One of the more exciting and innovative advancements within the crypto arena is certainly Ethereum. Commonly known as the platform for which the cryptocurrency Ether is based, it’s in fact a game changer. It has all of the benefits when it comes to decentralisation and privacy that the standard blockchain platform offers. But it has a few extra features up its sleeve, such as decentralised applications and smart contacts. And people have been hyping up the benefits and applications that smart contracts have and rightly so. It also means that people who like crypto casinos can sign up for casinos without verification.

Essentially, they are automated contracts that execute immediately once a condition has been fulfilled. For example, let’s say you’re an employee and you get paid once a piece of work is submitted. A smart contract could be created revolving around the logic that once work is submitted to HERE, then X amount of ether is to be paid to person A. This is useful in a lot of industries; however, today we’re looking at the benefits that Ethereum has for the gaming industry.

Fair purchases and transactions

And so let’s have a look at the first way in which ethereum has transformed the gaming landscape, and yes, it’s through smart contracts. In the same way that smart contracts could be used in online shopping to ensure that once a payment is made, the item is shipped or delivered, this can be applied to in-game transactions.

So when someone purchases an in-game item or vanity product, a smart contract could be implemented to ensure that once the requisite price has been paid in-game, the item is then released to the player’s ownership. Likewise, in a lot of video games, you are rewarded with certain perks and items for achievements. Smart contracts would also be used to ensure that once all of the conditions have been met for that reward, it is released.

An in-game economy with integrity

It can also help with trading economies within video games. And the reason for this actually comes from the technology behind NFTs, or non-fungible tokens. Smart contacts (yes, again) allow for the authenticity of virtual items to be authenticated and verified. At the same time, it facilitates an almost seamless transfer of assets. And so if you’re playing a game and you’re wanting to engage in a trade with someone else in the game for digital goods, rather than relying solely on each other’s trust, smart contracts would act as the intermediary to remove all elements of risk from the transaction.

Finally, the Ethereum platform also helps protect players in the online gaming industry. Again, and this is the last time we will mention them, smart contacts can be created and implemented as such to ensure that all players are meeting the same criteria, essentially meaning that they can see when someone is using third-party software or cheating. This extra barrier of trust means that players are more inclined to join and play games based on the Ethereum platform, as they know that it is a fair playing field and that nobody is going to be getting an unfair advantage.

In Summary

Hopefully today has given you quite an insightful overview as to just how influential the Ethereum platform itself has been for the gaming industry. And how, due to its innovative features and smart contracts, it has the potential to transform the security and transparency of nearly every sector in the world. Ethereum itself is still in its early stages as a platform and as a currency so there’s plenty of innovation to come that we can look forward to and see just what other applications it has to offer us.