Blockchain Introduction
Blockchain is a young industry, but it’s inherent freedom from geographical constraints, legacy
payment systems, proficiency in resisting censorship, ability to bypass middlemen, as well as
other technical feats [16], has it surpassing a $280+ billion industry valuation today [17]. The value
of a cryptocurrency lies in the fundamental value it offers as a tool. The video game industry
has specific and systemic problems that can be solved by using the blockchain. The $427 billion
typically spent on advertising can instead be redistributed to individual consumers via Refereum
and micropayments previously impossible to distribute due with traditional transaction fees.
Imagine a game of heads or tails. Two people can write a contract to bet money on the outcome
of a coin toss. What if the contract was written on — or rather, in — the flipped coin? This is a smart
contract. An Ethereum (ERC20) token is programmed with the information of the contract, the
wallets of potential recipients, and a way of objectively determining the outcome.
It has been impossible to reward players with fiat currency because of complex legislative and
geopolitical restrictions, but this blockchain solution removes such barriers. The philosophy of
blockchain revolves around decentralization [16]. The global marketing and ecommerce industry
is ripe for disruption by this smarter decentralized technology. For an economic system to
maintain or grow, there needs to be an ecology of needs, suppliers, and innovators. The Refereum
economy is primed with gamers, influencers, and game developers. Refereum is featured as an
official partner of the Connext API to allow the purchase of RFR securely with conventual payment
methods like credits cards for average consumers.
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Topic: Blockchain Introduction (Read 723 times)