If you read this carefully, anyone can escape being a beginner! A must-read guide for beginners! We've compiled common questions and difficult terms in an AMA format to help you quickly and easily understand the problems you face when first starting out in blockchain games! :D It's not difficult at all, so be sure to read it and enjoy blockchain games together!
It's a technology that proves that a virtual asset is yours through a receipt that you purchased it from someone else, and it's equipped with technical devices to prevent forgery and alteration. You don't need to know the specific types or methods of the technology right now, so look it up later when you have more knowledge.
Ownership of virtual assets such as items and goods is usually with the user, and it is possible to exchange them for cash through transactions, etc.
P2E stands for Play To Earn, which means 'play to make money'. It has a negative connotation that the game is not entertainment, but a means of making money. So, these days, the atmosphere is shifting to P&E (Play and Earn), which means 'you can earn money while playing games'. The essence is the same, only the name (abbreviation) has changed.
It refers to services that allow you to earn virtual assets through means other than playing games. The To Earn part remains the same, and it can be attached to M2E (Move), L2E (Live, Like, Learn), C2E (Create), S2E (Sleep), D2E (Drive), etc. For example, Move To Earn refers to a service that allows you to acquire virtual assets through walking exercise. All of them are sometimes referred to as X2E.
To give an example of existing games (in-app purchases, etc.), it's a one-way structure where you buy diamonds with cash and buy gold or items with diamonds. P2E games allow movement in the opposite direction. You earn gold in the game, buy cryptocurrency with it, and sell the cryptocurrency on an exchange to get cash, or buy other cryptocurrencies that can be traded for cash.
To exchange gold for cryptocurrency, there must be someone who wants to buy gold with cryptocurrency in return. The ratio between these two is very important. If unlimited exchange is allowed, inflation can occur and the value of the cryptocurrency can plummet. Therefore, the total amount of cryptocurrency is often fixed, and the market price fluctuates according to supply and demand.
It depends on the game. Some games require assets such as NFTs to acquire goods. Also, some games don't allow gameplay itself without NFTs.
You've probably heard of Non-Fungible Token. It's a device that proves ownership of a specific virtual asset, and it's similar to a house deed. NFTs can be items such as weapons or armor, or facilities such as land or castles. Generally, transactions between users are possible. Some games also offer services to rent NFTs.
NFTs are often required to use content that earns monetizable cryptocurrencies. In other words, you need to purchase NFTs to make a profit. The amount of cryptocurrency earned by playing may increase depending on whether you own it or not. Even if you don't play the game, you can receive cryptocurrency dividends if you own NFTs like stocks.
You can purchase them through NFT trading platforms such as OpenSea and Marketplace, or from game companies during INO. INO is explained in the section below.
You need a blockchain wallet (Metamask), an exchange account (Upbit, Bithumb, Coinone, etc.), a withdrawal method (account) required to link to the exchange, a VPN, and an overseas Google account.
A wallet is a virtual asset transaction receipt storage, and you can think of it as the same role as a bank app. After linking the wallet to the game, you must check the wallet to prove ownership in order to use the virtual assets in the game that you own. It also stores cryptocurrencies earned through play. There are several wallets, but Metamask, Kaikas, and Clip are the most commonly used. Each game may have different compatible wallets, so it is recommended to create all three wallets to fully enjoy the game.
An exchange is a platform such as Upbit, Bithumb, and Coinone that exchanges cryptocurrencies for other cryptocurrencies or real currencies such as cash. Famous currencies like Bitcoin can be traded on almost all exchanges, but some cryptocurrencies can only be traded on specific exchanges.
P2E games may be impossible due to each country's policies. Korea and China are representative examples. It is legally prohibited due to issues with individual ownership of virtual assets and permission to cash out. Therefore, games generally restrict access based on the IP's nationality. In this case, you need to use a VPN to bypass and connect with a foreign IP.
Paid VPNs have a country designation function and have high speed, stability, and security levels. Above all, speed is the most important. For example, real-time PVP games can be enjoyed smoothly only if a stable ping is maintained.
These programs are DNS services, not VPNs. To put it simply, you can think of it as tricking you into thinking you can connect. Since it doesn't have the function of changing the country, there are actually more parts that don't work, from P2E games to wallet linking.
This is to download and update game and wallet apps from the Google Store. Generally, the Google account you signed up for has its country setting fixed to Korea through the identity verification process, so you cannot download and update P2E games. You must switch to an account that has not been phone-verified to make it possible.
It's a type of promotional event. In terms of existing games, it's similar to an opening 기념 경품 이벤트. However, the prize is just changed to a cryptocurrency that can be cashed out. Rarely, NFTs are released through airdrops.
INO is an abbreviation for Initial NFT Offering. The main point is that it refers to the process in which a game company sells NFTs to general users at a set price when it first creates them. In other words, it sells ownership of virtual assets (items, etc.) created by the company to general users. It is often sold in advance before the game is released, so it is also called Pre-Sale. ICO means selling coins when they are first created. It has the same meaning as IPO, where a company puts its shares on the market when it goes public in the stock market.
This is the fee that must be paid when making transactions such as remittances and exchanges. It's called gas fee. The fee varies depending on the transaction size and currency type. Some wallets or trading platforms use cryptocurrencies as fees.
