Every little boy’s (and several grown men’s) dream of earning money by playing video games is edging closer to reality. The recent release of HunterCoin and the in-development VoidSpace, games which reward players in digital currency rather than virtual princesses or gold stars Bitcoin Evolution Scam point towards another where one’s ranking on a scoreboard could be rewarded in dollars, and sterling, euros and yen.
The story of the millionaire (virtual) agent…
Digital currencies have been slowly gaining in maturity both with regards to their Bitcoin Evolution Review functionality and the financial infrastructure that allows them to be utilized as a credible alternative to non-virtual fiat currency. Though Bitcoin, the very first and most well known 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 game. Players could collect gold coins by undertaking quests, battling monsters and finding treasure and spend these on armour, weapons or real estate. This was an early on incarnation of a virtual currency in that it existed purely within the game though it did mirror real life economics to the extent that the Ultima currency experienced inflation as a result of the overall game mechanics which ensured that there was a never ending way to obtain monsters to kill and thus gold coins to collect.
Released in 1999, EverQuest took virtual currency gaming a step Bitcoin Evolution 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 items 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 so as to level-up their characters thereby making them better and popular. These characters would then be in love with eBay to Western gamers who were unwilling or unable to put in the hours to level-up their own characters. Using the calculated exchange rate of EverQuest’s currency as a result of the real world trading that occurred Edward Castronova, Professor of Telecommunications at Indiana University and an expert in virtual currencies estimated that in 2002 EverQuest was the 77th richest country on earth, somewhere within Russia and Bulgaria and its GDP per capita was greater than the People’s Republic of China and India.
Launched in 2003 and having reached 1 million regular users by 2014, Second Life could very well be the most complete example of a virtual economy to date whereby it’s virtual currency, the Linden Dollar that can be used to get or sell in-game goods and services can be exchanged for real life currencies via market-based exchanges. There have been a recorded $3.2 billion in-game transactions of virtual goods in the 10 years between 2002-13, Second Life having become a marketplace where players and businesses alike were able to design, promote and sell content they created. Real estate was a particularly lucrative commodity to trade, in 2006 Ailin Graef became the very first Second Life millionaire when she turned an initial 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 Ailin are the exception to the rule however, only a recorded 233 users making more than $5000 in ’09 2009 from Second Lifestyle.
How exactly to be paid in dollars for mining asteroids…
To date, the opportunity to generate non-virtual cash in video gaming has been of secondary design, the ball player having to proceed through non-authorised channels to exchange their virtual booty or they needing to possess a degree of real world creative skill or business acumen that could be traded for cash. This could be set to change with the advent of video gaming being built from the ground up round the ‘plumbing’ of recognised digital currency platforms. The approach that HunterCoin has had is to ‘gamify’ what’s typically the rather technical and automated process of creating digital currency. Unlike real world currencies that come into existence if they are printed by a Central bank, digital currencies are manufactured by being ‘mined’ by users. The underlying source code of a specific digital currency that allows it to function is named the blockchain, an online decentralised public ledger which records all transactions and currency exchanges between individuals. Since digital currency is nothing more than intangible data it is more susceptible to fraud than physical currency for the reason that it is possible 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 make sure this will not happen the blockchain is ‘policed’ by volunteers or ‘miners’ who test the validity of every transaction that’s made whereby with the aid of specialist hardware and software they make sure that data has not been tampered with. This is a computerized process for miner’s software albeit an extremely time consuming one which involves plenty 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 keep maintaining the network, thus is digital currency created. Because it can 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’, using the joint processing power of these computers to mine coins more quickly.
HunterCoin the overall game sits within such a blockchain for an electronic currency also called HunterCoin. The act of playing the overall game replaces the automated procedure for mining digital currency and for the very first time helps it be a manual one and with no need for expensive hardware. Using strategy, time and teamwork, players go out onto a map searching for coins and on finding some and returning safely to their base (other teams are on the market attempting to stop them and steal their coins) they can 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 value of any coins deposited by players go to the miners maintaining HunterCoin’s blockchain and also a small percent of any coins lost whenever a player is killed and their coins dropped. While 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 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 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 that is currently used widely for micro-payments on various social media sites. DogeCoin will also be currency of in-game trade between players and the means to make in-game purchases. Like HunterCoin, DogeCoin is a legitimate and fully functioning digital currency and like HunterCoin it usually is traded for both digital and real fiat currencies on exchanges like Poloniex.
The future of video gaming?
Though it is start regarding quality the release of HunterCoin and VoidSpace can be 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 due to how player’s reactions to an unintended plague mirrored recorded hard-to-model aspects of human behaviour to real life outbreaks. It may be surmised that eventually in-game virtual economies could be used as models to check economic theories and develop responses to massive failures based 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 regions of personal digitial ownership for example , players now have the methods to translate hours in front of a screen into digital currency and then dollars, sterling, euros or yen.
But before you quit your entire day job…
… it’s worth mentioning current exchange rates. It’s estimated that a player could comfortably recoup their initial registration fee of just one 1.005 HunterCoin (HUC) for joining HunterCoin the overall game in 1 day’s play. Currently HUC cannot be exchanged right to USD, one must convert it right into a more established digital currency like Bitcoin. During writing the exchange rate of HUC to Bitcoin (BC) is 0.00001900 while the exchange rate of BC to USD is $384.24. 1 HUC traded to BC and to USD, before any transaction fees were taken into account would mean… $0.01 USD. This is not to say that as a player becomes more adept that they could not grow their team of virtual CoinHunters and maybe employ a few ‘bot’ programmes that could automatically play the game beneath the guise of another player and earn coins for them as well but I believe it’s safe to state that right now even efforts like this might only realistically result in enough change for a daily McDonalds. Unless players are willing to submit to intrusive in-game advertising, share personal data or join a game such as CoinHunter that’s built on the Bitcoin blockchain it is improbable that rewards are ever apt to be a lot more than micro-payments for the casual gamer. And perhaps this is a good thing, because surely if you receives a commission for something it stops being truly a game any more?