Discussions about public blockchain have been trending for years. Meanwhile, in GameFi, it is the only option for projects. Let’s figure out whether it is true!
Public Blockchain Defined
To understand the wide adoption of the public blockchain better, we need to compare it to the private one.
Also known as the open-community one, the public blockchain lets anyone join and participate in the network, reading and auditing it. As a result, it can be entirely decentralized.
The private blockchain is a closed network one can enter through an invitation and identity verification. Only selected users can edit the shared ledge. Thus, in terms of power distribution, such projects are not decentralized.
Blockchains In Games
Currently, there are GameFi projects based on both public and private blockchains. Most games are said to belong to “the team open”. Developers choose public blockchains like Ethereum because they are fit for leveraging smart contracts. Smart contracts automate multiple processes related to asset ownership, trading, and rewards distribution.
At the same time, the public blockchain is regarded to be more secure than the private one because nobody can revise or delete the immutable data of the open ledger. Next, the rules for users can’t be changed within the community. But this “openness” has its drawbacks. For instance, players may face potentially high transaction fees during peak usage times, disagreements within DAOs, and even deanonymization — skeptics claim a blockchain can reveal one’s gaming strategies.
Privacy seekers launch and join “closed” games that guarantee users untraceable and anonymous transactions. However, due to their permissioned nature and censorship risks, such projects can’t attract many partners. Consequently, they don’t get enough coverage in the industry.
GameFi keeps developing, setting new standards for games. One of them is the Free-to-Own model, where players have the granted ownership of assets and game devs earn the so-called “percentage of the game economy’s GDP”.
To ensure stability, the infrastructure of such projects should be completely transparent. Users are supposed to see all the operations and have an opportunity to change a game being sure that developers haven’t canceled, pushed, or edited anything themselves. In other words, FTO requires an entirely public blockchain.
As you see, though public blockchain is already the most popular ground for P2E and is a must for the upcoming FTO model, there are also private blockchain games. Thus, GameFi is a diverse world where one can try different titles and mechanics to choose something that fits them best. Trends come and go, but promising projects stay and upgrade. Stay tuned to explore them with Prom!
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