A blockchain gaming platform designed by distributed ledger technology (DLT) company Hashcash Consultants is looking to break into the crypto-friendly island nation of Malta.
As announced in a press release today, HashCash plans to collaborate with a team of video game developers to launch a collection of DLT-based online games. HashCash believes its system currently has the right technology available to provide a secure and decentralized ecosystem within which the online gaming industry. The HashCash architecture has all the necessary requirements needed for a decentralized, crypto-based gaming experience that is not only affordable but also transparent and immutable.
“This is just one of the many ways blockchain can revolutionize how we experience gaming in the present day,” said Raj Chowdhury, MD of HashCash.
In October last year, HashCash began developing the gaming side of its operations, working with several companies to develop a global gaming chip that could be used across multiple platforms. In February this year, it continued its expansion, partnering with an Australian video games company in an effort to help it break into the $100 billion gaming industry.
HashCash hopes to blend the worlds of cryptocurrency payments and online gaming by facilitating the monetization of decentralized games. Blockchain technology offers significant benefits to the industry, specifically in its ability to both secure and automate payments via smart contracts.
The expansion into Malta represents the next logical step for the company, as the island nation has some of the most favorable cryptocurrency regulations in existence. The clear and well-established legislation regarding cryptocurrency use in Malta means blockchain developers have a safe and secure environment within which they can explore and advance the field.
The Malta Gaming Authority is working hand-in-hand with the Malta Digital Innovation Authority to create an operational framework that supports the needs and right of both investors and players alike. HashCash will be expected to develop a new digital wallet for its gaming platform as well as commit to strict compliance and Know-Your-Customer (KYC) rules.
With the rise in popularity of decentralized app (dApp) platforms like Tron (TRX) and EOS, online gaming has quickly become the most common use case of cryptocurrency. As the trend continues, the need for more professional developers and tighter regulations will likely become an increasing necessity.