This is to see which coin you can exchange the cryptocurrency you earned from the game for. It is related to various aspects such as the type of exchange you are using, the type of coin you already own, and fees. If you start a new blockchain game that you have not used before, you will need additional effort and processes such as exchange fees, exchange registration, and wallet creation. Above all, the price of the coin is also important.
The following is a brief summary of frequently used terms, as anyone who is new to the blockchain game field will hear many unfamiliar words.
It is a distributed data storage technology that stores data in 'blocks' and connects them in a chain form, and replicates and stores them on multiple computers. Transaction data is not stored on a centralized server, and all users share and compare transaction records, making it impossible to forge or alter data.
Blockchains are largely divided into Public and Private. Public allows anyone in the world to verify whether a transaction is valid and participate in the consensus process of the blockchain. Private is a closed type and requires passing a unique authentication method to participate in the network.
It is a file with a private key that can store and manage cryptocurrencies, and is often referred to as a wallet. Metamask, Kaikas, etc. support personal wallet services.
It is a decentralized app that operates on a blockchain base (distributing and storing information on the network).
It is a type of digital asset that uses encryption methods that utilize blockchain technology to ensure the safety of transactions, control the creation of additional units, and authenticate the transfer of that asset.
The place where you can buy and sell coins/tokens is called an exchange, and in Korea, cryptocurrency trading is possible at Bithumb or Upbit. Unlike stock exchanges, trading is possible 24 hours a day, and the types and prices of coins/tokens that can be traded are different.
It is an information document that generally informs readers of the goals, technology, and development philosophy of a blockchain project. In the case of a blockchain game whitepaper, it is a document that allows you to get a glimpse of how future updates will proceed.
An airdrop is an event that distributes tokens to people who hold a specific coin at a specific time, or who have performed a certain task.
It consists of a combination of numbers and upper and lower case English letters, and is an address for storing cryptocurrency in a wallet. It is necessary to send and receive cryptocurrency.
It refers to an exchange in which nodes in the network form the exchange's system so that individuals can trade directly without the intermediary of the exchange. It is a transaction system that reflects the nature of cryptocurrency, where anyone can freely trade through a cryptocurrency personal wallet and create and participate in a wallet.
Bitcoin (BTC) is the first decentralized cryptocurrency that operates without a central bank or single administrator. The network is Peer to Peer (P2P) and direct transactions occur between users without intermediaries. These transactions are verified by network nodes through encryption and recorded on the blockchain.
It refers to a cryptocurrency whose price is linked to a fiat currency (dollar) or real asset. While existing cryptocurrencies are evaluated as having poor stability for use as a currency due to their unique price volatility, coins such as USDT and USDC have high price stability compared to existing highly volatile cryptocurrencies because their value is fixed to the dollar.
Ethereum is a distributed computing platform based on blockchain technology that supports Turing completeness and is programmable. Ethereum is based on the blockchain like Bitcoin, but through the integration of a programming language that supports Turing completeness, it supports the development and execution environment of smart contracts and general-purpose distributed applications (DApps).
Gas is the unit of network fee for executing transactions on all Ethereum platforms. When transferring Ethereum (ETH), all nodes in the network need to perform the same calculations and store the same values, and the amount of work is converted into GAS or a specific amount.
It is a cryptocurrency that can be issued using a platform such as Ethereum, not an independent blockchain network (mainnet). If you own an independent blockchain network, it is called a coin, such as Bitcoin, Ethereum, Quantum, and Steam. Since it is difficult to build a mainnet system at once like a coin, tokens are first issued on a platform such as Ethereum and then converted into coins through development.
Mainnet means creating a new ecosystem as an independent platform and creating its own wallet without being dependent on an existing platform.
It refers to the signed information transmitted in the process of transferring cryptocurrency, and is created as a single string.
TxID is the hash value (replaces data with a string) for the entire transaction data. The hash value becomes a completely different value even if the data changes slightly, and this is used to query and identify the record of the blockchain network for the transaction. You can check the wallet address, quantity, number of confirmations, time, etc.
It refers to the fee paid to the node when transferring cryptocurrency. In order for a transaction to be included in a block, a proof operation is required. Nodes receive fees along with block rewards in exchange for performing this verification and proof. Fees are the economic reward that the cryptocurrency network provides to nodes. In other words, it is the cost paid by the person who created the transaction to the miner, and generally the fee affects the priority of the transaction.
A smart contract is a technology that automatically executes a transaction when certain conditions of the transaction are met on the blockchain. It can conclude and execute various forms of contracts from finance to real estate notarization based on the blockchain, and a distributed network where all users have the same rights is required to operate a smart contract.
GameFi101 (1/5): "Welcome! Blockchain, NFT, P2E for the first time?"
GameFi101 (2/5): "3 Recommended VPNs, Creating a Google Overseas Account"
GameFi101 (3/5): "Changing iOS Country of Residence, Creating a Wallet"
GameFi101 (4/5): "Signing Up for Domestic/Overseas Exchanges for Coin Trading"
GameFi101 (5/5): "NFT Trading, No Worries When Using OpenSea!"