According to a partnership, the blockchain platform GamerHash integrates chainlink data feeds for fair prices announced Tuesday.
The gaming-centric platform is the latest company to integrate Chainlink’s oracle services. Its users, the announcement said, can share their idle CPU / GPU to mine crypto or earn crypto rewards by playing games.
GamerHash said his decision was due to Chainlink’s “proven” ability to “secure over a billion dollars in value in DeFi as the most widely used oracle.”
Chainlink’s verifiable prizes benefit players
the Notice Chainlink’s BTC / USD price reference data is used to calculate the profitability of providing various computing resources on the GamerHash platform.
The @GamerHashCom decentralized computing platform is live and uses Chainlink BTC / USD price reference data to calculate the profitability of providing computing resources. It is the first step towards a bigger goal to promote the adoption of #NFT in the #gaming community. https://t.co/EzYHxWCy6j
– Chainlink – Official Channel (@chainlink) July 27, 2020
This is touted as the “first integration” (of verifiable price feeds) toward a much larger goal of “promoting the adoption of NFT in the mainstream gaming community”.
GamerHash said gamers are very familiar with interacting and trading valuable digital assets – presumably in terms of the wide range of in-game currencies and digital tokens available for big games like FortNite. This makes them a “main target” for the use of digital currencies and triggers “another wave” of blockchain adoption.
Snapshot of the GamerHash studio. Image: medium
The company said its non-fungible token (NFT) rewards will be distributed to over 480,000 users in 125 countries, using Chainlink’s Verifiable Random Function (VRF) to distribute these randomized in-game rewards. Another use case is to mint “rare” NFTs which can then be bought and sold on the GamerHash Marketplace.
The as-yet-unpublished GamerCoin (GHX) token will be issued in Malta and sold on South Korean exchanges, the announcement said.
GamerHash said NFTs are rapidly gaining momentum, both from innovative developers and companies looking to capitalize on this new and relatively untapped market.
Daniel Kochis, Head of Chainlink Business Development, repeated the mood:
“The gaming industry is poised to experience massive expansion with the introduction of in-game rewards presented as scarce NFT assets.”
Kochis added that Chainlink is “excited to partner with GamerHash” to improve blockchain games through the use of key off-chain price and data feeds.
NFTs positioned for massive usage
GamerHash pointed out that it sees great potential in the “coming wave” for in-game tokens and NFTs. Chainlink’s Verifiable Random Function (VRF) will allow players to both trade and invest in their selected digital assets while rest assured that the price quotes are reliable.
For the uninitiated, NFTs are a special type of cryptographic token that represent something unique; Providing digital property to owners. The first use case of game-related NFTs was crypto trading card games with projects like Age of Chains Using the Counterparty Protocol to Issue Bitcoin-Based Blockchain Trading Cards in 2016.
An Age of Chains card. The product was the first to bring blockchain and bitcoin rewards into a game. Image: Age of Chains
On the other hand, Chainlink’s VRFs allow developers to easily access and interact with oracles on Chainlink, which enables the creation of fair Layer 2 applications. The feature was introduced earlier this year in May:
1 / We are excited to launch a Verifiable Random Function (VRF). Smart contract developers can now access verifiable randomness via #Chainlink Oracle, enabling a new suite of blockchain applications in gaming, security and Layer 2 protocols. https://t.co/NBLPuzJyXE
– Chainlink – Official Channel (@chainlink) May 12, 2020
If everything goes according to plan; Gamers could simply become the main drivers behind the adoption of cryptocurrencies.
Posted in: Chain Link, Adoption
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