Working in the mobile games industry and playing free-to-play apps, many of you reading this will be fully aware of how virtual currency works in these games.
For hard currency, you pay with real money and then get virtual currency, such as Gold, to spend in-game.
While you may be familiar with the concept, it can be more difficult to wrap one’s head around the idea of digital money known as cryptocurrency.
Then throw in terms like blockchain, altcoins and initial coin offering (ICO), and the whole thing can seem rather confusing.
One company currently dabbling in the world of digital currencies is Reality Gaming Group. It’s developing an augmented reality FPS called Reality Clash, for which it has launched an ICO – successfully raising $3.5 million+ so far.
The offering will end on September 29th, while the game, which will also use cryptocurrency in-game, is scheduled to launch in Q3 2018.
Reality Gaming Group CEO Tony Pearce, who knows a thing or two about the world of cryptocurrency and ICOs, describes exactly how it all works.
“Cryptocurrency is a form of digital money that is designed to be secure and, in many cases, anonymous,” he explains.
“It is a currency associated with the internet that uses cryptography, the process of converting legible information into an almost uncrackable code, to track purchases and transfers. The first and most famous cryptocurrency was Bitcoin, which was created in 2009. There has been a proliferation of cryptocurrencies in the past decade and there are now more than 900 available on the internet.
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