If you enjoy gaming, then you cant have failed to see all the discussion about cypto games. These new entrants to the world of gaming allow players to not only enjoy the challenges of the game but many also offer the opportunity to earn money at the same time.
But, as with any new entrant to the world of technology, crypto games comes with a whole number of abbreviations and new lingo. So, to help you to find you way around, weve put together this guide to provide you with all the information you need to get started.
What is Blockchain?
The blockchain is an incorruptible digital ledger of transactions arranged in data batches called “blocks.” These blocks are interlocked with cryptography to ensure the security and integrity of the network.
Blockchain technology has many applications outside cryptocurrencies, including supply chain management, banking, voting systems, stock trading/investing, asset transfer/creation/remittance, insurance claims processing & forecasting models, business automation via smart contracts, and decentralized computing.
What are Cryptocurrencies?
A cryptocurrency (or cryptocurrency) is a virtual or digital currency. It works as a medium of exchange using cryptography to secure transactions and control new units’ creation.
What is a Cryptocurrency Exchange?
An exchange allows the conversion or trade of one cryptocurrency for another or for fiat currency (USD, Euro, etc.). To purchase or trade cryptocurrency, you will need to set up an account on an exchange.
What is a Cryptocurrency Wallet?
A cryptocurrency wallet stores the public and private keys which can be used to receive or spend the cryptocurrency. Public keys act as an address of the coin. A private key is similar to an ATM PIN code; it should never be given away to anyone, including the cryptocurrency exchanges such as Coinbase.
Some of the available wallets include Hardware Wallets; Desktop/Mobile Wallets; Web Wallets; Paper Wallets, and Brainwallets (also known as a memorized secret).
What is DAPP?
DAPPs are decentralized applications that run on open-source software. The main difference between a DAPP and an app is that no centralized servers host the DAPP, thus making it more secure than traditional apps.
Blockchain Games vs. Traditional Online Games
A blockchain game is a video game that incorporates an element of blockchain technology in its gaming platform. For example, there are games such as CryptoKitties, which feature digital pets stored on the Ethereum blockchain. Blockchain games generally fall under two categories: Casinos & Gambling; and Non-Casino Games.
Blockchain Game Mechanics
On June 4, 2018, Enjin Coin launched the first-ever decentralized virtual goods marketplace for blockchain gamers. The Enjin Smart Wallet is currently available on Android and iOS. It supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), all ERC-20 tokens & ERC721 collectibles (Enjin has its own token ENJ).
The Enjin CMS now lets game developers programmatically mint unique, unowned items on-demand using smart contracts, which are then stored in an off-chain database for quick creation time. Developers can also define custom events that instantly transfer items between players without requiring an admin to execute the transaction. This, in turn, makes gameplay more fun and unpredictable.
Types of Blockchain Games
A blockchain game (formerly known as a crypto game) is a video game that incorporates an element of blockchain technology in its gaming platform. For example, there are games such as CryptoKitties, which feature digital pets stored on the Ethereum blockchain. Blockchain games generally fall under two categories: Non-Casino Games and Casinos & Gambling
Blockchain games can be separated into non-casino games and casino/gambling games. Non-casino games include Etheroll, Ethermon, CryptoCities, Chibi Fighters, Godzillionaire, Etherbots & Blockchain Cuties. Many of these games utilize a unique token or coin that is required for gameplay.
CryptoKitties is an online game that was launched on Thanksgiving day of 2017 and has become one of the world’s most successful blockchain games. The aim of this game is to collect, breed, and sell virtual cats.
Each cat has a unique set of attributes (or “cattributes”), making each cat either rare or common. There are four billion possible combinations, so there’s no question as to why users would want to collect these kitties.
The marketplace for CryptoKitty transactions has been booming over the past several months, with some being sold for upwards of $100,000! If you’re wondering how much money a digital kitten could be worth, just take a look at the third-highest seller on the marketplace: Genesis. This cat sold for 246 ETH (or $110,000), which is about twice as much as what most brand-new cars cost these days!
CryptoCities is a dapp game where users can purchase virtual plots of land on a decentralized platform. Landowners then have the option of placing different types of buildings on their property that will generate revenue based on certain factors, including time, level, and location. For example, you could purchase land in Paris and place an Eiffel Tower there, which would pay out dividends every hour/day/week depending on its level & location.
Over 100 different types of buildings were available at launch, with more being added regularly. Buildings can be upgraded to maximize profits, and some also generate dividends.
Godzillionaire is an idle clicker game similar to the Cookie Clicker, Cluckles, and Adventure Capitalist games. This dapp game revolves around buying and selling properties to generate “GOD” energy that powers god-like abilities. At the start, players are given $0 in cash and must purchase their first property using either bitcoin or Ethereum.
From there, players can place factories on their properties that will generate profit over time, depending on their level. Players then use this profit to buy more expensive properties with even bigger potential for generating GOD energy. The ultimate goal of any Godzillionaire player is to grow rich by becoming a real estate tycoon!
Etherbots is a battle game where users can collect, build, and battle robots. Each robot features its own set of attack/defense attributes that makes them either rare or common. Users can purchase individual bots using either Ether (ETH) or testnet ETH (TETH).
Proof Of Weak Hands
Proof Of Weak Hands (PoWH3D) is a unique dapp that combines blockchain technology with gambling-style mechanics such as Buy the Pot and Dice rolls. This particular Ethereum dapp was inspired by Counterparty’s PoWH3D version, which eventually led to an increase in price for XCP coins following its launch. Once you visit the website, you’ll notice it looks like something out of the early 2000s, along with some religious undertones. However, don’t be deterred by the website’s look because the dapp works flawlessly and is pretty exciting once you get started!
This particular dapp revolves around users buying shares of a pot, which will begin to grow as more people take part. Once enough money has been invested into the pot, new Ether tokens will be distributed to everyone who bought shares proportional to their percentage ownership of said pot. This process will then repeat itself infinitely until no more new investors want to participate.
The first person who buys into the pot is guaranteed a 3% return on their investment! While this might not seem like much, it’s certainly better than what most banks offer these days (and at much lower risk).
The best part about this dapp is that you can make money regardless of how the price of Ether goes! If the value increases over time, you’ll earn dividends on your shares. If the value decreases over time, your shares will be worth more in terms of ETH.
Casino & Gambling Games
These types of games are usually monetized by creating a virtual currency distinct to the game called tokens/coins, which can be used to gamble on outcomes such as dice rolls, card draws, or lotteries. This section will cover seven types of blockchain casinos & gambling activities: Blackjack; Roulette; Slot Machines; Poker/Roulette; Predictions Markets; Distributed Casino Games & Lotteries.
Some of these casinos/gambling activities include Etheroll, Virtual Online Sports (VOS), Etherbots, Blockchain Cuties, Fomo3D, CryptoKitties & Gods Unchained.
These games have gained a significant amount of popularity in recent months due to the ability of anyone with an internet connection to participate. Many of these games can be played from anywhere in the world and do not require any special hardware making them more accessible than traditional online casino games such as poker or blackjack.