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Smilegate is launching its own Bitcoin-style cryptocurrency

February 08, 2018 2 min read

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. 

Smilegate is launching its own Bitcoin-style cryptocurrency screenshot