Virtual Currency Games

The dream of every little boy (and many older men) to make a living playing video games is getting closer to reality. Recent releases of Huntercoin and in-development VoideSpace, games that reward players in digital currency instead of virtual princesses or gold stars, point to a future where dollar and sterling, euro and yen prizes are found in the rankings of one on the scoreboard.

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

Digital currencies are slowly maturing in terms of their functionality and financial infrastructure which enables them to be used as a reliable alternative to non-virtual Fiat currencies. Although Bitcoin, the first and most well-known form of cryptocurrency, was created in 2009, there are virtual currency forms used in video games for more than 15 years. The 1997 Ultima Online was the first significant attempt to integrate a large-scale virtual economy into a game. Players can continue their quest, fight monsters and find treasures and spend them on armor, weapons or real estate. Gold was the earliest incarnation of the virtual currency that existed entirely within the game, although it mirrored the real-world economy so much that game mechanics Ultima gained currency inflation experience that ensured that there was a never-ending supply to kill supply monsters and thus collect gold coins.

Released in 1999, EverQuest took virtual currency gaming one step further, allowing players to trade virtual goods among themselves in the game, although the game’s designers forbade each other to sell virtual items to each other on eBay. In Neil Stephenson’s 2011 novel Remade, a real-world adventure, the Chinese gamer or ‘Golden Farmer’ EverQuest and other such games were hired to play full-time to gain experience points so that their characters could be leveled to make them stronger and more agile. Make it. These characters would then be sold on eBay to Western gamers who weren’t willing or reluctant to give their characters a few hours to level up. Edward Castronova, a professor of telecommunications at the University of Indiana and an expert on virtual currency, estimated that in 2002, Evercoast was the 77th richest country in the world, based on the calculated exchange rate of EverQuest currency as a result of real world trading. Between Russia and Bulgaria and its per capita GDP were higher than the People’s Republic of China and India.

Launched in 2003 and reached one million regular users by 2014, Second Life is probably the most complete example of a virtual economy to date that allows it to buy or sell virtual currency, the Linden Dollar, through market-based exchanges to buy or sell in-game products and services. Will be exchanged for real world currencies. With a record 2 2.2 billion in in-game transactions of virtual products in ten years between 2002-13, Second Life has become a marketplace where players and merchants are able to design, promote and sell their products. A particularly lucrative product for the real estate business, Eileen Graf became the first player to own the first wife in 2006, when she made the first investment of $ 9.95 over two and a half years through buying, selling and trading virtual real estate to other players for more than 1 1 million. Converted. Examples such as Eileen are exceptions to this rule, but only a record 233 users earned more than $ 5,000 from second-life activities in 2009.

How to pay in dollars for asteroid mining …

To date, non-virtual cash-earning skills in video games have been of secondary design, the player has to go through unauthorized channels to exchange their virtual loot or they have real world creative skills or business skills that can be traded for cash. This may change with the advent of video games from the ground up in the vicinity of the ‘plumbing’ of recognized digital currency platforms. The method that Huntercoin has adopted is to ‘gamify’ which is not usually a technical and automated process for creating digital currencies. In contrast to real-world currencies that are printed by the central bank, digital currencies are created by users creating ‘mines’. The underlying source code of a particular digital currency that allows it to operate is called a blockchain, an online decentralized public sector that records all transactions and currency exchanges between individuals. Since digital currency is nothing more than indomitable information, it carries a higher risk of counterfeiting than physical currency because it makes it possible to duplicate currency units that cause inflation or change the value of a transaction once it is created for personal gain. To prevent this from happening, the blockchain is ‘polished’ by volunteers or ‘miners’ who check the validity of each transaction to make sure that no transactions have taken place with the help of expert hardware and software. This is an automated process for mining software, although it is extremely time consuming which involves a lot of processing power from their computer. Blockchain releases a new unit of digital currency to reward a miner for verifying a transaction and rewards them as an incentive to maintain the network, thus creating digital currency. Because users of a currency group combine their companies into a mining ‘pool’ to successfully mine an individual, they use the combined processing power of their computer to mine coins more quickly, as it can take several days to several years.

The Huntercoin game sits in this kind of blockchain for a digital currency known as Huntercoin. The gameplay function replaces the automated process of mining digital currency and for the first time makes it a manual and without the need for expensive hardware. Using tactics, time, and teamwork, players come out on a map looking for coins and finding something to safely return to their base (other teams try to stop them and steal their coins). They can deposit and cash their coins. In their own digital wallet, usually a digital digital payments to create and receive. 10% of the value of any currency deposited by players goes to mine players to maintain the blockchain of Huntercoin and a small percentage of any currency is lost if their currency is dropped as soon as a player is killed. The game’s graphics take time to accumulate the basic and significant rewards Huntercoin although an experiment that can be seen as the first video game with money prizes built as the primary function.

Although Voidespace is still evolving, a more smooth approach to gaming in a functioning economy. A massively multiplayer online roleplaying game (MMORPG), Voidspace is set to be a place where players explore a growing universe, dig up asteroid national natural resources, and trade with other players to build their own galactic empire. Players will be rewarded for mining in the more established form of DJ currency, Dozequin, which is currently widely used for micro-payments on various social media sites. Among the ways to purchase Dozecoin players and in-game will also be the currency of the game business. Like Huntercoin, Dezcoin is a legal and fully functional digital currency and like Huntercoin it can also be traded for both digital and real Fiat currencies on exchanges like Polonix.

The future of video games?

While this is an early day in terms of quality, the release of Huntercoin and Voidespace is an interesting indication of what the next evolution of the games could be. In the case of MMORPGs, epidemic outbreaks are currently being considered as a way to model how hard-to-model aspects of human behavior are recorded in real-life outbreaks, reflecting the player’s irrational plague. It can be criticized that ultimately in-game virtual economies can be used as a model to test economic theories and develop a widespread failure response based on observations of how players use digital currency with real value. It is also a good test for the functionality and potential applications of digital currencies that, for example, have the promise of simply moving out of exchange vehicles and into attractive areas of personal digital ownership. On average, players now have the means to translate hours in front of the screen into digital currency and then into dollars, sterling, euros or yen.

But before you leave your day job …

… is significant at current exchange rates. It has been speculated that any player can recover their initial registration fee of 1.005 from Huntercoin (HUC) to join the 1-day game of Huntercoin. Currently HUCs cannot be exchanged directly in US dollars, one has to convert them to more established digital currencies like Bitcoin. The exchange rate of HUC in Bitcoin (BC) is 0.00001900 while the exchange rate of BCU dollar is $ 384.24. 1 HUC BC and then traded in US dollars, before considering any transaction fee … $ 0.01 USD. It goes without saying that any player becomes more adept at not being able to grow their team of virtual coinhunters and probably employs a few ‘bots’ programs that can automatically play the game behind another player and earn money for them too but I think it I think it’s safe to say that even an effort like this at the moment can only change enough for the daily McDonald’s. If players refuse to submit privacy in in-game advertising, share personal data, or participate in a game like CoinHunter built on the Bitcoin blockchain, it is unlikely that the rewards for outstanding gamers are likely to be higher than micro-payments. And maybe that’s a good thing, because of course if you pay for something, it stops being another game?