Gamecredits Altcoin Review: Is it Legit?

Gamecredits Altcoin Review: Is it Legit?

A cryptocurrency we think has been flying under the radar is GameCredits (GAME). While GAME has been around for some time (relative to other cryptocurrencies), it has seen huge swings in price in recent months along with increased trading volume.

While altcoins, such as Neo (NEO), OmiseGO (OMG), and others have been making waves – GAME is nothing to be scoffed at – with a daily trading volume of over $10 million, GAME has been catching the attention of many cryptocurrency enthusiasts. Naturally, we had to delve in deeper ourselves.

Mission: What is GameCredits Actually about?

GAME aims to serve the vast videogame industry, which according to the GameCredits site, is worth $100 billion, with 1 in 3 people playing video games.

GAME and its accompanying virtual wallet allow for gamers and developers alike to buy and sell games as well as in-game items, more quickly, safely, and privately than with credit cards. Gamecredits wants to become the “universal currency” for the 2.5+ billion gamers in the world – a bold claim that may prove difficult as others have tried in the past and failed.

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Features and Uses

GameCredits have many uses that differentiate them from normal gaming payment methods.

A Universal Gaming Currency

Gamers won’t have to worry about managing different payment methods and credits for all of their games – the GameCredits wallet will allow gamers to use gaming currency or credits across all games.

Less Fraud

According to GameCredits, 50-99% of virtual goods purchases are fraudulent. With GameCredits being tied to the blockchain, transactions are immutable, verifiable, and safe from fraud, which allows developers to worry more about game development instead of fraud protection.

Enterprise Bank-Level Fraud Protection

Along with blockchain technology helping to combat fraud, GameCredits also has enterprise-grade fraud protection and analysis systems to sniff out fraudulent transactions.

Faster Transactions

Credit card transactions can take 60 days to process. On the other hand, GAME payments will allow for payments to process as quickly as 60 hours. This is mostly aimed towards helping game developers, who often suffer from potentially long, payout periods.

Scalability

Along with faster transaction speeds, GameCredits claims that their technology is capable of handling tens of millions of users at the same time, allowing for vast scalability.

Anonymity

GameCredits transactions will be anonymous, allowing for gamers to focus on the game instead of privacy breaches.

Limitless Deposits

Currently, deposit limits hinder developers’ earning potential. With GAME, there will be limitless deposits, allowing for developers to fully reap the fruits of their labor.

Lower Commission Fees

GAME also helps maximize developers’ revenue by charging lower commissions than other platforms, such as Google Play and Apple Pay. The aforementioned payment processors charge a 30% commission while GameCredits charges 10%.

GameCredits Ecosystem

Along with the GameCredits currency and technology itself, GameCredits employs an ecosystem revolving around GAME that includes GNation, a community for gaming products, GStore, a store for games and in-game content, Game.GG, a place for gamers to compete against each other, GWallet, the universal wallet for gamers, GExchange, an online exchange for gamers to trade GAME for both fiat currencies and other cryptocurrencies, and GShare, the GNation charity organization to help those in need.

History

The GameCredits team got their start in gaming, which later led them to programming and the realization that blockchain and digital currencies could improve the current gaming ecosystem for all participants alike.

Founded in 2016 in Belgrade, Serbia, GameCredits Inc. now has over 100 employees with offices in India, Russia, and Poland.

In early 2017, GameCredits announced the launch of MobileGo, a cryptocurrency that offers features like decentralized matchmaking and tournaments for gamers and a decentralized virtual marketplace for gamers to trade in-game items and content.

Using smart contract technology, MobileGo essentially allows for peer-to-peer (p2p) gaming that allows gamers to organize matches, tournaments, and trading themselves without the need for middlemen.

In September 2017, GameCredits became the only gaming-based company to join Hyperledger, an open-source blockchain consortium led by the Linux Foundation that includes names like Cisco, IBM, Intel, and more.

In December of 2017, GameCredits will launch in Fragoria, a massively multiplayer online role-playing game (MMORPG) with millions of players.

GameCredits’ partners include datcroft, jubi.com, Transform PR, INGSOFTWARE, Peaksel, superDT, webelinx, and more.

Total Supply and Circulating Amount

GAME has a total set supply of 100,000,000 tokens with a current circulating supply of 64,296,768 GAME. At the current price of $2.51 per GAME, that gives GAME a market capitalization of $161,384,888 (as of September 26, 2017, 15:12 UTC-5).

gamecredits chart

Conclusion: Should you Invest in GAME?

While we do think that the GameCredits project has a lot of potential, the project, like most cryptocurrency-based projects, is high-risk and yet-to-be proven. The idea of a universal gaming currency is solid and definitely one that is desired by gamers who might not necessarily stick with games for long periods of time, thus rendering purchases in one game useless if they decide to switch to other games.

Although it is true that the GameCredits store currently has over 300 games, with hundreds more expected to be listed this year as well as GameCredits being set to be implemented in Fragoria, a very popular game with millions of players, we would like to see GameCredits being adopted by major developers and gaming titles before recommending investing in the project long-term.

The integration of GameCredits into games is also unclear and is something we would like to see clarified before considering investing in the project. However, for cryptocurrency traders who are looking for quick profits, the volatility of GAME is definitely something to be considered.

All in all, while we would love for GameCredits to succeed, we are a bit neutral about the viability of the GameCredits project and suggest that anyone interested in GAME do their own research before considering trading or investing.

Thanks for reading!

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