has struggled along with the rest of the market this year. Therefore, the token has plunged by 91% from its all-time high of $6.67 registered in January. However, it did experience a 78.2% rise in price in the past 7 days.

Final Thoughts

GameCredits platform as a working product, as such, there is a degree of certainty about its future. However, the network’s focus on only monetizing gaming platforms could limit its future prospects. In addition, the liquidity of the GAME token has come under scrutiny. However, recent developments and fortification of the network are pointers that it is a viable project.

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Image Courtesy- Cloud front, Sohucs, Steemit images.

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Ifeanyi

Ifeanyi Egede is an experienced and versatile blockchain/crypto writer and researcher on with tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids. Learn more about how Ifeanyi Egede could be of help to your business.

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