• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Breaking News: This Bankrupt Crypto Firm Returns 27,000 Mining Rigs To Pay Off Loan
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: This Bankrupt Crypto Firm Returns 27,000 Mining Rigs To Pay Off Loan
BitGuild partners with Tron
Advertisement

BitGuild Partners with Tron to Give Players Ownership of In-Game Items

Adam James by Adam James
5 years ago
in News, Altcoin News, Altcoins, Blockchain, News teaser
0
Advertisement

Blockchain gaming platform BitGuild has partnered with blockchain protocol Tron to put in-game item ownership and transactions on the blockchain.


Who Actually Owns Your In-Game Items?

Blockchain technology is providing a new way for in-game digital items to be authenticated and transacted in a transparent, recordable, and verifiable manner. Explained BitGuild CEO Jared Psigoda to VentureBeat:

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Blockchain and smart contract technology allows for gamers to own their items. Instead of an item being flagged on a game developer’s server as ‘belonging to’ a certain player, that item will be sent to that player’s digital wallet over the blockchain. The gamer will own it and be free to do with it whatever she or he pleases, whether that be to sell, trade, or import it into another game. In addition, smart contracts are open source and allow for player verification of things like item drop rates.”

Recognizing this, BitGuild has announced a partnership with blockchain-based protocol Tron, which will afford players the ability to spend Tron tokens (TRX) on limited-edition in-game assets.

Tron TRX

Unlike traditional in-game purchases, however, these items are actually owned by the purchaser — not just rented. Explained Psigoda:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Traditional real money trade (RMT) websites engage in the sale of video game currencies, items, and power leveling services. None of the items sold on these websites are tokenized on the blockchain, nor does the buyer or seller at any point in time actually ‘own’ the items. In exchange for their money, gamers are purchasing the ‘right to use an item’ subject to the developer of the game’s Terms of Service and End User License Agreement.

Purchasing the “right to use an item” becomes problematic once player accounts are either justifiably or unjustifiably banned, resulting in the loss of ‘ownership’ over digital purchases. As noted by Psigoda:

At any point in time, the game developer could ban the user’s account, and they would lose all of the game items they owned. This happens all of the time, especially in games where developers have specifically stated it is against the ToS to engage in the trade of in-game items for cold hard cash. In addition, these platforms are subject to rampant fraud, with players getting scammed by shady sellers and sellers getting scammed by fraudulent buyers.

Tron

Proof of Marketing

Tron — somewhat notorious in the cryptocurrency space for what many consider to have been a large-scale pump-and-dump in early 2018 — has won out as BitGuild’s blockchain protocol of choice thanks to what Psigoda calls its “young and tech-savvy” community. Says Psigoda:

We have been following the Tron project for quite a while and realize that they have one of the most active, engaging communities in this industry. […] Gamers have always been on the forefront of picking up new technologies, and a truly fun game, if it is able to educate new users on blockchain and cryptocurrencies, could be beneficial for the whole industry. The Tron community is young and tech-savvy, making them perfect partners for us to cooperate with on gaming projects.

Do you think putting ownership of in-game digital items on the blockchain can successfully disrupt gaming industry giants? If so, do you think Tron is best poised to accomplish this? Let us know in the comments below!


Images courtesy of Tron and Pixabay.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Adam James

Adam James

Adam James lives in Budapest and is the Managing Editor of Bitcoinist.com. He digs Gibson guitars that sound like Tyrannosauruses, Romantic & Victorian poetry, Franco-era Spanish films, LPs, Chelsea FC, Bob Dylan, Pilot G2 10s, black coffee, video games, and cryptocurrency.

Related Posts

cbdc

Bank Of England, UK Treasury Support ‘Digital Pound’ Project, Say UK Likely To Need CBDC

11 hours ago
Groundhog Day bitcoin altcoins crypto winter

Groundhog Day: Will We Get Six More Weeks Of Crypto Winter?

3 days ago
Polkadot DOT DOTUSDT

Automotive Giant Toyota Explores Polkadot Project To Increase Business Efficiency

4 days ago
Floki Inu

Community Votes To Burn 4.97 Trillion Tokens Of Shiba Inu Rival, Floki Inu

6 days ago
Blockchain

Blockchain For Traceability: Thailand’s Biggest Food Exporter Uses Tech To Monitor Goods

1 week ago
These Altcoins Could Be Ones To Watch For, Santiment Suggests

These Altcoins Could Be Ones To Watch For, Santiment Suggests

1 week ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • Who Will Dethrone Ethereum, Solana or Fantom? Big Eyes Coin...

    4 hours ago
  • Twitter Users Roast Mark Wahlberg’s Documentary On FTX...

    4 hours ago
  • Crypto Is Here to Stay. Here’s Why You Should Invest...

    12 hours ago
  • Dogecoin (DOGE) and Shiba Inu (SHIB) Bounce While Snowfall...

    12 hours ago
  • Avalanche (AVAX), Gala (GALA), and Orbeon Protocol (ORBN)...

    15 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.