Chainlink’s (LINK) newest partnership is bringing crypto adoption to mainstream gamers 🚨 This article is 4 years old...
Chainlink’s (LINK) newest partnership is bringing crypto adoption to mainstream gamers
2 min read
Updated: Jul. 29, 2020 at 5:19 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Blockchain platform GamerHash said it is integrating Chainlink data feeds for fair pricing, according to a partnership announced Tuesday.
The gaming-focused platform is the latest firm to onboard Chainlink’s oracles services. Its users, the announcement said, can share their idle CPU/GPU for mining crypto or earning crypto rewards through playing games.
GamerHash said its decision comes after Chainlink’s “proven” ability to secure “over a billion dollars in value in DeFi as the most widely used oracle.”
Chainlink’s verifiable pricing to benefit gamers
The announcement said Chainlink’s BTC/USD Price Reference Data will be used to calculate the profitability of providing different computational resources on the GamerHash platform.
Decentralized computation platform @GamerHashCom is live, using Chainlink BTC/USD Price Reference Data to calculate the profitability of providing computer resources. It's the first step in a larger goal of seeding #NFT adoption in the #gamingcommunity. https://t.co/EzYHxWCy6j
— Chainlink – Official Channel (@chainlink) July 27, 2020
This is touted as the “first integration” (of verifiable price feeds) towards a much larger goal of “seeding NFT adoption in the mainstream gaming community.”
GamerHash said gamers are intimately familiar with interacting and trading valuable digital assets — presumably referring to the wide array of in-game currencies and digital tokens available on major games like FortNite. This makes them a “prime target” for digital currency usage and sparking “another wave” of blockchain adoption.
The firm said its non-fungible token (NFT) rewards will be rolled out to over 480,000 users across 125 countries, with Chainlink’s Verifiable Random Function (VRF) used to distribute those randomized in-game rewards. Another use case is to mint “rare” NFTs, which can then be bought and sold on the GamerHash Marketplace.
The yet-unreleased GamerCoin(GHX) token will be issued in Malta and sold on South Korean exchanges, the announcement noted.
GamerHash said NFTs are quickly gaining momentum from innovative developers and enterprises alike wanting to capitalize on this new and relatively untapped market.
Daniel Kochis, Head of Chainlink Business Development, echoed the sentiment:
“The gaming industry is primed to see massive expansion through the introduction of in-game rewards represented as scarce NFT assets.”
Kochis added Chainlink was “excited to collaborate” with GamerHash to augment blockchain gaming through the use of key off-chain price and data feeds.
NFTs positioned for massive usage
GamerHash noted it sees great potential in the “upcoming wave” for in-game tokens and NFTs. Chainlink’s verifiable randomness function (VRF) will allow gamers to both trade and invest in their choices digital assets while being assured of the price quotes being reliable.
For the uninitiated, NFTs are a special type of cryptographic token which represents something unique; providing digital ownership for holders. The first use case of gaming-related NFTs has been crypto-collectible trading card games, with projects like Age of Chains using the Counterparty protocol to issue Bitcoin-based blockchain trading cards in 2016.
On the other hand, Chainlink’s VRFs lets developers easily access and interact with oracles on Chainlink, allowing the creation of fair Layer-2 applications. The feature was launched earlier this year in May:
1/ We’re excited to launch a Verifiable Random Function (VRF) capability. Smart contract developers can now access verifiable randomness through #Chainlink oracles, enabling a new set of blockchain applications in gaming, security & layer-2 protocols. https://t.co/NBLPuzJyXE
— Chainlink – Official Channel (@chainlink) May 12, 2020
If all goes according to GamerHash’s plan; gamers might just become the main drivers of cryptocurrency adoption.
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Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.