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Virtual Currency Games

Every little boy’s (and several grown men’s) dream of earning money by playing video gaming is edging closer to reality. The recent release of HunterCoin and the in-development VoidSpace, games which reward players in digital currency instead of virtual princesses or gold stars point towards a future where one’s ranking on a scoreboard could possibly be rewarded in dollars, and sterling, euros and yen.

The story of the millionaire (virtual) real estate agent…

Digital currencies have been slowly gaining in maturity both in terms of their functionality and the financial infrastructure that allows them to be utilized as a credible option to non-virtual fiat currency. Though Bitcoin, the very first and most popular of the crypto-currencies was made in 2009 2009 2009 there have been forms of virtual currencies found in video games for more than 15 years. 1997’s Ultima Online was the first notable attempt to add a large scale virtual economy in a casino game. Players could collect gold coins by undertaking quests, battling monsters and finding treasure and spend these on armour, weapons or property. Plateforme de trading was an early incarnation of a virtual currency in that it existed purely within the game though it did mirror real world economics to the extent that the Ultima currency experienced inflation because of the overall game mechanics which ensured that there is a never ending way to obtain monsters to kill and therefore gold coins to collect.

Released in 1999, EverQuest took virtual currency gaming a step further, allowing players to trade virtual goods amongst themselves in-game and even though it was prohibited by the game’s designer to also sell virtual what to each other on eBay. In a genuine world phenomenon which 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 to be able to level-up their characters thereby making them more powerful and popular. These characters would then be sold on eBay to Western gamers who were unwilling or unable to devote the hours to level-up their very 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 between 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 is perhaps the most complete example of a virtual economy to date whereby it’s virtual currency, the Linden Dollar and this can be used to get or sell in-game goods and services could 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 could actually design, promote and sell content they created. Real estate was an especially lucrative commodity to trade, in 2006 Ailin Graef became the 1st 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 for example Ailin will be the exception to the rule however, only a recorded 233 users making a lot more than $5000 in ’09 2009 from Second Life activities.

How exactly 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 player having to go through non-authorised channels to exchange their virtual booty or they having to possess a degree of real world creative skill or business acumen which could be traded for cash. This may be set to improve 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 is typically the rather technical and automated process of creating digital currency. Unlike real life currencies which come into existence when they are printed by way of 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 called the blockchain, an online decentralised public ledger which records all transactions and currency exchanges between individuals. Since digital currency is only intangible data it is more prone to fraud than physical currency for the reason that you’ll be able 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 ensure this does not happen the blockchain is ‘policed’ by volunteers or ‘miners’ who test the validity of every transaction that is made whereby using specialist hardware and software they make sure that data has not been tampered with. This is an automatic process for miner’s software albeit an extremely time consuming one which involves a great deal of processing power from their computer. To reward a miner for verifying a transaction the blockchain releases a new unit of digital currency and rewards them with it as an incentive to help keep maintaining the network, thus is digital currency created. Since it may take anything from several days to years for a person to successfully mine a coin groups of users combine their resources into a mining ‘pool’, utilizing the joint processing power of these computers to mine coins more quickly.

HunterCoin the game sits within this type of blockchain for an electronic currency also called 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 without the need for expensive hardware. Using strategy, time and teamwork, players venture out onto a map in search of coins and on finding some and returning safely with their base (other teams are on the market 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 when a player is killed and their coins dropped. As the game graphics are basic and significant rewards take time to accumulate HunterCoin can be 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 really a more polished approach towards gaming in a functioning economy. A Massively Multiplayer Online Roleplaying Game (MMORPG), VoidSpace is set 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 own galactic empire. Players will be rewarded for mining in DogeCoin, a more established form of digital currency which is currently used widely for micro-payments on various social media marketing sites. DogeCoin may 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 can be traded for both digital and real fiat currencies on exchanges like Poloniex.

The future of video gaming?

Though it is start with regard to quality the release of HunterCoin and VoidSpace is an interesting indication of what may be the next evolution for games. MMORPG’s are currently being considered as ways to model the outbreak of epidemics as a result of how player’s reactions to an unintended plague mirrored recorded hard-to-model areas of human behaviour to real life outbreaks. It may be surmised that eventually in-game virtual economies could possibly be used as models to check economic theories and develop responses to massive failures predicated on observations of how players use digital currency with real value. Additionally it is a good test for the functionality and potential applications of digital currencies that have the promise of moving beyond mere vehicles of exchange and into exciting areas of personal digitial ownership for example. In the mean time, players will have the methods to translate hours before a screen into digital currency and dollars, sterling, euros or yen.

But before you quit your entire 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 cannot be exchanged directly to USD, one must convert it into a more established 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 then to USD, before any transaction fees were taken into account would mean… $0.01 USD. This is simply not to say that as a new player becomes more adept they could not grow their team of virtual CoinHunters and perhaps hire a few ‘bot’ programmes that could automatically play the game under the guise of another player and earn coins for them as well but I think it’s safe to say that right now even efforts like this might only realistically result in enough change for an everyday McDonalds. Unless players are prepared to submit to intrusive in-game advertising, share personal data or join a game such as CoinHunter that is built on the Bitcoin blockchain it really is improbable that rewards are ever apt to be more than micro-payments for the casual gamer. And perhaps this is a positive thing, because surely if you receives a commission for something it stops being a game any more?

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