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Key Advantages of Decentralization
The Beauty of Decentralization
The Space Guild project is a decentralized ecosystem built on blockchain technology. We shall now discuss some of the key advantages of decentralization in the gaming industry.
For ages, people have suspected the gaming industry to be dishonest and shady, but that was only because there was no reliable technology to confirm the transactions and make them available for public scrutiny. These concerns are overcome by the deployment of blockchain technology which utilizes an immutable public ledger to record transactions.
Also, it facilitates the deployment of smart contracts for reward distribution and other financial transactions. As smart contracts auto-execute, they eliminate the need for human intervention and the possibility of human errors and manipulation that come with it.
Blockchain technology paves the way for the deployment of smart contracts which are basically pieces of code with predefined conditions that trigger certain specific actions. Based on the conditions laid down in the smart contracts, it could trigger actions such as token allocation, revenue redistribution, token swapping, and much more. As none of these redundant activities require human intervention, the costs are drastically reduced as compared to centralized gaming organizations.
Banking and credit card frauds are an everyday occurrence, but unless curbed they can ruin the trust and relationship between a vendor and a consumer. The disturbing part is that over 67% of financial institutions have reported an increase in cyberattacks and the only way to curb them is by minimizing the use of financial data (PurpleSec, 2022). This is precisely what the blockchain industry does by facilitating the use of cryptographic tokens and currencies.
The biggest difference between Space Guild and other games deployed on a centralized server is immutability. The Ethereum blockchain is immutable, so any transactions recorded on it cannot be altered or erased at any point in time.
One of the major concerns with centralized gaming environments is the inability to move digital assets outside the platform. For instance, a player may earn a particular weapon after crossing several difficulty levels, so not being able to encash that seems like a waste of time. This isn’t the case when the asset ownership is tied to a non-fungible token and is recorded on the blockchain. This enables the owner to list the asset for sale on marketplaces that are popular among other gaming enthusiasts and derive value from it.
Last modified 1yr ago