The Next Big Thing in GameFi & NFT: Looking for the right public chain-TrueChain
The blockchain GameFi ecosystem is rapidly growing and GameFi apps’ weekly active users hit an all-time high of 9.21millon in the last December. GameFi has attracted people with its new business model of “Game+DeFi+NFT” that allows financial products to be developed in a gamified manner, gives more economic benefits to NFT, and adds a wealth of diversified economic models to the game.
Compared with traditional games, GameFi has advantages that cannot be ignored. GameFi regains ownership in the hands of ordinary players and enables players to realize assets and earn profits with NFTized assets. These are the things that we have never experienced before. GameFi, the new paradigm of the gaming industry enables both game developers and players to achieve a win-win situation.
If 2020 is the first year of the DeFi explosion, then 2021 is undoubtedly the first year of the GameFi chain game explosion. In 2022,We should first make clear how different GameFi and DeFi are.
How GameFi different from DeFi
GameFi and DeFi differ in some ways. Of course, GameFi is derived from DeFi, but as a result, there is a big difference between the two. There is a clear difference in the ecological conditions.
First, GameFi is much more approachable than DeFi which lowers the threshold for users to enter the blockchain world. GameFi simplifies finance through games and enables the blockchain to be more popularized. People can use blockchain technology when just playing games.
Second, GameFi is more focused on “scalability” rather than “safety” or “decentralization”.
As we all know, Ethereum is the most important infrastructure in the DeFi world. Ethereum, as a fully decentralized blockchain, is the most secured and decentralized public chain. However, since the blockchain trilemma has been bothering Ethereum, it is not scalable enough. The low scalability of Ethereum drives high gas fees and traffic jams. Even if it is deeply affected by high gas fees, Ethereum has always been in the main position on DeFi projects because of its safety. We can realize that safety and decentralization are the most important factor in the DeFi world. But what about in the GameFi world? When it comes to GameFi, things may have changed. Most importantly, compared with any other applications on the chain, GameFi world pays more attention to user experience. As the game pays more attention to the silky feel of the experience, “scalability” becomes the most core function in GameFi. So this is how some of the not-well-known chains become popular as the rise of the game built on chains. Especially in GameFi, a good GameFi project can also become an ecosystem and even some nameless public chains. The sidechain Ronin built by Ethereum for Axie Infinity can illustrate this point. The WAX chain and the NFT-based Flow chain are also some of the more popular public chains.
To sum up, GameFi and DeFi are different from what kind of functionality is more required. So the answer is right here. Obviously, GameFi needs a highly efficient public chain with a low gas fee.
In the current period when various public chains are emerging in an endless stream, different public chains are constantly introducing new ones in terms of differentiation. We will take a look at the representative of public chains that seem right for GameFi.
Let’s take attention to TrueChain.
As mentioned above, we make it clear that scalability is the most important factor of the blockchain in the GameFi world. Additionally, for a game to be truly blockchain-based, robust, and affordable on-chain integration is a basic requirement. Here, we do believe that TrueChain offers solutions that allow game developers to meet both of these requirements.
What is TrueChain
TrueChain is the world’s first public chain that implemented fPoW+DPoS hybrid consensus and has a strong global open source developer community supporting it. TrueChain provides the underlying public blockchain infrastructure with high performance and security for decentralized applications and financial transactions.
TrueChain as an GameFi & NFT-specific public chain
Compared with existing public chains, TrueChain has the following strengths:
(1) Superior technology — high efficiency and low gas fee
TrueChain boasts a transaction throughput of 10000 PS (Transactions Per Second). This is faster than Ethereum.Otherwise, TrueChain’s network is both secure and decentralized. TrueChain is highly scalable, has low latency, and has low transaction costs. From the standpoint of developers and users alike, TrueChain’s affordable transaction fees offer obvious advantages over Ethereum — especially for GameFi. The affordability of fees on the TrueChain facilitates deeper and more robust on-chain integration.
(2) Development team and industry network
TrueChain team members have a deep background, worked with some major technology companies and projects. Also, TrueChain has built an all-inclusive community to attract worldwide developers and entrepreneurs to be part of the TrueChain movement to build the future decentralized economy. Not only does TrueChain have a global developer community, but we also have a library of open-source products that are handy for the developers. TrueChain team has a strong industry network too. TrueChain is in partnership with Microsoft, BW.com, HitBTC, AWS, OKEX, MAKER, and Binance DEX, etc that will bring benefits in the future.
Many public chains based on single consensus mechanisms, such as PoW or PoS, lack efficiency. On the other hand, those based on dPoS or dBFT have been efficient, but are have issues with decentralization. TrueChain uses a hybrid consensus called Minerva, combining DPos and fPoW, to solve the biggest problem confronting permissionless blockchains: the trade-off between decentralization and efficiency.
TrueChain- The right public chain for GameFi
With the recent explosion of Gamefi, the competition between public chains is just starting to heat up. GameFi world slightly different from DeFi world is required to be more efficient and cheap. This is why GameFi needs a highly scalable public chain with a low gas fee. As TrueChain’s technology advances and improves, the network will retain the capacity to support millions of users. This will ensure games built on TrueChain will remain affordable to play, even as adoption continues to accelerate.