Virtual Currency Games

Every little boy’s (and several grown men’s) dream of making a living by playing video gaming is edging nearer to reality. The recent release of HunterCoin and the in-development VoidSpace, games which reward players in digital currency rather than virtual princesses or gold stars point towards another where one’s  Bitcoin Evolution Scam ranking on a scoreboard could be rewarded in dollars, and sterling, euros and yen.

The story of the millionaire (virtual) real estate agent…

Digital currencies have already been slowly gaining in maturity both with regards to their functionality and the  Bitcoin Evolution Review financial infrastructure that enables them to be used as a credible option to non-virtual fiat currency. Though Bitcoin, the very first and most well known of the crypto-currencies was made in 2009 2009 2009 there were forms of virtual currencies found in video games for more than 15 years. 1997’s Ultima Online was the first notable attempt to incorporate a large scale virtual economy in a game. Players could collect coins by undertaking quests, battling monsters and finding treasure and spend these on armour, weapons or real estate. This was an early incarnation of a virtual currency for the reason that it existed purely within the overall game though it did mirror real world economics to the extent that the Ultima currency experienced inflation as a result of the overall game mechanics which ensured that there is a never ending supply of monsters to kill and thus gold coins to collect.

Released in 1999, EverQuest took virtual Bitcoin Evolution currency gaming a step further, allowing players to trade virtual goods amongst themselves in-game and even though it was prohibited by the game’s designer to also sell virtual what to each other on eBay. In a real world phenomenon that was entertainingly explored in Neal Stephenson’s 2011 novel Reamde, Chinese gamers or ‘gold farmers’ were employed to play EverQuest along with other such games full-time with the aim of gaining experience points to be able to level-up their characters thereby making them more powerful and sought after. These characters would then be sold on eBay to Western gamers who have been unwilling or unable to put in the hours to level-up their very own characters. Using the calculated exchange rate of EverQuest’s currency due to real life trading that occurred Edward Castronova, Professor of Telecommunications at Indiana University and an expert in virtual currencies estimated that in 2002 EverQuest was the 77th richest country on the globe, somewhere between Russia and Bulgaria and its GDP per capita was higher than the People’s Republic of China and India.

Launched in 2003 and having reached 1 million regular users by 2014, Second Life could very well be the most complete example of a virtual economy up to now whereby it’s virtual currency, the Linden Dollar and this can be used to buy or sell in-game goods and services can be exchanged for real life currencies via market-based exchanges. There were a recorded $3.2 billion in-game transactions of virtual goods in the 10 years between 2002-13, Second Life having turn into a marketplace where players and businesses alike could actually design, promote and sell content they created. Real estate was a particularly lucrative commodity to trade, in 2006 Ailin Graef became the very first Second Life millionaire when she turned a short investment of $9.95 into over $1 million over 2.5 years through buying, selling and trading virtual real estate to other players. Examples such as Ailin are the exception to the rule however, only a recorded 233 users making more than $5000 in 2009 2009 from Second Lifestyle.

How exactly to be paid in dollars for mining asteroids…

To date, the ability to generate non-virtual cash in video gaming has been of secondary design, the ball player having to go through non-authorised channels to switch their virtual booty or they needing to possess a degree of real life creative skill or business acumen which could be traded for cash. This may be set to change with the advent of video games being built from the ground up around the ‘plumbing’ of recognised digital currency platforms. The approach that HunterCoin has taken is to ‘gamify’ what’s usually the rather technical and automated process of creating digital currency. Unlike real world currencies that come into existence if they are printed by way of a Central bank, digital currencies are created when you are ‘mined’ by users. The underlying source code of a particular digital currency which allows it to function is called the blockchain, an online decentralised public ledger which records all transactions and currency exchanges between individuals. Since digital currency is only intangible data it really is more prone to fraud than physical currency for the reason that you’ll be able to duplicate a unit of currency thereby causing inflation or altering the value of a transaction after it has been made for personal gain. To ensure this does not happen the blockchain is ‘policed’ by volunteers or ‘miners’ who test the validity of every transaction that’s made whereby with the aid of specialist hardware and software they make sure that data is not tampered with. This is an automatic process for miner’s software albeit an extremely time consuming one which involves a lot of processing power from their computer. To reward a miner for verifying a transaction the blockchain releases a fresh unit of digital currency and rewards them with it as an incentive to keep maintaining the network, thus is digital currency created. Because it may take anything from several days to years for an individual to successfully mine a coin groups of users combine their resources right into a mining ‘pool’, utilizing the joint processing power of these computers to mine coins quicker.

