Digital Currency Meets Online Gaming with the DigiByte Gaming Wallet
, July 15, 2015 at 18:10 BST
DigiByte has released their new Gaming Wallet, combining the power of worldwide digital payments with social media and online gaming.
In late June, DFC Intelligence revised their forecast for the growth of the global market for video games. According to the revised report, the rise of mobile technology will push the growth of the gaming industry from $67 billion in 2012 to $100 billion in 2018.
Online gaming, mobile gaming, and social media services such as Twitch.tv, are some of the fastest growing segments of the industry. With the release of the DigiByte Gaming Wallet we are seeing the first phases of combining the power of worldwide digital currency payments with a multi-billion dollar global industry.
According to Jared Tate, the founder and lead developer of DigiByte, “There are multiple aspects to the DigiByte Gaming project that have been in the works for a long time. We are going to release things in phases.”
The first phase is the release of the wallet on the Google Play store and as a Chrome Extension, followed by the release of an iOS wallet, available soon for the Apple iPhone, and Windows, Mac, and Linux desktop versions of the wallet.
The DigiByte Gaming Wallet securely stores multiple, wallet addresses, giving individual gamers and businesses options to keep their money organized and secure. Developed using hierarchical-deterministic security, the gaming wallet makes it easy to generate in-app wallets and back them up. The DigiByte Gaming wallet is built with security as a priority.
The DigiByte Gaming Wallet is one of the only mobile wallets that fully supports the DigiByte/Bitcoin Payment Protocol. As a result, it is compatible with Payment Protocol-enabled merchants, to verify that payments will go where you send them.The DigiByte Gaming Wallet is a full DigiByte wallet, not an online service. With multiple signatures, the wallet can have multiple users for gaming team members and tournaments.
On June 12, 2015, Google announced the launch of YouTube Gaming – a dedicated social media platform that brings together live streaming, game walkthroughs, and speed runs. Google’s announcement, and the success of the current online gaming sites such as Twitch.tv and Steam, marks the full integration of online gaming into social media.
By combining the power of the DigiByte Gaming Wallet, the existing services of DigiByteTip, and with a world-wide payment network, DigiByte is positioned to play a major role in the integration of digital currency into the online gaming industry. According to Statista, the online gaming market has risen from $13.8 billion in 2005 to over $41 billion today.
As Jared Tate describes the project: “DigiByte Gaming seeks to give developers tools and information to easily integrate our Core Services into video games, and develop partnerships to allow people to make gaming related purchases both inside & outside game. We combined the power of DigiByteTip and DigiByte Gaming, to create an intuitive and fun tipping and donating environment, through streams on twitch.tv and other social media sites.”
DigiByteTip already integrates into Twitch, Twitter, youTube, Reddit, and LinkedIn. The Gaming wallet has internal integration of DigiByteTip for use within or outside of the gaming environment.
By 2017, the spending on online gaming is forecast to meet or exceed the amount spent on console gaming. Research conducted by Infiniti Research Limited and noted by market analysts such as Marketwatch.com indicate that alternative payments are becoming more and more popular for online gaming worldwide. There is clear potential here for digital currency to play an important role in the future of online gaming payments, and DigiByte Gaming wallet is taking the first step toward realizing that market potential.
DigiByte focuses on micro-payments, e-commerce solutions, gaming, and tipping through social media. DigiByte (DGB) launched on 10 January 2014. Since then, DigiByte has introduced Digishield, DigiByteTip, multiple mining algorithms, Digihash Easy Miner and some of the fastest transactions of any digital currency. During the first year and a half, DigiByte had over 1 million transactions, and over 1 million Website and Forum Views.
In November 2014, less than 1 year after the launch, DigiByte received a $250,000 venture capital investment. With multiple apps for both iOS and Android, global development offices, and a strategic partnership with Tofu Gear, DigiByte is a leader in the digital currency, blockchain 2.0 technology, e-commerce, and mobile-commerce marketplaces. In addition to DigiByteTip, and the DigiByte Gaming Wallet, DigiByte is currently working on implementation of Digispeed (expected release late 2015 or early 2016), which is based on block propagation research conducted by Microsoft. It will dramatically increase the efficiency of the DigiByte Network. Digispeed will increase the DigiByte Network transaction capacity from 140 transactions per second to 5800 transactions per second, which is faster than Visa’s average transactions per second.
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