The coronavirus pandemic has brought about innumerable bankruptcies and business closures, but there are some industries who have been lucky enough to gain from it. eSports is one of them. Due to the many on-site restrictions imposed on many businesses, which includes sports and gambling, most people have turned their attention to eSports. And this has prompted its tremendous growth during this pandemic.
With a combination of competitive gaming and real-money betting, it is not a wonder that eSports has become a billion-dollar market. And with this positive event comes pressure for eSports companies to meet the demands of its market. Enter eSports on blockchain. Blockchain not only lets eSports keep up with its market, but also allows it to focus on developing next-generation technology. So, how does eSports on blockchain really work and why is it setting a trend in the gaming industry?
Blockchain offers a stable and fixed protocol. First off, it must be clarified that not all blockchains would work well with eSports. There are certain standards and capabilities that companies need to look out for, and crucial to this is the stability of the protocol that is the base of any kind of similar technology. Just like how the Internet protocol was stable enough for many platforms and applications to build on top of it, blockchain protocol is the same.
The Bitcoin SV blockchain has successfully restored the original Bitcoin protocol and has set it in stone. This means that this rock-solid foundation will remain unchanged and can withstand the test of time. This is of extreme importance when building eSports on blockchain because every change in the base protocol is something that affects all platforms built on top of it—and this requires time, effort and money. With a guarantee that the blockchain protocol will not change, companies can focus their time, effort and money on developing more hi-tech games fit for their market.
Blockchain accommodates big data. Again, not every blockchain can handle big data. Companies need to be very choosy when it comes to this as eSports generates a massive amount of data on a daily basis and the blockchain needs to be able to scale in order to handle this, otherwise, building on blockchain besoms pointless. The Bitcoin SV blockchain is an infinitely scalable network that has been tried and tested to be able to handle big data. It continues to scale rapidly as evidenced by its test network hitting a record-breaking 16.4 million transactions in a single block.
Blockchain handles micropayments. Because betting is incorporated in eSports, it is important for platforms to be able to allow users to bet the smallest amount possible at very low transaction fees. For instance, Bitcoin SV offers smooth and easy microtransactions at an average cost of 0.0067 USD per transaction. This is something users would not be able to feel at all.
These are just a few of the qualities that make eSports on blockchain work well with each other. Register for the next virtual CoinGeek Conference to learn more about blockchain technology.