Every little boy’s (and many grown men’s) dream of making a living by playing video games is edging nearer to reality. The recent release of HunterCoin and the in-development VoidSpace, games which reward players in digital currency rather than virtual princesses or gold stars point towards Bitcoin Evolution Scam another where one’s ranking on a scoreboard could possibly be rewarded in dollars, and sterling, euros and yen.
The story of the millionaire (virtual) agent…
Digital currencies have already been slowly gaining in maturity both in terms of their functionality and the financial infrastructure that allows them to be used as a credible option to Bitcoin Evolution Review non-virtual fiat currency. Though Bitcoin, the very first and most popular of the crypto-currencies was made in 2009 2009 2009 there were forms of virtual currencies found in video games for a lot more than 15 years. 1997’s Ultima Online was the initial notable attempt to add a large scale virtual economy in a game. Players could collect coins by undertaking quests, battling monsters and finding treasure and spend these on armour, weapons or real estate. This was an early on incarnation of a virtual currency for the reason that it existed purely within the game though it did mirror real life economics to the extent that the Ultima currency experienced inflation as a result of the overall game mechanics which ensured that there is a never ending supply of monsters to kill and therefore gold coins to collect.
Released in 1999, EverQuest took virtual currency gaming a step further, Bitcoin Evolution allowing players to trade virtual goods amongst themselves in-game and though it had been prohibited by the game’s designer to also sell virtual items to each other on eBay. In a genuine world phenomenon that was entertainingly explored in Neal Stephenson’s 2011 novel Reamde, Chinese gamers or ‘gold farmers’ were employed to play EverQuest along with other such games full-time with the aim of gaining experience points in order to level-up their characters thereby making them better and popular. These characters would then be in love with eBay to Western gamers who were unwilling or unable to put in the hours to level-up their own characters. Using the calculated exchange rate of EverQuest’s currency due to the real world trading that occurred Edward Castronova, Professor of Telecommunications at Indiana University and a specialist in virtual currencies estimated that in 2002 EverQuest was the 77th richest country on the planet, somewhere within Russia and Bulgaria and its GDP per capita was higher than the People’s Republic of China and India.
Launched in 2003 and having reached 1 million regular users by 2014, Second Life could very well be the most complete example of a virtual economy up to now whereby it’s virtual currency, the Linden Dollar that may be used to buy or sell in-game goods and services can be exchanged for real life currencies via market-based exchanges. There were a recorded $3.2 billion in-game transactions of virtual goods in the a decade between 2002-13, Second Life having turn into a marketplace where players and businesses alike were able to design, promote and sell content they created. Real estate was a particularly lucrative commodity to trade, in 2006 Ailin Graef became the very first Second Life millionaire when she turned a short investment of $9.95 into over $1 million over 2.5 years through buying, selling and trading virtual real estate to other players. Examples such as Ailin will be the exception to the rule however, only a recorded 233 users making more than $5000 in 2009 2009 from Second Life activities.
How to be paid in dollars for mining asteroids…
To date, the ability to generate non-virtual cash in video gaming has been of secondary design, the ball player having to proceed through non-authorised channels to switch their virtual booty or they needing to possess a degree of real world creative skill or business acumen which could be traded for cash. This could be set to change with the advent of video gaming being built from the bottom up round the ‘plumbing’ of recognised digital currency platforms. The approach that HunterCoin has had is to ‘gamify’ what’s usually the rather technical and automated process of creating digital currency. Unlike that come into existence when they are printed by a Central bank, digital currencies are created when you are ‘mined’ by users. The underlying source code of a specific digital currency that allows it to function is named the blockchain, an online decentralised public ledger which records all transactions and currency exchanges between individuals. Since digital currency is nothing more than intangible data it is more prone to fraud than physical currency in that it is possible to duplicate a unit of currency thereby causing inflation or altering the value of a transaction after it’s been made for personal gain. To make sure this will not happen the blockchain is ‘policed’ by volunteers or ‘miners’ who test the validity of each transaction that’s made whereby using specialist hardware and software they make sure that data is not tampered with. This is an automatic process for miner’s software albeit an exceptionally time consuming the one that involves many processing power from their computer. To reward a miner for verifying a transaction the blockchain releases a fresh unit of digital currency and rewards them with it being an incentive to help keep maintaining the network, thus is digital currency created. Because it may take anything from several days to years for an individual to successfully mine a coin groups of users combine their resources into a mining ‘pool’, using the joint processing power of these computers to mine coins more quickly.
