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GameCredits Targets 65 Billion Gaming Industry

25 Jul 2015, 00:00, ,

[GameCredits](http://gamecredits.net/) (GMC) is a project aiming to merge the gaming industry with a socially interchangeable digital currency, ideal for in-game play.

GameCredits’ primary initiative consists of developing a  digital currency-driven gaming platform, focused on providing an elegant, secure, and robust system aimed at replacing existing in-game purchasing options and mechanisms. BNC reached out to the team for an exclusive interview to find out more.

“The rapid expansion of bitcoin has provided a vast market full of untapped potential. With a Market Cap of over $3.5 Billion USD, Bitcoin has paved the way for an explosive evolution of innovative technologies.”
— – Victor Alejandro “Medic” GameCredits Project Manager

GMCIndustry

The team behind GameCredits consists of a number of digital currency and game development veterans, who make up the GameCredits Foundation. Headquartered in Sisek, Croatia the team is composed of six core members from a range of countries, including Serbia, the United States, and Belgium. Each one is involved in the decision making process. “Such a coherent team ensures the stability and continued focus on the currency future.” states the Foundation.

GameCredits (GMC) is the coin powering the project, and is being described by the team as a “new and exciting gaming currency that will revolutionize in-game purchases and bring developers a monetization based on fair-play rules.”

Leading the group is CEO Nebojsa Maksimovic, with help from the Assistant CEO, Alex Shavers. When the pair were introduced to GMC, formerly GamersCoin, the digital token had been all but abandoned by the original developers.

The duo saw a hole in the gaming monetization field, estimating that there are 2 billion gamers in the world, and they immediately targeted the opportunity. Gaming needed digital currencies, they said, so they improved the original code and brought the idea to life.

The GMC mission is “to conquer the world, one game at a time, and then the next world,” stated  Kevin Putzier, GMC General Manager. He added, “more seriously, we wish to make a solution for in-game monetization that is of benefit to both the players and developers, and with a little luck, a lot of promotion, and effort, we could break out as a mainstream currency.”

GMC is attempting to provide an instant, secure, frictionless payment method. Independent game developers should benefit from easy integration with GMC, without having to adapt their code, while gamers are provided transparent, fast, and hassle free access to all GMC supported games.

Releasing a new, unproven digital currency to the mainstream consumer world raises several issues. The team is firmly keeping security in mind, implementing mechanisms that counteract any potential attacks, while making the platform as easy to use as possible.

“When dealing with end users, we have to address user interaction and its friendliness. It is crucial to the adoption rate of the coin once it emerges from the world of crypto to have a front end that is completely fool-proof.”
— – Silvio Guček, GMC Project Manager Game & Coin Development

Guček pointed out that gamers that are already accustomed to spending real money for in-game assets. GameCredits sharing, across supported game titles, could be one of the killer features that will make players realize the benefits of a digital currency for gaming. Guček explained that rather than dealing with “clumsy, limiting and restrictive in-game payment systems,” gamers will appreciate the flexibility, “and will be able to focus on what really matter, gaming!”

The GMC business model, while still in development, is yet to be made public. The team hinted at it being based around free market principles empowering game developers to seamlessly integrate their monetization options. They want developers to earn the largest share of the profits to allow players, in turn, to pay less. A percentage of the profit will go to the foundation to be used for further development and, as they noted, facilitate investment.

Coins will be purchased via GMC’s launcher app and, when used in-game, will be credited to the game developer in an amount pegged to the original purchase price. While the business model is currently somewhat vague, the team is polishing the details and putting everything in place.

“How many in-game tokens are represented by a single GameCredit unit is at the discretion of the game developer, and may even be variable based on game or market conditions. Our suggestion is 1:1 as a base point, but this may not be appropriate to all use cases.”
— – J. Kevin Putzier, GMC General Manager

The Foundation has three games in development right now, one of which is expected for release in August. The team hopes their first game will show the public how the system works and plans to then partner with as many game studios as possible.

GMC videogame titles will be free to play and according to Guček the funding for the new titles is already in place. The first game, slated for release in a few weeks, is a multiplayer racing game called Turbocharged.

The second game currently in development is Ring 13: Curse of Nakamoto, a multi-player fighting game which will be released “in the near future,” according to the team.

The third title being worked on is EON: The Omega Event, which is a universe spanning space opera.

GMC is not the first game project out there using digital currencies. Spells of Genesis (SoG) is a trading card game that uses BitCrystals (BCY), for its in-game economy. The swiss-based game maker, EverdreamSoft, already has one title on iOS and Android named Moonga, which has recently been connected to the blockchain via Counterparty. This connection allowed the team to create blockchain-based trading cards, dedicated to an ever growing number of digital currency projects. SoG is expected to have a token sale starting on Aug. 4 where 70 million BCY will be available for purchase.

Bitquest is a "Survival" style Minecraft server, with a bitcoin-denominated economy. Players can buy, sell and trade items using bitcoin micropayments with a fully functional bitcoin wallet. Bitquest was designed to improve the original game economy system of almost random, meaningless trades. A mod was then written that could determine the supply and demand of blocks, so players could trade their findings and crafts in a “block market”.

The Munne Project is a browser based game which utilizes the Munnecoin blockchain. As in most free-to-play browser games, players may purchase credits which can be used to reset timers, unlock perks, or buy in-game items. The credits used are Munnecoins, which can be acquired at online exchanges or minted via proof-of-stake.

The problem with existing game virtual currencies like World of Warcraft’s gold, Eve’s ISK, and SecondLife’s Lindens is they have no upper limit on how many can be printed. The issue comes from having a few people, or just one person, in charge of the currency supply.

The above games, although with different approaches, are trying to tackle this by introducing their own digital money, or bitcoin, where a set number will exist. These tokens are not only tradable within the games but also outside, allowing players the freedom of exchanging their assets on an open market.

GMCs Putzier explained that GameCredits are, “derived from Bitcoin technology, with a few notable improvements.” With GMC the difficulty is retargeted every block, and block times are 90 seconds, which makes transactions process faster while still being cryptographically impractical to counterfeit.

There will be a total of 84 million GMC. According to the team none were premined, and the project will not be hosting a crowdsale, the only way to get coins is to mine or on the open market.

In game currencies have traditionally been in walled gardens, unusable outside of the games environment. For the first time game currencies are not a product to sell, or a “pay to win” scheme, but the veins of a real economy.


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