Brace yourself. The blockchain is about to rule the world! And IOI is part of it. Blockchain is the term that we hear every day in the cryptocurrency community. But do you know what this term stands for? Let me explain.
What is Blockchain and why it's useful?
Blockchain is a term used to describe a public, distributed, and open ledger that contains chronological order of transactions, just like an actual accounting ledger. Since the transactions from all over the world are so huge, they are broken into smaller pieces (called the block). And chained together using cryptographic techniques. These techniques ensure the integrity and chronological order of the transaction.
Blockchain enables us to have immutable transaction records of coins that cannot be double spend. It means we can now own assets in the form of crypto coins. The first generation of blockchain allows users to send, receive, and trade crypto coins anywhere on this planet without a trusted third party.
Shortly after more compelling use case comes from the second generation of blockchain technology that is smart contract platforms. This time it allows blockchain games to utilize the contract capabilities. Since the game contract is publicly up in the network. It ensures that the game developers cannot cheat the result. Moreover, it also enables the creation of gaming assets, such as digital tokens and collectables, which open up a new wave of blockchain games platform to compete in the ecosystem.
Fairness and The Possibility to Own Digital Assets
Shortly after Bitcoin was invented, gaming developers use part of the blockchain elements (i.e., the hashing algorithm) to ensure that each transaction's outcome was fair to create provably fair games. However, this is not the true blockchain game yet as the actions still occur on their local database and not utilizing blockchain technology. The real blockchain games use the smart contract and on-chain transaction to get all the advantages provided.
The first proper blockchain gaming application was Cryptokitties. It was a concept to demonstrate the possibility of digital collectable items that you truly own. Before such an invention, a mainstream gaming platform like Steam would not allow users to own gaming assets (only a license to use). Thus assets like skins, weapons, items, and accounts are bound to their Terms of Services (ToS). Any violation of the ToS can result in your account to get banned. Users can lose access to their collectables. Items also cannot be freely traded because of this problem.
While the Cryptokitties had a big success, it also provides a valuable lesson for future game developers. Blockchain use cases in gaming are mainly constrained by blockchain platforms. This is why the IOI racing game uses Tron (TRX) platform since it does not have a transaction capacity problem like Ethereum (ETH).
IOI is The Next Generation Blockchain Game
This gamified trading platform utilizes the blockchain technology have advantages like:
- Token-economy: you can earn IOI token by doing easy tasks, earn TRX from free races, or multiply it from paid races. You can also mine and stake IOI to earn more IOI.
- Digital collectables: there are unique rarity race cars that will increase value, which you can collect, freely sell, or trade. Your digital assets are recorded on the ledger, meaning you own the assets.
- Freedom and privacy: you can play using TRX without risking your credit card's identity anytime and anywhere. No one can stop you from doing what you like.
Using blockchain technology, IOI racing game opens up a new opportunity to utilize your trading skill and earn substantial money while playing games and having fun along! I believe even if you are not from the crypto world, you are going love this technology for its transparency and fairness. Blockchain is becoming very fast the part of this world and is about to become as useful as the internet itself.