Author: Sean Fast, MLG Contributor
Do you know someone developing a new game idea? From a small creative spark— like creating a new character or environment— to choosing and learning the right software, to publishing, the amount of hard-work and artistry necessary to launch a game knows no parallel in the landscape of graphic design. As a testament to these industrious individuals, the indie gaming industry has been burgeoning with inventive and emotive new voices that are committed to creating a new virtual reality with their vision. Unfortunately, the gaming industry is afflicted with problems that are paralyzing these inspired voices. These include favorability towards large-budget studios, high fee structures and payments to third parties, and a lack of funding mechanisms for small developers. Until recently, the most viable solution for indie game entrepreneurs to remain competitive was through crowdfunding sites like Kickstarter, but now that strategy is drying up. With so many new projects asking for donations, donors are losing their desire to support small projects without any concrete incentive or reward.
To resolve this issue and help the indie gaming industry maintain its vibrant community, a new blockchain-based startup, Hyperbridge, has launched BlockHub. By using tokenization and the blockchain, BlockHub will facilitate tangible compensation for crowdfunding donors, while assuring contributors that their money is being well-spent on the projects they are committed to.
Simplified, Securer Crowdfunding
Dinosaurs are extinct, and soon too will be the days of centralized crowdfunding. Hyperbridge is building decentralized protocols that will be launched within Blockhub, their digital distribution platform, and marketplace. Blockhub aims to bring games and apps into the same space as a transparent and trustworthy means of crowdfunding, all made possible through blockchain innovations and a decentralized structure. Users within Blockhub will be able to access the games and apps they contribute towards, without worrying about shifty operators and fund embezzlement. Typically, digital content incubators like iTunes App Store and Google Play have to rely on raising money from outside sources like IndieGoGo and Kickstarter. While fundraising from these avenues can be occasionally effective, their very existences invite a necessary skepticism. In one example, a man named Rylan Grayston claimed he built the world’s first 3D printer, raising over $600K for the project via Kickstarter, much to the delight of onlookers. It was later revealed over half the funds were embezzled to build a house and the project never came to fruition.
As website The Verge points out, “Funders [on crowdfunding platforms] need to be assured their money is going towards the stated goals, and project creators require some certainty of the promised income. But what is that trust actually based on?”
Yep, it’s a big question with no satisfying answer. Well-known crowdfunding websites make no promise to contributors about the identity of who they’re donating to and where money is going. Indeed, these companies want to exterminate fraud; however, it is uncertain if they’re fully capable at this stage. It’s often crowdfunding communities with expertise on how the world is engineered debunking inflated product promises and scams – not website staff.
With the middlemen and intermediaries of traditional, centralized crowdfunding removed by Blockhub, there won’t be a CEO up top absorbing profits from the patronage of every event. And by crowdfunding with blockchain, mechanisms for consumer protection are boldly set in place. Trust is nice, and it’d be pretty cool if our world was one day free of scammers. In the meantime, regulations controlled by immutable smart contracts would have to be in place. This may be especially useful for the necessary exchange of information that’s part and parcel of the app-building territory. Hyperbridge’s airtight security protocols will allow applications and games to be jointly constructed without worrying about hackers. Since many promising developers are independent actors, they may not be schooled in all the latest security procedures and could benefit immensely from a safe, shared tinkering space.
An additional benefit to Hyperbridge’s decentralized crowdfunding for games and apps is their integrated platform that turns in-app rewards into real-world cash or similarly, a value trade of items between games. Similar to how Hyperbridge facilitates converting projects to the blockchain, it will be just as easy to prove their fiat value in the real world, with a comprehensive cryptocurrency wallet and lightning fast transaction speeds. And just as Apple computers crash less than their PC counterparts due to hardware and software built in synchronicity, the Hyperbridge system of linking crowdfunding, development and micro-economies transferable with the real world is an innovative step forward for the online development world.
Hyperbridge’s other strength lies in its versatility. It boasts a wealth of use cases and trustless data as well as value exchange between apps. Operating in a highly scalable market, the company’s content distribution model will open up doors to the synchronized operation of a number of new ‘micro-economies’. To read more about Hyperbridge, check out their website.
Disclaimer: CryptoCanucks.com is not intended to provide tax, legal or investment advice, and nothing on CryptoCanucks.com should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any asset by CryptoCanucks.com or any third party. You alone are solely responsible for determining whether any investment, asset or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation.