Ethereum Gaming: the Genius of Cryptokitties
Online Gaming is a highly profitable industry
Online gaming is a huge industry that is rapidly growing to an estimated size of $90 billion in 2020, almost double that of the film and movie industry. A growing sphere within this industry is social/casual gaming, which in 2017, for the first time ever, passed the market share of traditional gaming. Furthermore, an estimated 42% of the market share is held by mobile gaming.
There is another highy attractive element that succesful games like Pokemon Go and Candy Crush Saga have executed which is a smart, addicting reward system for the players. The better the reward, the higher the incentive to play the game. Now with the advent of cryptocurrencies and Ethereum apps it is also possible to create monetized systems of rewards within games.
Therefore, the games that will become the "new hype" are likely to be:
- social/casual games like Candy Crush Saga or Pokemon Go.
- mobile based.
- Involving an imaginative reward-system that is monetized with the help of cryptocurrencies.
The Genius of Cryptokitties
Everyone familiar with crypto has heard of the success of Cryptokitties, cute little virtual pets bought and sold for up to six figures. Cryptokitties is also the most succesful Ethereum "Dapp" (short for "Decentralized app") so far, accounting for 13.9% of Ethereum's entire transaction volume at one time and going strong since. Cryptokitties entails all of the three criteria mentioned above, and we believe many succesful Ethereum games are going to follow this successful blueprint in the future.
I hope Etherium gets some higher grade DAPPs. Having this as the most successful DAPP is not much of an achievment for an entity with an $87 billion market cap
Correct. However, if you take into account that Ethereum was released in 2015, not that long ago its achievements are pretty remarkable. In my opinion the most important is the ERC-20 token: almost 600 of the tokens you find on coinmarketcap, with very different capabilities are built on Ethereum. The main thing that slows dapps down, I think, is that they need to use solidity, a language that is hard to learn and few people have experience with it. If solidity could be replaced with something more widely used like Java or C, dapp development could move forward much faster.
You make a good point about solidity. The conclusion then is, that other platforms such as EOS and NEO, and a new ICO - Fabric Token would capture the DAPP developer's market, and ETH will remain an ERC-20 platform.
That could very well happen, the success of the ERC-20 was that it simplified the process and made it easier to launch a token. Dapp developing could use a more convenient language and currently Ethereum requires it.
Interesting article!
Checkout @cryptobroye for more bitcoin info and analysis. Im sure there's a lot we can learn from each other!
Cool channel you've got there! Followed you, and I will definitely be reading your posts!
Cheers buddy :) looking forward to reading your content!
I don't like paying a minimum of $ 0.2 for every action in the game
Agreed, that sucks. Ideally crypto should reduce fees, not create more.
EOS and STEEM have big future, not Bitcoin and ETH
In a few years we could indeed have the power balance switch, at the moment BTC and ETH are still king and queen. Personally, in the long term I am more bullish on ETH, but BTC will always have the value of its brand and the simple idea of decentralized currency. If they can tackle the high fees and actually make it real-world usable, BTC could remain strong. Both EOS and STEEM are strong projects
What do you think about LTC and LitePay?
I came across an interesting fact that LTC has surpassed the use of BTC on the darkweb, probably because of the transferfees. Litepay looks promising as well, and LTC is pumping pretty hard at the moment.
because LTC is not very different from BTC, with the popularity will grow and LTC fees. Now they are already equal to 25 cents per transaction, it is more than the eth!
Their brand is great as well. When I initially got into crypto, I was much more interested in LTC, rather than Ethereum. In order for them to close in on BTC, however, they should lose the little bro image, and offer something greater than Bitcoin, rather than the same. Personally I don't see LTC passing Bitcoin any time soon, but I could be wrong of course.