HunterCoin the game sits within this type of blockchain for a digital currency also known as HunterCoin. The act of playing the game replaces the automated procedure for mining digital currency and for the first time makes it a manual one and with no need for expensive hardware. Using strategy, time and teamwork, players go out onto a map searching for coins and on finding some and returning safely with their base (other teams are out there trying to stop them and steal their coins) they are able to cash out their coins by depositing them to their own digital wallet, typically an app made to make and receive digital payments. 10% of the worthiness of any coins deposited by players go to the miners maintaining HunterCoin’s blockchain and also a small percent of any coins lost whenever a player is killed and their coins dropped. As the game graphics are basic and significant rewards remember to accumulate HunterCoin is an experiment that might be seen as the first video game with monetary reward built-in as a primary function.
Though still in development VoidSpace is a more polished approach towards gaming in a functioning economy. A Massively Multiplayer Online Roleplaying Game (MMORPG), VoidSpace is defined in space where players explore an ever-growing universe, mining natural resources such as for example asteroids and trading them for goods with other players with the goal of building their very own galactic empire. Players will be rewarded for mining in DogeCoin, a far more established form of digital currency which is currently used widely for micro-payments on various social media sites. DogeCoin will also be currency of in-game trade between players and the means to make in-game purchases. Like HunterCoin, DogeCoin is really a legitimate and fully functioning digital currency and like HunterCoin it usually is traded for both digital and real fiat currencies on exchanges like Poloniex.
The future of video games?
Though it is start with regard to quality the release of HunterCoin and VoidSpace can be an interesting indication of what may be the next evolution for games. MMORPG’s are being considered as methods to model the outbreak of epidemics because of how player’s reactions to an unintended plague mirrored recorded hard-to-model areas of human behaviour to real world outbreaks. It may be surmised that eventually in-game virtual economies could possibly be used as models to test economic theories and develop responses to massive failures predicated on observations of how players use digital currency with real value. Additionally it is an excellent test for the functionality and potential applications of digital currencies that have the promise of moving beyond mere vehicles of exchange and into exciting regions of personal digitial ownership for instance. In the mean time, players will have the means to translate hours in front of a screen into digital currency and then dollars, sterling, euros or yen.
But before you quit your day job…
… it’s worth mentioning current exchange rates. It’s estimated a player could comfortably recoup their initial registration fee of 1 1.005 HunterCoin (HUC) for joining HunterCoin the overall game in 1 day’s play. Currently HUC can’t be exchanged directly to USD, one must convert it right into a competent digital currency like Bitcoin. At the time of writing the exchange rate of HUC to Bitcoin (BC) is 0.00001900 as the exchange rate of BC to USD is $384.24. 1 HUC traded to BC and to USD, before any transaction fees were taken into consideration would mean… $0.01 USD. This is not to say that as a player becomes more adept they could not grow their team of virtual CoinHunters and perhaps hire a few ‘bot’ programmes that would automatically play the game beneath the guise of another player and earn coins for them aswell but I think it’s safe to say that right now even efforts such as this might only realistically bring about enough change for a daily McDonalds. Unless players are prepared to submit to intrusive in-game advertising, share personal data or join a game such as CoinHunter that’s built on the Bitcoin blockchain it really is improbable that rewards are ever likely to be more than micro-payments for the casual gamer. And maybe this is a good thing, because surely if you receives a commission for something it stops being truly a game any more?