Innovation and creativity is upon us.
This is the state of the cryptocurrency industry at the moment. We are dealing with a wide spectrum of innovation. People are basically free to build whatever they desire. At the same time, since much of what we are doing is open, people can take what others create and integrate it into their platforms.
Ragnarok is a game that is exciting a lot of people. It is working towards entering release, with a bug bounty going live soon. This is the first step in what should be a wonderful 2023 for the project.
During a recent Cryptomaniacs broadcast, we discussed this project with the founder. The features offered by Hive really help to make the vision of this game possible. We are also seeing some innovation that should provide a blueprint for all games going forward.
We covered HBD in great detail. This coin alone has the potential to make Hive one of the most powerful blockchains out there. That said, the fact we have base layer DeFi which nearly eliminates all counterparty risk should be something developers pay close attention to. With gaming, this provides an opportunity to make things stand out.
So what is Ragarok doing that is so innovative? Really, it will simply duplicate the actions of many on Hive. Each day people move HBD into savings, earning themselves a return.
For many, since this option became available, the money that went in has kept growing. It now provides a very aggressive 20% return.
The idea for Ragnarok is to use HBD for payments All purchases along with entry fees for tournaments will be paid using HBD. This is completely sensible since it is Hive's native transaction coin.
Once the HBD comes in it is put into savings, it is left there. The idea is to keep growing the HBD holdings, thus earning a larger return.
This serves two purposes:
Here is where we see gaming enhanced. Suddenly, there is a consistent yearly prize pool offered to attract players. This will only grow as the balance in savings expands.
It is a simple model yet one that is effective. We can see how it can be duplicated across many games. Let the sales of in-game assets and tokens go to fund the rewards that are offered in the game.
Hive offers this at the base layer.
We see another simple idea that has enormous power.
On Hive, the talk is often about marketing. Here is where the idea is turned on its ear. Instead of spending money marketing, simply offer it as part of the prize pool. There is a point where the numbers attract attention.
What could the numbers end up looking like? This is all speculation because we have no idea of the cost of anything. However, if the saving account grows to 1 million HBD, that would be 200K to pay out yearly in prizes.
Does $200K in prizes appeal to gamers? That is a question only time will answer.
What we can take away from this is the long-term view. Each year, as the amount of HBD locked up grows, so does the prize pool. There could come a point where this reaches levels which really excite the potential players.
Since this is not a mass appeal game, at least from the playing perspective, we see how tapping in the right pool of potential gamers could provide a serious windfall. Word-of-mouth could spread things rather quickly once the decision is made to open things up.
Of course, for those who are already on Hive, this opens up an interesting proposition. Even if we are not interested in playing, we should do all we can to support the advancement of the game. Locking up HBD will only offer value to the ecosystem. Also, by presenting what we hope is a working model, others could follow suit.
Hive having two coins at the base layer (HBD and $HIVE) is an opportunity that few other blockchains have. While many have stablecoins built on them, this is not part of the base operations. At the same time, many safeguards were put in place to protect the integrity of the coin as things grow.
When it comes to transacting currencies, scarcity is not the goal. This can stifle economic growth if the funding is not there to enhance the system as is required. With this idea pertaining to HBD, the "lock up" of the currency means more will be created. Once distributed to the players, it then is circulating in the economy, able to serve other purposes. Of course, the players might use it to pay for other game related items and simply feed it back into the savings account.
Think of this concept for most any project. A company could fund their operations in HBD. As revenues come in, the profits can be placed into savings. As it grows over time, company expansion could come from the proceeds out of this account.
Naturally, we want HBD floating in circulation. Here again the Ragnarok model shows us how players will have to have some HBD in their wallet. Since it is the transaction coin, anyone wanting into a tournament will have to put his or her hands on it. This means entering the market to get it if not in the wallet.
Thus we see the incentive is not to lock up all HBD. For those participating, some liquid is required.
Now let us consider this concept taken to another level. Perhaps there is betting on the players. This application could do the same thing. HBD as the payment coin means those wishing to gamble will have to keep some liquid. Now we are developing utility for HBD, which drives more value to the network.
Ragnarok already has this in the plans. For Hive, we simply need this process duplicated 100 times.
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