Bitcoin
Kronoverse Leaves Enjin To Use Bitcoin SV Solution For Storing In-Game Items
After relying on Enjin to define items within CryptoFights, Kronoverse has decided to leave Enjin to use its custom Bitcoin SV (BSV) solution for building in-game items. This decision will greatly benefit Kronoverse users who want a reliable system to buy, sell, and trade gear.
Why did Kronoverse choose to leave Enjin?
“We decided to leave because of problems with Ethereum,” said Adam Kling, the CEO, and founder of Kronoverse. “Bitcoin SV is the best choice for us and the value we are working to bring to the esports community.”
Making the decision to transition to BSV was the result of research and development efforts that continued to show that Ethereum was not the best fit for what Kronoverse envisioned. Here are the key issues Kronoverse dealt with when building on Ethereum:
- Ethereum is at capacity, slow, can’t scale, and expensive. This is discouraging to gamers who want to buy, sell, and trade in-game items on a frequent basis.
- Proof of Work is the only proven consensus mechanism and we lack confidence that PoS/DPoS will work.
- Ethereum 2 scaling approaches are still experimental whereas BSV has demonstrated its scaling ability.
What are some of the benefits of transitioning to Bitcoin SV?
As part of its efforts to make in-game item ownership more scalable and accessible to gamers around the world, Kronoverse is turning to BSV as its solution of choice. Kronoverse is creating a better item protocol with BSV.
BSV is also faster and cheaper to conduct trades. This means that players won’t have to worry about racking up ridiculous fees just to do things like trading duplicate items and selling unwanted items. Due to its efficiency, BSV is capable of handling millions of transactions without slowing down. Kronoverse users can have confidence that nothing will go wrong when they’re trading and selling.
Kronoverse users will also be able to use more available features that Enjin isn’t capable of like storing the 3D model of an item. Files can be stored on blockchain similar to Dropbox which is convenient and easy to use. This feature is just one of the many details that will add to the total user experience that gamers will enjoy in the Kronoverse platform.
What does this mean for existing holders of Enjin items?
If you’ve already purchased CryptoFights in-game items, you don’t need to worry. All of your Enjin-based pre-release items will be honored but these tokens will serve as a claim check for BSV tokens. To make this possible, we’re releasing a conversion smart contract in a few months which gives users the ability to melt Enjin items, keep the stored ENJ, and receive an equivalent item usable in CryptoFights.
Introducing the Kronoverse Marketplace
As part of its vision to empower gamers with true item ownership, the Kronoverse Marketplace is slated to be available for later this year. All users will be able to sell unwanted items for profit. Kronoverse users will also be able to trade with other players to find the in-game gear they want and need.
Whether you buy or win an item, it’s automatically added to your Kronoverse wallet as soon as you acquire it. Your mobile wallet app makes it easy to read any item’s description, stats (i.e. rarity, value, type, and which games it’s compatible with). Each item also has its own history that provides the original ownership, when it has been listed for sale and all previous owners of the item.
Another way users can benefit from the marketplace is the list of wanted items and items for sale. Logging into the Kronoverse system allows you to see your own items, balance, and make trades using items or cash. You can also start a trade listing with multiple items or seek rare items for a cash reward.
What’s next?
Within the next couple of weeks, the launch date for the CryptoFights open beta will be announced. The open beta will be available on Android and will be free to play. It’ll give you the chance to experience the latest updates, improved gameplay, and test out your skills against other players around the world.
When the full game and the Marketplace is released later this year, everyone will experience the power and benefits that come from transitioning Kronoverse to BSV.
Bitcoin
Should iGaming Be Worried About 2024 Bitcoin Halving?
In its LinkedIn newsletter, ‘The SOFTSWISS Special’, SOFTSWISS, a global tech expert with over 15 years of experience in iGaming, delves into the impact of Bitcoin Halving on the iGaming realm.
The recent historical moment of Bitcoin Halving took place on 19th April 2024. SOFTSWISS, a pioneer in crypto-friendly iGaming software, shares its insights and forecasts for how this event may shape the future of iGaming, shedding light on potential opportunities and challenges for industry stakeholders.
What is Bitcoin Halving?
The Bitcoin halving is a scheduled event that occurs approximately every four years or every 210,000 blocks. During this event, the reward for mining and verifying new blocks is reduced by 50%, resulting in miners earning only half the number of BTC per mined block.
