Understanding the basics of crypto gaming
Crypto gaming is defined as the fusion of traditional video games with cryptocurrency, where blockchain technology gives in-game assets real-world value. In other words, it’s an exciting realm where players engage in thrilling experiences while reaping tangible rewards.
Despite the prospect of potential earnings, a landscape rife with risks is a challenge. Tales of losses serve as cautionary reminders, urging players to proceed with caution. Yet, trusted exchanges like Binance and Kraken, along with secure wallets such as the Ledger Nano X, seek to make the navigation of the crypto gaming world as secure as possible.
Most popular cryptocurrencies and tokens
Some of the best cryptocurrencies to invest in when looking for the right gaming tokens include but are not limited to:
Enjin (ENJ)
Enjin is propelling the crypto game into an exciting new frontier. It is accomplishing this with the help of the Ethereum-based ERC-1155 token standard. This blockchain-based gaming coin is purchased by developers and minted into blockchain gaming items, which means gamers receive $ENJ by purchasing gaming items and receiving them in games, without having to purchase them from cryptocurrency exchanges.
A growing number of game developers are attracted to Enjin’s well-developed arsenal of development tools, which make it easy to create tokens and integrate them into games and gaming platforms.
TRON (TRX)
The Tron blockchain network, which offers robust scalability with developer-friendly tools and a vibrant ecosystem of applications, serves as a great home for its native token, TRON. It’s no wonder that when it comes to crypto coins, game developers love TRX.
The Tron blockchain handles up to 2,000 transactions per second at a low cost. This makes it an ideal platform for a wide range of decentralized applications, including gaming dApps.
Loom Network (LOOM)
Loom Network‘s LOOM is the native token of a highly scalable, blockchain-based network with multi-chain integration. This makes it possible for developers to integrate assets across all major blockchains, including Bitcoin, Ethereum, Binance, and Tron. This means developers can write code once and deploy it on multiple blockchains or platforms at the same time. It’s no wonder LOOM is emerging as a popular gaming coin.
There are of course more tokens to look into, as provided by the guide from Kriptomat, and we strongly encourage you, as the gamer, to take the time to study their value and their background.
World of crypto casinos – smart contracts: Automating and securing transactions
Smart contracts are essential for automating and securing transactions in crypto casinos. These self-executing contracts are coded onto the blockchain, enabling fair and predetermined game rules and a smooth payout process. For example, in the best Ethereum casinos, the smart contract automatically triggers your payout once you win a round or bet. This means that you are cutting out human intervention and making the process quick and fair.
Smart contracts ensure your payouts and game time, as there is no need for human intervention or tampering. This code is also publicly available, so you can check it and verify it yourself.
These online casinos use blockchain technology and crypto through their provably fair casino games. Provably fair gaming is a fairly new form of online casino gaming that uses cryptographic algorithms to guarantee fairness in every game.
This system allows anyone to verify the outcomes and fairness of each round of the casino games by making sure that the results of the game were in no way tampered with before or during the round. Generally speaking, cryptographic hashing is used to generate a random outcome, and the player can use this hash to check that the results are unbiased.
These smart contracts allow for a so-called ‘trustless’ relationship, which is not as bad as it may initially appear. Instead, this means that the casino and the players don’t have to doubt or question their mutual trust, as neither party can impede the payout process.
We hope you enjoyed getting familiarized with the basics of integrated crypto payments and will take the time to study it properly before trying it out.
