Game Protocol: Crypto Fundraising for Games

  • by Jonathan Ganor
  • July 21, 2018
  • 0

Over 65% of American households are home to someone who plays video games regularly. Video game revenue is growing fast and has grown by 10.7% in 2017. The $115 billion-dollar industry does have its flaws though.

Most of the games in development are never completed & released to the public. This is something which applies to all manner of developers, from small & independent studios to industry giants. The primary reason for games not being released is lack of proper funding. This is where Game Protocol fits it.

How Game Protocol assists developers
Game Protocol is an entire gaming ecosystem on the blockchain. It is primarily a crypto-based crowd-fundraiser for games. After completing a brief KYC process, any developer from across the world with a history of game development can post a pitch of the video game they are developing. Shortly after the developer will need to create a unique in-game token which will be crypto-based. The developer will later sell his/her crypto in-game currency to fund the development of the game.

Once the game is developed it will be released in Game Protocol’s Game Store and will be enjoyed by players from across the globe. The more successful the game is, the more valuable the in-game currency will become. The developer can choose to peg the in-game purchases coordinated to a certain fiat amount or let supply and demand decide the price for in-app purchases.

What it will look like for users
Gamers can find and fund game projects in development that sound appealing to them. They can choose to fund games either by exchanging cryptocurrencies or with fiat credit/debit cards via a gateway and receive GXT without having to deal with the hassle, usually associated with purchasing cryptocurrencies. This will lead to a wider adoption of GXT amongst the public, as anyone can easily purchase it.

Crypto enthusiasts can choose to speculate on what games will be successful and which ones will be less prosperous. The more popular a game will become, the more valuable its native token will be.

This is done in-part due to Game Protocol’s strategic partnership with the wildly successful Bancor & the use of their liquidity pool model. Game Protocol will both be part of the Bancor network allowing easy exchange of many ERC20 tokens & Ethereum to GXT and vice versa and have their own internal liquidity pool for all games developed on the platform.

A bit about Bancor
Bancor has been one of the most successful ICOs of all time, along the likes of EOS and Filecoin to name a few. They have managed to raise a whopping 250,000 ETH in under 3 hours on the 12th of June 2017. This was the equivalent to $153 M USD at the time of the ICO and $346 M at ETH’s peak.

What Bancor offers is a Decentralized Liquidity Network that allows you to hold any Ethereum token and convert it to any other token in their network. They use an automatically calculated pricing algorithm for tokens on their network, without the use of a counterparty.

Game Protocol & Bancor have recently announced their partnership. Other than the support & PR the Bancor team has also shared valuable advice. This partnership means that GXT will be backed by Ether & other ERC20 tokens and will always be exchangeable.

The team behind the vision
The team behind Game Protocol was initially known as GamyTech. As a gaming studio, Gamytech has released over seven games over the course of the last four years. GamyTech’s most notable release is Backgammon4Money, which has had more than 3.5 M downloads from across the globe. Backgammon4Money is also currently the world’s most popular backgammon for live money app.

In the past year most of the GamyTech team have diverted their attention from Backgammon4Money and their other games, to refine and help create the basis of Game Protocol.

Jonathan Swerdlow, CEO of Gamytech & Game Protocol has worked as an executive in the video game industry for the past seven years. During this time, Swerdlow noticed some key flaws in the industry the biggest of which were amazing game concepts that couldn’t receive funding and were forced to stop development, despite having a great concept. Experiences such as these helped create the key concepts of Game Protocol.

What the team is doing currently
The Game Protocol team is currently developing an MVP or prototype which should be released to the public in the next few weeks. They are also laying the ground for the Public Pre-Sale, which will begin on the 1st of September.

Currently, some team members are participating in many blockchain and cryptocurrency related events. On June 19th Game Protocol was awarded the Best Innovation Award at the Blockchain Alternative Investment Conference (also known as BAICOnf) in London. “We are very pleased to win the best innovation award. This achievement only reflects the hard work of the team.” Jonathan Swerdlow was quoted saying earlier.

Key roadmap notes
Once Game Protocol’s token sale concludes, it plans on releasing many of its key aspects shortly after.

Q1 2019

  • Unity3d wallet integration – this will allow seamless integration between a crypto wallet and any Unity3d based game.
  • Wagering smart platform – Should players want to wager on a game, they can do so. Using a smart-contract based wagering platform removes any chance of tampering and offers an even playing field for players.
  • Random Number Generator – by implementing a random number generator, developers can prove beyond a reasonable doubt that their game is 100% fair & random. This can be applied to nearly any type of game.

Q3 2019

  • GameStarter launch – The key aspect of Game Protocol, its crowd fundraising platform for video games, will be released.
  • Downloadable store – The PC & Apple version of Game Protocol’s game store will be released.
  • Mobile store – An Android & Apple version of Game Protocol’s game store will be released to the public.
  • Community coworking space – A space where developers and gaming specialists can post & contact each other to assist with the development of games.

How Game Protocol envisions the future of gaming
Game Protocol sees the future of all in-game currencies in video games to be tokenized and easily exchangeable. This is something that would be a benefit both to developers and players alike. By adding a fiat to crypto gateway, the Game Protocol team hopes to speed up the mass adoption of cryptocurrencies amongst players & the public.

The Game Protocol team would also like to change the world of crowdfunding for video games. By allowing fans & cryptocurrency enthusiasts to receive a game’s specific in-game token as a reward for backing a project, backers receive something with monetary value for their support. If the game becomes successful, the value of the in-game token will rise. This is a huge difference between Game Protocol and other crowdfunding platforms. The team hopes that this will likely increase the average amount of investment from backers. With the use of their liquidity pool, some can speculate on the success of games as well.

To conclude, Game Protocol is a breath of fresh air in the world of blockchain-gaming ventures. It offers innovation of blockchain technology not yet seen in its space. With its help, we hope to see many more amazing games being launched. Developers and gamers alike await the release of Game Protocol.

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Head Content Writer at Game Protocol.