Interviews 3 months ago

CoinGeek

BitGuild’s Jared Psigoda: Blockchain gives power to the gamers

CoinGeek’s Becky Liggero recently spoke to Jared Psigoda on the use of blockchain in gaming, and what could be expected from here on.

Jared Psigoda, with his two-decades long experience in the gaming industry, has pointed to BCH’s example of faster transaction times and low costs as something that the still-developing world of blockchain gaming could use.

“One of our biggest issues out there right now is, number one, the transaction time, which Bitcoin Cash [BCH] through its large block sizes is quite able to resolve,” he said, noting how BCH’s 32MB block size allows for more transactions than BTC, whose 1MB blocks have not been offset by Lightning Network. The same limitation exists for Ethereum, a common platform used for gaming apps, where transaction costs have risen to unheard-of levels.

“On Ethereum right now, to buy a $1 item costs you $2 in ‘gas’ fees, and 10 to 15 minutes in waiting to get that actual item,” Psigoda said. “Ethereum, ESL [token] say they’re basically the operating systems, but they’re operating systems with no applications.”

He said it’s a race now to resolve issues of transaction time and fees, where “developers are going to flock to whichever blockchain is able to [speed up and lower costs of transactions].” Leading blockchain development and research outfit nChain is already looking at ways to allow for the migration of ERC-20 tokens to BCH.

With crypto markets down since the beginning of the year, there is a need to present practical solutions made possible through blockchain.

According to Psigoda, “Gaming is a hundred-billion plus [dollars]-a-year market. It’s got a lot of young, tech-savvy people that are quick learners, game designers that are great at building experiences for new users that have as little friction as possible for them to get to try something out. So we think gaming is going to bring a lot of people to this industry, if we’re able to create these blockchain games that are actually fun and engaging for the user.”

Psigoda points to initial game offerings [IGOs] as making an impact, allowing people from different parts of the world to participate in gaming development.

“For companies like us, we want to go out, we want to raise tens of millions of dollars, hire great legal teams, great accountants, whatever. But for a lot of small startups in our industry, in the gaming industry that got maybe five, 10 people, they’re located in South America or Asia or Europe or anywhere for that matter. They have a great idea for a game but they don’t need millions of dollars to build it,” he explained. “So this is allowing developers, through selling items, to raise $50, 4100, $200,000 fairly quickly. It’s bringing the player community into the development because they’ve put skin in the game essentially. If the game is successful, they’re able to take those items they purchase and turn around and sell them to players who missed out on the original initial game offering.”

He said that the concept of item ownership had spurred the creation of BitGuild. The terms of service for traditional games keep one from owning items within the game. “The gaming company can, for any reason whatsoever, decide they don’t like you, they can shut down your account, they can eliminate all those things you worked your ass off to acquire in the game, and there’s nothing you can do about it,” Psigoda said, but with blockchain games, items accumulated are tokenized, to be exchangeable for digital coins, and spendable in the real world.

If you’re interested in helping the growth of merchant adoption of Bitcoin BCH, join the bComm Association, an industry group that intends to be the focal point for miners, merchants, exchanges, developers and members of the BCH community. Developers and merchants of the Bitcoin BCH community will also be on hand for the first CoinGeek Week happening in London in November. Members of bComm Association can avail CoinGeek Week tickets at discounted prices. To purchase tickets or learn more about CoinGeek Week Conference, visit the official website here.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

COMMENT

Add a Comment

lastest news

HandCash’s Alex Agut: With Bitcoin SV, we have that stability we can rely on

Interviews 2 hours ago

HandCash’s Alex Agut: With Bitcoin SV, we have that stability we can rely on

The events that transpired during the Bitcoin Cash network upgrade last November 15 have affected a lot of projects, including HandCash. Alex Agut, co-founder of the HandCash app, recalled how the November 15 hash war—fought ...

Read More
Dr. Craig Wright discusses adversity and one simple Bitcoin

Interviews 1 day ago

Dr. Craig Wright discusses adversity and one simple Bitcoin

Dr. Craig Wright has not been afraid to respond to his Twitter critics in recent weeks about his vision for Bitcoin; he’s faced much bigger obstacles in life and overcome them. Dr. Wright recalls while ...

Read More
Tokenized’s James Belding: Bitcoin SV presents ‘huge opportunity to standardize’ business communications

Interviews 2 days ago

Tokenized’s James Belding: Bitcoin SV presents ‘huge opportunity to standardize’ business communications

CoinGeek’s Becky Liggero spoke to James Belding on the sidelines of the recently held CoinGeek Week Conference about Tokenized, and how the project will bring about a standardized ledger to the world. https://www.youtube.com/watch?v=NgW-Vmjybr8 Tokenized, winner ...

Read More