Smilegate is launching its own Bitcoin-style cryptocurrency


Where is all of this headed?

I'm very bullish on the whole crypto scene for videogames for one very compelling reason: The promise of what blockchain can do for in-game item ownership of digital goods.  You see, if you "own" something in a videogame right now, what you own is a fleeting database record in a system that can be snatched from you the second that company stops supporting that game. You think your Steam folder is valuable?  In the event that your favorite online game goes under tomorrow, you don't actually own jack shit (sorry).

With a distributed blockchain, that ownership goes on -- it's in your digital wallet, period. Its yours to sell, to trade, to HODL even. It exits the game and it opens the floodgates for more decentralized gateways to trade your digital goods beyond the vendor which you obtained it from. This is an emerging idea called "the Internet of value" and it's going to be all up in everyone's face by the year 2020, if not sooner.  Your digital assets have a chance to continue to have value (and maybe interoperability).  Get it?  Yeah, it's a big stupid mostly unexplored deal. If you think this sounds absolutely stupid and unlikely think hard about how much money people are already spending on make-believe hats.

South Korea is no stranger to digital goods. As the capital of eSports and home to some of the biggest gaming companies you've never heard of, I'm very excited to hear that Smilegate is starting to dabble with community interactivity and virtual currencies. They're going to copy a version of Reddit called Steemit (not Steam, no relation to Valve), which is Reddit plus crypto.  While this is not yet exactly the kind of blockchain deployment I'd like to see, they appear to be printing their own cryptocoins (which appear to be pre-mined, not like Bitcoin actually) using the ICON platform as the foundation. 

Here's the machine-translated press release from Naver:

Smilegate, the fifth-largest game maker in Korea, is set to issue its own virtual currency.

Smilegate announced on the 7th that it signed a business agreement (MOU) with the block chain (distributed storage transaction system) venture company The Loop which issued the world's 20th largest virtual currency icon (ICX) .

According to the agreement, Smilegate introduces its own virtual currency during the year to activate its stake, the game portal. The name of the virtual money is 'stove coin (tentative name)'. Stove is a kind of game distribution site that can provide eleven kinds of PC and mobile games such as Crossfire, and can raise questions, answers, strategies and videos.

Stove coins are paid in exchange for activating an online community based on block chaining. When a user posts a post or video on the stove community and posts a high number of views or receives a recommendation from another user, he or she will receive a coin.

This is similar to the online community Steem (STEEM) based on overseas block chains. The Steam Block Chain provides a virtual currency 'steem' to users who write or comment. The higher the number of views and recommendations, the more virtual money you receive.

"The stove coin is not a mining method, and Smile Gate is going to sell all of it to the users," an official at Smile Gate said. Smilegate, however, will not disclose the ICO (Virtual Currency Disclosure) that discloses the business plan and sells the virtual currency to the investors and collects the investment money. ICO is banned in the country.

The future's going to get weirder than cryptokitties. It's also worth looking at what Crycash is doing, from Cryware, if you're into this sort of thing. 

Wouldn't you like some free crypto for upvoting cblogs?  I do. A'hem.

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Niero Gonzalez
Niero GonzalezMeat Vessel   gamer profile

I keep Destructoid weird. Also I'm a playable character in Retro City Rampage, look: (along with the whole 2009 Dtoid Editorial team) Sometimes I have a villainous mustache My dog CoCo chec... more + disclosures



Filed under... #cryptocurrencies



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