Blockchain

BitGuild and Tron set to make in-game purchases via Blockchain Technology

Purchase of in-game items isn’t a very new concept it has been around for quite a long time and gamers have become well aware of this marketing gimmick. Also, it is a known fact that every time a chance of purchasing a product online using real money arises, hackers are quick to pounce at this opportunity, not to mention fraudsters and item duplicators as well. Blockchain technology seems to be the ideal solution for this scenario. As it can provide a sophisticated way to prove item ownership while also offering a robust environment where transactions are recorded, verified, and transparent.

In the previous week, an announcement was made by BitGuild — a blockchain gaming platform spearheaded by the virtual currency and gaming industry trouper Jared Psigoda, He announced the formation of a new partnership with Tron, a blockchain-based protocol that intends on creating a global zero-cost content entertainment system.

As per the announcement made by Bitguild, it also stated that through this partnership Bitguild will offer an exclusive set of limited-edition in-game assets for the Tron community, this will further denote the Tron brand and the TRX token associated with it. It was also revealed that using TRX a buyer can purchase these assets, meanwhile, the company also hinted at the possibility of making these assets available on the BitGuild virtual item exchange in the future.

CEO of BitGuild, Jared Psigoda stated that “Blockchain and smart contract technology enables all gamers to own their items,”, while further adding, “Rather than an item being flagged on a game developer’s server as ‘belonging to’ a particular player, that specific item will be sent to that player’s digital wallet over the blockchain. The gamer would then own it and can do whatever he or she wishes to do with it. They can either sell it, trade or import it into another game. In addition, smart contracts are open source and permit for player verification of things like item drop rates.”

To further elaborate it in simple terms, an epic sword was just an intangible piece of data on a private server, before Bitguild came into the picture. The introduction of blockchain technology and the exchange enables the owner of that weapon to choose freely between holding onto it or trading it as this epic sword would belong to the gamer in the form of a token on the blockchain.

How is this different from traditional exchanges like G2G and other blockchain solutions like DMarket?

The CEO of Bitguild said that “Traditional real money trade (RMT) websites are involved in the sale of video game items, currencies and power levelling services,” While further adding “Not a single one of these items sold on those particular websites have any specific token on the blockchain, nor does the buyer or seller at any given time actually ‘owns’ the items. In exchange for their money, gamers actually purchase the ‘right to use an item’ subject to the developer of the game’s Terms of Service and End User License Agreement.”

Thus, making in-game items a highly unpredictable resource currently, as per Psigoda, elaborating further on this statement he added “The game developer could ban the user’s account, at any time which would result in the gamers losing all of their game items which they owned,”

Furthermore, Bitguild CEO also went on to add “This occurs every time, it is most often seen in games where developers have specifically mentioned that it is against the ToS to engage in the trade of in-game items for cold/hard cash. In addition, these platforms being highly insecure and a place for extensive frauds, with players getting scammed by shady sellers and sellers being manipulated by fraudulent buyers.”

Back in 1999 buying and selling of game items was quite popular in the RMT industry, stated Jared Psigoda.

BitGuild founder further concluded by saying “Blockchain virtual item exchange solutions like WAX and Dmarket are excellent companies that make it accessible for the cross-game trading of items from some of the top games available out there,”

Psigoda said. “They primarily focus on collaborating with pre-existing game developers to permit the rights to their items to be transferred in a frictionless manner over the blockchain. Unfourtanetly, most of the assets that are transferred are not blockchain assets. The team of BitGuild is firm believers that blockchain games would prove to be an entirely new class of games where the game characters and items themselves are tokenized and will remain within the players’ digital wallets.”

The upcoming BitGuild token will be known as PLAT, A total of 10 billion PLAT tokens will be created.BitGuild also recently announced that its upcoming ICO, will go live at 7 p.m. on March 15th, 2018, wherein users will be able to purchase these tokens which can be used on the BitGuild platform thereafter.

The next step for BitGuild and Tron?

Psigoda addresses this topic and stated “We have been following the Tron project for a long time now and have learned that they have one of the most engaging and active communities in this industry,”

Jared Psigoda also added “We believe that in the current market environment, the era of ‘grand visions and white papers’ might be coming to an end, and it is perhaps the right time to start developing real applications on top of this amazing technology for end-users to interact with. Gamers have always been the first ones when picking up new technologies, and a truly fun game, if it is able to educate new users on blockchain and cryptocurrencies, could prove to benefit the entire industry. The Tron community is young and tech-savvy, making them the ideal partners for us to collaborate with on gaming projects.”…

Ethereum faces a bug problem, two exchanges cancel ERC20 Deposits

Ethereum Faces a Bug Problem, Two Exchanges Cancel ERC20 Deposits

According to recent reports, there is a bug in few ERC20 tokens, based on the ethereum network. An independent researcher on Medium claimed that more than a dozen token are susceptible to this bug.

As per CoinMarketCap, 90 percent of the $53 billion token market is made up by ERC20 tokens. After the circulation of the news, at least two exchanges, OKEx and Poloniex ceased all the ERC20 token deposits.

Earlier this year, few users of MyEtherWallet, an app for storing and sending Ether and Ethereum-based tokens, were attacked and looted. Reports suggest that hackers hijacked servers to execute the crime instead of causing problems directly in the app.

On Monday, Gary Gensler, former Commodity Futures Trading Commission Chairman, advised considering Ethereum’s Ether token as a security. It would clamp down the majority of exchanges that currently trade the second-largest crypto and may even wipe out a huge chunk of the market as investors panic.

Blocklink Ventures’ s Bart Michalczuk said, “Over the past 24 hours we did see some negative headline news that are potentially impacting the market, but we’ve gone up really fast by quite a bit, so corrections are to be expected.”

Crypto exchange OKEx suspended all deposits of ERC20 token after 12 smart contracts built on Ethereum were alleged of a serious bug. In its official statement, the Hong Kong-based exchange annexed the tokens as hackers used a newly-discovered smart contract bug called “batchOverflow” to breed “an extremely large amount of tokens.” These tokens were then deposited into a regular Ethereum account.

The third-largest crypto exchange in the world as measured by daily trading volume stated, “We are suspending the deposits of all ERC-20 tokens due to the discovery of a new smart contract bug – ‘BatchOverFlow.’ By exploiting the bug, attackers can generate an extremely large amount of tokens, and deposit them into a normal address. This makes many of the ERC20 tokens vulnerable to price manipulations of the attackers.”

The firm further added, “To protect public interest, we have decided to suspend the deposits of all ERC20 tokens until the bug is fixed. Also, we have contacted the affected token teams to conduct an investigation and take necessary measures to prevent the attack.”

Changelly, a cryptocurrency exchange service between digital currencies, have also followed the footsteps of OKEx by immediately suspending all ERC20 tokens.

It is not the first time researchers have recognized bugs in Ethereum based smart contracts. Blockchain experts have already warned about more than 30,000 defective smart contracts on the Ethereum Network.

In March 2018, Coinbase suffered a similar case of integer overflow when users were able to reward themselves with endless amounts of Ethereum. The issue was sighted by Dutch fintech firm VI Company that said, “if [one] wallets transaction in the smart contract fails all transactions before that will be reversed. But on Coinbase these transactions will not be reversed, meaning a person could add as much Ethereum to their balance as they want.”

If such bugs get repeatedly discovered in Ethereum’s network, then the second largest crypto will probably lose its coveted position.…