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This story has been submitted by Basir Ahmad.
Algorand reduces the technological challenges that have weakened the adoption of mainstream blockchains for years; decentralization, scale, and security. Now you can draw on your faith in a secure foundation.
Our mechanism for agreement is less permission and a pure form of staketm. In a fully distributed platform, it guarantees maximum involvement, security, and speed. Algorand’s transaction bandwidth is on par with large payment and financial networks. It has blocks completed in seconds. And Algorand is the very first blockchain to have the instant finality for transactions. No claw. No insecurity.
Gaming markets worldwide
Gaming is one of the world’s fastest-growing markets. It may hit a market value of $120 billion by 2025, with over 3 billion players in video games worldwide. The game creator has been a few moves ahead for embracing creativity and technologies, and by definition, the gamer culture has.
Artificial intelligence, virtual reality, and games based on virtual reality are already on the market. The gaming industry is warming up over the past few years. It is happening due to the need for blockchain to behave as record storage. It is to provide such a means of encouraging users to introduce tokens that have monetary significance in the real world.
Functionalities can give more legitimacy to the gaming industry by building trust among all respondents in the environment. Meanwhile, these include such as transparency, trust, and the exclusive openness to modern blockchain technologies.
Algorand’s Strategic move to the gaming industry
By joining the Blockchain Gaming Alliance (BGA), Algorand has entered the blockchain gaming industry. BGA is a coalition of game and blockchain companies aimed at advocating for blockchain technology in the online gaming industry.
Joining the BGA provides an opportunity to raise awareness about blockchain technologies. It encouraged adoption by highlighting its potential to foster new ways of creating, publishing, playing, and building healthy gaming communities.
This was followed by Algorand being selected to store official chess ratings. FIDE Online Arena announced the launch of digital games with the first game being played between grandmaster Sergey Karjakin, recorded on the blockchain.
The quick settlement, low transaction costs, and easy scalability are features of Algorand. They provide a foil for storing records of over 5 million online chess games played daily. Below is a description of the features of Algorand and how they can benefit the gaming industry.
Scalability which, due to its consensus protocol is a feature of Algorand, is important for the online gaming sector. This is because of the sheer number of users to manage, record, and transactions.
Over 5 million chess games are being played online daily. It’s an excellent start to boost the number of on-chain transactions. Meanwhile, this number is still a fraction of other online games like Minecraft and Fortnight that engage users daily.
Algorand blockchain is smooth & seamless
Non-fungible tokens (NFT) creation on the Algorand blockchain is smooth and seamless. It will add real-world economic incentives to gaming. It provides proof that game users own game items and characters. Gamers of all ages spend a lot of time playing online games. They compete in fighting games or building and consolidating in other games. A unique house being built, which, when attached to a tradable NFT token, provides a sense of ownership. Moreover, it gives real-world economic gains, always has a sense of elusiveness. Meanwhile, this provides to increase the revenue sharing model for both players and game publishers.
Algorand is well-positioned to handle the sheer volumes of transactions to add records or allocate rewards. It has features of high network speed, low transaction costs, and finality.
A massive opportunity
Nowadays there is a chance to restructure the world’s financial systems. Moreover, wireless devices are faster than before. At low cost, a message can travel from anywhere in the world in a split second.
Money does not work efficiently. It can take days to clear and finalize a simple financial transaction. The process is costly. Some $5 trillion in transaction fees are wasted yearly. Some 2.2 billion people worldwide have absolutely no access to new financial products. Their transactions are so low that banks cannot make a profit.
With the right technology, we can do better
The promise of blockchain. Developers and entrepreneurs knew that blockchain is the perfect technology. Those blockchains are critical to the most effective and inclusive banking markets.
A blockchain is a typical ledger. It guarantees a series of blocked transactions, three essential characteristics:
- Block Every module should be understood by everyone, i.e., modules are widespread knowledge.
- Everyone in the block future block will write a transaction.
- No one can change block transactions or block order.
Therefore, everyone can have one public ledger. Moreover, it is better than a hidden repository by a centralized force and exchanges via secret data sets. It can be read, in which everyone can write. Still, no one can change what is written.
The use of a blockchain with those properties is unlimited. Blockchain technology can bring about a faster, cheaper, safer, infinite economy.
A unique triangle. Blockchains are mostly of interest until now. The blockchain trilogy may be a strong testament to the ideological nature of blockchains today. Some 2000 testimonials and projects reveal blockchains can give two of the following three characteristics:
- Security
- Scalability
- decentralization
Thelma does not offer good options. Therefore, we are in an existing financial system without decentralization. Volumes of transactions may disappear without security. The person who provided the goods or services may discover the money for those has gone missing; Moreover, debts can be wiped out, and enemies can manipulate the public ledger for their benefit. Without scaling, only a small network will allow you to transact; You cannot participate in the global financial system. Meanwhile, no customer should consider settling on any of the basic features.
Market opportunities & concluding insights
The market is great with major games like Fortnight and Minecraft, etc. with over 100 million players per month each. Meanwhile, Blockchain can be used to safely store records. They provide the games with an economic value via NFTs.
Therefore, Algorand is well-positioned to achieve better pastures in the online gaming industry, for all its functionalities. Let those games start!
Also Read: In Conversation With Pakistani Gaming Rockstar Saad Nazir
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