Citizen Finance: A leading platform as a gaming industry for exploiting Blockchain Technology effectively

Blockchain-based games can deliver an unprecedented, fully immersive experience. Blockchain gives gamers something they have never had the opportunity to take total ownership of. Citizen Finance’s introduction of NFTs for in-game assets is mainly to promote true ownership of in-game assets and enable players to legally exchange assets between one and another.

Traditional gaming Vs Blockchain technology gaming

one of the most prominent problems in the traditional video gaming industry is denial of property rights when it comes to in-game assets. Players are not the true owners of their in-game assets even if they had purchased it with in-game currency which in turn was purchased with fiat currency. What they can do with the asset is limited to the utilities of the game. The player lacks true control of their assets, can not derive income from it and also can not dispose of it.

Blockchain technology has enabled some games to introduce true ownership of in-game assets but the utility for this new concept is still small and has no real impact in the industry. Citizen Finance will be introducing new concepts and utilities for in-game assets using blockchain technology

How Binance Smart chain can help Citizen finance?

Citizen Finance as a GameFi protocol offers players the option to withdraw their unused in-game assets (non-fungible token) and stake on decentralized pools where they can earn Ciphi (CIFI) token. This mechanism will result in frequent withdrawals and deposits in and out of the ecosystem in which users will spend a lot of gas fee. Adopting a blockchain with less gas fee and fast transaction was our primary need when choosing a blockchain.

Citizen Finance is introducing something new into the utilities of in-game assets. We decided to adopt the Binance smart chain network because it is easy to understand, low cost gas fee, fast transaction and also similar to the Ethereum blockchain.

Adopting blockchain for successful business

Popularity is not the first thing to consider when adopting a blockchain network. The most important thing to consider is "if the blockchain fits into your business models and operation".

There are many blockchain out there all promising the next big thing when it comes to technology and adoption. There is no doubt that every blockchain is unique in its own way but not all business models can fit into every blockchain.

About Non-fungible tokens (NFT)

Non-fungible tokens are token versions of non-replaceable assets such as artwork, real estate, collectibles (in our case, in-game assets). These assets have individual properties and characteristics that make them unique and valuable. Non-fungible tokens can be used to create verifiable digital deficits as well as digital properties.

The use case of NFT

The NFT use case depends on the platform's business model. Although it is mostly used to represent art and in-game assets, its use is not limited to art and games. NFTs can be used to represent company stocks, bonds, real estate, memberships, and more. Terra Virtua has successfully implemented NFTs for the arts, Cryptokitties and GodsUnchained have introduced NFTs for in-game assets, while Decentraland, The Sandbox, and Spheroid Universe have provided NFTs with unique use cases in the digital real estate industry.

Getting true ownership in video games through Blockchain

Blockchain and cryptocurrencies provide a convenient infrastructure to enable true ownership of virtual assets in video games. A prototype would replace the usage of in-game currencies with a game cryptocurrency which can be transferred freely and easily between any crypto user regardless of whether they play the game.

Blockchain-enabled developments can transfer the ownership to the players. Smart contracts, which are lines of code stored on a blockchain that can automatically execute when the predetermined conditions are met, allow assets to be automatically transferred to the player. The immutability of blockchain data means that with smart contracts, developers cannot take these assets back.

With this development, gamers are therefore able to monetize their skills — selling their game-winning digital assets, exchanging with or even buying from other players to progress in their favorite games.

Web : https://citizenfinance.io/

Whitepaper: https://docs.citizenfinance.io/

Discord: https://discord.com/invite/xqNxf63sHx

Medium: https://medium.com/@citizen_finance

User: oscarclows

Profile: https://bitcointalk.org/index.php?action=profile;u=1769225

BEP 20 Walltet: 0xD01D015CCe1c272a28844D1DfB48181E7De56384

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