HunterCoin the overall game sits within such a blockchain for a digital currency also called HunterCoin. The act of playing the overall game replaces the automated procedure for mining digital currency and for the 1st time makes it a manual one and with no need for expensive hardware. Using strategy, time and teamwork, players go out onto a map in search of coins and on finding some and returning safely to their base (other teams are on the market trying to stop them and steal their coins) they are able to cash out their coins by depositing them into their own digital wallet, typically an app designed to make and receive digital payments. 10% of the worthiness of any coins deposited by players go to the miners maintaining HunterCoin’s blockchain plus a small percent of any coins lost whenever a player is killed and their coins dropped. As the game graphics are basic and significant rewards take time to accumulate HunterCoin is an experiment that might be seen as the first video game with monetary reward built in as a primary function.

Though still in development VoidSpace is really a more polished approach towards gaming in a functioning economy. (MMORPG), VoidSpace is defined in space where players explore an ever-growing universe, mining natural resources such as for example asteroids and trading them for goods with other players with the goal of building their own galactic empire. Players will be rewarded for mining in DogeCoin, a more established type of digital currency which is currently used widely for micro-payments on various social media sites. DogeCoin may also be currency of in-game trade between players and the means to make in-game purchases. Like HunterCoin, DogeCoin is really a legitimate and fully functioning digital currency and like HunterCoin it might be traded for both digital and real fiat currencies on exchanges like Poloniex.

The future of video gaming?

Though it is start when it comes to quality the release of HunterCoin and VoidSpace is an interesting indication of what may be the next evolution for games. MMORPG’s are being considered as methods to model the outbreak of epidemics because of how player’s reactions to an unintended plague mirrored recorded hard-to-model areas of human behaviour to real world outbreaks. It may be surmised that eventually in-game virtual economies could possibly be used as models to check economic theories and develop responses to massive failures predicated on observations of how players use digital currency with real value. It is also an excellent test for the functionality and potential applications of digital currencies which have the promise of moving beyond mere vehicles of exchange and into exciting areas of personal digitial ownership for instance. In the mean time, players now have the means to translate hours in front of a screen into digital currency and then dollars, sterling, euros or yen.

But before you quit your entire day job…

… it’s worth mentioning current exchange rates. It’s estimated that a player could comfortably recoup their initial registration fee of just one 1.005 HunterCoin (HUC) for joining HunterCoin the overall game in 1 day’s play. Currently HUC can’t be exchanged right to USD, one must convert it into a competent digital currency like Bitcoin. At the time of writing the exchange rate of HUC to Bitcoin (BC) is 0.00001900 as the exchange rate of BC to USD is $384.24. 1 HUC traded to BC and to USD, before any transaction fees were taken into consideration would mean… $0.01 USD. This is simply not to say that as a new player becomes more adept they cannot grow their team of virtual CoinHunters and perhaps employ a few ‘bot’ programmes that could automatically play the game under the guise of another player and earn coins for them aswell but I think it’s safe to say that at the moment even efforts such as this might only realistically result in enough change for an everyday McDonalds. Unless players are willing to submit to intrusive in-game advertising, share personal data or join a casino game such as CoinHunter that’s built on the Bitcoin blockchain it is improbable that rewards are ever likely to be a lot more than micro-payments for the casual gamer. And perhaps this is a positive thing, because surely if you get paid for something it stops being a game any more?

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