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Game Protocol network takes on Kickstarter and Steam with blockchain tech

Posted: 23 March 2018 6:57 pm
Game protocol token featured

Game protocol token

Game Protocol is an Ethereum-powered blockchain network and a cryptocurrency that empowers developers to fund, build, sell and market video games without the middleman.

GamyTech wants to democratise game development. The Maltese company isn’t a household name, but over the course of eight games it has created a mobile and PC-friendly multiplayer gaming platform where participants compete not for a high score, but for actual real cash. Working in a digital environment with real-world money makes the platform a perfect vehicle for the introduction of blockchain technology and a cryptocurrency economy.

Gamytech has identified this and plans to take it to the next level with its newly announced Game Protocol platform, supported by the Game Protocol Token (GPT).

Assuming all goes to plan with the coming initial coin offering (ICO), the Game Protocol platform will build on the work done with Gamytech, effectively opening up the engine and economy to indie developers. Storing all the data on the Ethereum blockchain enables developers to take full control of how their product is sold and also allows it to reap all the profits. The creators are free to design the smart contracts for sale however they like. And by taking out “middle men” like Steam, the App Store or the Google Play store, GamyTech is arguing that the Game Protocol service will democratise development.

How does the blockchain work?

The network goes a further step as well, by providing a platform for funding called GameStarter. Using the Game Protocol Token, gamers can help kickstart the production of games that they like the look of. Again, without a middleman and with such transactions recorded on the blockchain, the whole process is transparent with the maximum money possible going to the creators. It’s all fully automated, using the smart contracts system introduced by Ethereum to keep the system secure.

The overall chain of events will therefore allow a developer to use the Game Protocols engine as a middleware solution to build their game (including the ability to reward players with real money based on performance), use the platform to fund development, and then ultimately sell their game for Game Protocol tokens. There will even be a community component so developers and fans can stay in constant contact.

In announcing the product, the Game Protocol team revealed its two key goals in making their GamyTech platform open to all developers was so “players can enjoy a deluge of new titles to play with” and “game producers can create new games in their own full vision, without bending to the whims of publishers”.

“Game Protocol is a first-of-its-kind blockchain-based gaming economy to enable people with different skills and resources to come together to create and experience new games on our open GamyTech platform. People in the GP community exchange Game Protocol Tokens, a native crypto-currency of the economy, for services and resources provided by others in their own mutually agreed terms. This market-based exchange mechanism constitutes the foundation of the GP economy. Specific interaction patterns (protocols) between participants of the GP economy are cemented into smart contracts to streamline and automate the exchange processes. GPT will be listed on all major crypto-currency exchanges.” – Game Protocol whitepaper

It’s an ambitious project, there is no doubt, and it seems inevitable that the blockchain will take over as the primary technology behind future crowdfunding services. After all, it was only yesterday we revealed that filmmakers Vision Tree are using cryptocurrency as a means of funding a biopic on Atari founder Nolan Bushnell.

No date has been announced yet for the ICO.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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