Academic Master

Business and Finance

BitGuild Essay

The technological innovations sprouting out of Fintech firms has implications well beyond the financial sector. Take the example of blockchain technology, which has its application in gaming sector as well. With the size of over $100 billion, the gaming industry is finding out ways to benefit from blockchain technology.

One of the prominent example is BitGuild, the company that has raised over $20 million dollar within a span of six hours through ICO. Apart from successfully executing pre-sale campaign, the company was able to furnish the support of leading individuals such as Justin Sin, founder of blockchain-base, open-source protocol, TRON.

BitGuild is a gaming platform that utilizes the block-chain technology where the users can buy, sell and trade digital assets that they have acquired either through playing game or bought from the gaming portal.

Had the platform been centralized, any crash on the part of central storage system or central server system, would ultimately lead to a loss of critical data. Thus, such complications portend the impending doom of the platform. This is where the blockchain technology comes in. As all the digital in-game assets are on the blockchain, the gamers are the actual owners of their items.

Jared Psigoda was the founder of the company. He is the co-founder and CEO of Reality Squared Games, having the accumulated players of about 80 million gamers.

BitGuild is poised to use PLAT tokens for various purposes on the platform. For instance, it will facilitate the gamers by buying additional digital assets to be used in the game. Further, developers can also receive their payments through PLAT.

Moreover, owing to the advantage of smart contracts, the teams in the gaming zone will have to incur lower costs with faster payout than conventional methods.



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