Most of the time, a trend does not last long and is just a phase. But there are trends that have become the norm. Take for example, the Internet. It started out as trend, but it has since created new industries and a whole new way of living. In fact, it has catapulted the world into the new age of technology where everything is online. eSports is a product of the Internet that has become a billion-dollar market. The same goes for blockchain technology, touted to be the next best thing since the Internet. With a stable and fixed protocol, it can power a burgeoning market like eSports, as well as create a world that is fully on-chain.
The COVID-19 pandemic has only revved up the growth of eSports, with the restrictions imposed on on-site mainstream sports leading to people turning to eSports as an alternative to competitive entertainment and betting. And with this surge in eSports comes greater pressure for better game features and technology. Enter eSports on blockchain. By building eSports applications and platforms on blockchain, companies not only are able to keep up with the industry’s growth, but can focus on developing next-generation products and services. So, why exactly is eSports on blockchain the newest yet long-lasting trend?
Blockchain offers immutability, transparency and integrity of data. When designed right, blockchain is a public and distributed data ledger that is practically impossible to be manipulated. Data is distributed and updated in real time on all nodes or miners on the network. It is decentralized in that there is no one administrator in control of the entire system. Hence, for data that has already been recorded to be changed, all the nodes on the network must agree to enact that change. This is why data is secure and immutable. And because it is public, such as the Bitcoin SV blockchain, all transactions can be viewed and verified, which then provides transparency and preserves game integrity, as well as enables the gaming community to spot cheating.
Blockchain can handle big data and instant micropayments. It is crucial for a blockchain to be able to scale massively in order to accommodate the huge amount of data being generated by eSports and enable users to bet as little amount as possible at the lowest transaction fees. For instance, the Bitcoin SV test network has broken a new record with 16.4 million transactions in one block of data and the main network currently averaging 0.0067 USD per transaction.
“When I looked at the scaling roadmap of Ethereum, it became clear that we were never going to be able to have a million players playing on Kronoverse. Instead, everyone is having to develop layer-two technologies and are only submitting the results to the Ethereum blockchain. With Bitcoin SV, we wouldn’t have to do that,”
Adam Kling, CEO of eSports infrastructure and technology provider FYX Gaming, previously known as Kronoverse, explained.
After reading this article, a short disclaimer needs to be stated: not all blockchains have the same capabilities. Companies need to ensure that a blockchain has all of the above-mentioned qualities in order for it to successfully work with eSports. Otherwise, building eSports on blockchain would be pointless.