While cryptocurrencies have touched a lot of industries, the most prominent impact of it is on the gaming and gambling industry. The industry that was marred by the delays and restrictions of fiat and regulated financial intermediaries finally seems to have got a solution.
A crypto solution to fiat problems
Game developers and producers work tirelessly to ensure their games are entertaining and memorable for game lovers. But its due to delays caused by fiat and financial institutions the industry is plagued and the customer has to wait sometime for weeks to receive his payments. Part from that the developers and users have to bear unnecessary transaction fees and commissions. This leaves game developers with marginal profits impacting their funds for the next game development.
Another problem that is hampering the industry growth is fraud and malpractices. As most of the game purchases are virtual avoiding fraud here is really difficult. A very common case of fraud in the gaming industry is when a gamer has paid for a virtual item or game license but never received it. Without much in hand to physically track or prove that the virtual items or game licenses were not received, gamers usually are left with very little proof to get reimbursement from the bank. This is also the case when the game developer actually doesn’t intend to defraud but due to some difficulties doesn’t receive the payments.
Crypto provides an answer to all of these. As cryptocurrencies are based on blockchain ledger, the transparency of the ledger is a natural fraud eliminator because all data recorded is permanent and constantly available. Also, the transfer of value between the developer and the gamer is quicker and cheaper than the traditional fiat methods.
MobileGO a perfect partner to games
MobileGo is an ERC-20 which has created various partnerships of some of the most popular games. Apart from all the features that blockchain and cryptocurrencies provide the game developers, the token also provides discounts in the transactions along with rewards to users.
The API released by the company is open source will, therefore, be accessible to everyone. There are also fees charged by the Ethereum blockchain, but these fees can be paid by the MobileGo tokens through the API mode of payment. Apart from this, the team has tried its best to stay transparent and has been continuously making attempt to intergrated with leading solutions such as the Mobile Metamask. The MobileGo Payment API can be cleared with a standard ETH fee, and can change from ETH to MGO for easier logistics.
Here’s an example of a developer covering fees in MGO: a user makes an in-game purchase that totals 10 MGO tokens, the fee comes out to be 0.1 MGO, so, the developer receives 9.9 MGO after the 0.1 fee is paid. If a user covers the fee then he ends up spending 10.1 MGO and the developer ends up receiving 10. In comparison to ETH, paying transaction fees in MGO comes out to be significantly cheaper.
It’s also worth noting that the team can provide a custom API which can be used to raise the fee behind a transaction in order to fund a specific cause chosen by the developer, perhaps a charity donation. In this case, a portion of the total cost of a transaction will be forwarded to a charity.
The examples of fees and payments presented here are dependent on the ETH network and do not reflect the current/previous/future situation, they are used solely to provide a precise explanation of the API mechanism.
MobileGo’s new open-source payment API is meant to provide developers and users with more options, improved usability, and cost efficiency when using MGO as a payment method. The team has stated that it is currently involved in negotiations with potential partners who could use MGO’s new open-source payment API on their platforms or in-game.
MobileGo has ensured it’s open nature and transparency with the release of its GitHub. Thus allowing the community to participate and contribute with a bounty program to reward contributors.
Developers will be able to integrate this API in their games in order to use MGO as a direct payment method. All of the code is available at the teams official GitHub account.
The teams recent release will undoubtedly help increase the adoption of MGO within the gaming community as a payment method.
here are several other developments MGO is working towards such as –
- Smart contract for decentralized matchmaking in tournaments
- eSports platform (built on top of the smart contract)
- Integration of the Payment API with our upcoming MGO Store
As the gaming industry is booming in popularity, MobileGO and other similar coins could provide an important use case which will help gamers and game developers thrive together seamlessly.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
This author could be anybody, but he/she is not a member of staff coingape.com and opinions in the article are solely of the guest writer and do not reflect Coingape’s view.