Since its launch in 2009, Bitcoin’s mining reward has halved four times, occurring in 2012, 2016, 2020, and 2024. The recent April halving reduced the reward to 3.125 BTC per block. Such events are crucial for Bitcoin’s scarcity and inflation control, ensuring that the total supply never exceeds 21 million coins and aligning with its deflationary principles.
Historically, each halving event has resulted in a rise in Bitcoin’s price. This is attributed to the reduced supply and increased scarcity, although other market factors have also influenced these outcomes.
Exploring the Impact of Bitcoin Halving on the iGaming Industry
To provide an in-depth analysis of the Bitcoin Halving impact on iGaming, SOFTSWISS invited Bradley Peak, blockchain expert and tokenomics adviser, to share its anticipations.
- Bets rise: The halving is expected to lead to an increase in Bitcoin’s value. If the trend of impressive price surges persists, Bitcoin-friendly iGaming brands could see a positive impact.
- Crypto adoption increase: Implementing crypto-friendly models has the potential to boost player trust and transparency in iGaming. Additionally, it could rejuvenate unique gaming experiences like provably fair games and decentralised casinos.
- Regulatory frameworks improvement: The recent Bitcoin halving could prompt regulatory bodies to reassess their stance on cryptocurrency gambling. This could lead to new regulations ensuring fairness, responsible gambling, and anti-money laundering measures in the crypto-driven iGaming sector.
Bradley Peak, blockchain expert, comments on the recent changes: “Any transformation will not be without its challenges. It is important to adapt – invest in employee learning and development, onboard crypto processing, and make sure your platform remains secure in the process.”
Explore the influence of the 2024 Bitcoin Halving on the iGaming industry in the fourth edition of The SOFTSWISS Special newsletter on LinkedIn.
About SOFTSWISS
SOFTSWISS is an international tech company supplying software solutions for managing iGaming projects. The expert team, which counts over 2,000 employees, is based in Malta, Poland, and Georgia. SOFTSWISS holds a number of gaming licences and provides one-stop-shop iGaming software solutions. The company has a vast product portfolio, including the Online Casino Platform, the Game Aggregator with thousands of casino games, the Affilka affiliate platform, the Sportsbook Platform and the Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a Bitcoin-optimised online casino solution.
Bitcoin
Bitcoin Miner celebrates two years of hugely successful collaboration with ZBD
Bitcoin Miner, the world’s number one Bitcoin game, is celebrating two years of its collaboration with ZBD, a leading fintech company powering digital economies for gamers and developers. Since the partnership began, Bitcoin Miner has gone from a forgotten title with no players to becoming one of the largest play-and-earn games ever, with over 2 million lifetime users.
ZBD’s Lightning-powered payments technology enables developers to inject instant rewards into their games to boost retention and community engagement. Fumb Games, the studio behind Bitcoin Miner, partnered with ZBD in March 2022 to help revive its flagship title, enabling it to reward players with fragments of Bitcoin for playing the game as normal. From the outset, the integration of ZBD’s tech had a marked impact, leading to a 12x boost in 30-day retention. Two years on, Bitcoin Miner is achieving 40,000 daily active users, making it the biggest Bitcoin game by user count.
Besides the retention benefit of rewards, which leads to player retention that exceeds 6 months, the success of Bitcoin Miner has also been fueled by community-based features such as regular live events. The majority of Bitcoin Miner players are US-based millennial males who enjoy engaging with gaming communities, with weekly events leading to a 20% increase in revenue. As well as its own community of engaged players, Bitcoin Miner benefits from the ZBD app user base of more than a million gamers.
Paul West, Founder of Fumb Games, said “Bitcoin Miner has proven that US players love games that are fun, snackable and rewarding. The game is not only sustainable, but has soared to new heights since the partnership with ZBD. It’s no surprise that I’m very excited for the future of bitcoin and player-friendly rewarded games.”
Ben Cousens, Chief Strategy Officer at ZBD, said “The two-year collaboration with Paul and Fumb Games on Bitcoin Miner has been a quintessential success story for what we’re building at ZBD. It proves the value in offering rewards for gamers and the success of ZBD’s rewards and payments tech at making it possible at speed and scale. We will no doubt see further impressive numbers for Bitcoin Miner that cement its status as world’s number one Bitcoin game, and we also look forward to extending the potential benefits of Bitcoin rewards to more developers.”
In November 2023, Fumb Games also integrated ZBD’s technology in its idle tycoon RPG SpaceY. ZBD works with more than 100 game developers worldwide, including major brands such as Square Enix, and is also used by innovative adtech companies like Slice and AdInMo.
Bitcoin
Time to Invest in Crypto? SOFTSWISS 2023 iGaming Market Overview
In 2023, crypto bets expanded by more than 20%, as reported by SOFTSWISS. The leading technology company, with over 15 years of expertise in iGaming and number one in crypto-optimised software, shares its analysis of the dynamic crypto landscape.
According to industry research, the global iGaming market is projected to double by 2030 at a compound annual growth rate of 11.7%. Revenues are expected to exceed 140 billion euro, with a significant share attributed to crypto gambling.
SOFTSWISS, as the innovator in crypto iGaming software development, regularly conducts research to track the dynamics of crypto within the iGaming market. Using extrapolation, comparative and correlative analysis, experts analyse the data gathered from over 600 crypto-friendly brands powered by the company.
iGaming Market Overview
Based on SOFTSWISS data, the iGaming market had a stable expansion in 2023. In absolute terms in euro, the Total Bet Sum grew by 38.2% year-on-year. At the same time, the Total Bet Count displayed an even stronger increase, surpassing 51.2%.
The average bet is slightly decreasing for several reasons. One significant factor is the broader reach of online gaming, fueled by advanced technology and increased internet availability. This trend is more evident in emerging markets like LatAm and Africa, where bets are usually smaller. Additionally, the increasing number of players under 30 with budget constraints adds to the decline in the average bet size.
State of Crypto
The in-depth quarterly analysis, initiated at the beginning of 2022, reveals that fiat bets are undergoing more substantial growth compared to crypto bets. In Q4’23, the Crypto Bet Sum saw an 8.2% rise in absolute terms, while the Fiat Bet Sum surged by 16.4% compared to Q3’23. At the end of 2023, the crypto share in the Total Bets Sum (27.5%) decreased by 3.9 p.p.
The comparative analysis of the 2023 Crypto Bet Sum against the previous year shows 21.1% growth. Simultaneously, the Crypto Bet Count increased by 50.5% year-on-year. The growing number of bets indicates rising interest in crypto gaming, but the greater availability of digital currencies may lead to slightly more economical bets.
“The advantages of employing digital currencies, such as swift transactions and anonymity, are key drivers for many players. Given these dynamics, the market demands expanding iGaming projects’ opportunities for crypto players. The in-game currency conversion, for example, allows operators to engage players with cryptocurrency assets in games initially designed for fiat transactions. The projects that embrace such possibilities continue gaining more advantageous market positions,” shares Vitali Matsukevich, Chief Operating Officer at SOFTSWISS.
Crypto Bet Stabilisation
The average fiat bet remained steady at around 0.82 euro throughout the previous year. Despite fluctuations in the average crypto bet during 2023, ranging from 1.59 to 1.88 euro, the changes appear modest compared to the twofold drop observed in the average crypto bet during Q4’22, which reached 1.56 euros. This indicates a certain level of stabilisation in the average crypto bet throughout 2023.
Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, comments: “The dynamics of the average crypto bet align with crypto market fluctuations. When digital currency values stabilised in H2 2022, the average crypto bet also levelled out. Another thing is that the average crypto bet is almost two times higher than the average fiat bet, which testifies that digital currencies are potentially used by players with higher incomes. Operators should consider this to increase project profitability.”
Cryptocurrencies Rating
The Top Five most operated digital coins in iGaming landscape have remained stable during the last two years.
In 2023, the cryptocurrency structure looks as follows:
- Bitcoin – 73.3%
- Ethereum – 9.9%
- Litecoin – 6.6%
- Tether – 4.6%
- Dogecoin – 3.1%
In Q4 2023, Bitcoin experienced a slight decline by a 5.7 p.p. compared to Q3 2023. Conversely, Ethereum and Litecoin showed growth of 4.7 p.p. and 2.2 p.p., respectively, during the same period.
Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, summarises: “The digital currencies market is rapidly expanding, with estimates showing over 50% growth in capitalisation in 2023. Despite the risks caused by the high volatility of crypto and its dependence on various factors, using it can bring extra profits for operators. The iGaming industry is promising for investments due to growth in both fiat and crypto markets, but success depends on trustworthy and experienced partners.”
About SOFTSWISS
SOFTSWISS is an international tech company supplying software solutions for managing iGaming projects. The expert team, which counts over 2,000 employees, is based in Malta, Poland, and Georgia. SOFTSWISS holds a number of gaming licences and provides one-stop-shop iGaming software solutions. The company has a vast product portfolio, including the Online Casino Platform, the Game Aggregator with thousands of casino games, the Affilka affiliate platform, the Sportsbook Platform and the Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a Bitcoin-optimised online casino solution.
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