Most lists of the biggest advancements to technology over the next few years – including gaming technology –will cite both VR gaming and cryptocurrency as big players in the game. So, it should come as no shock that one of the upcoming VR gaming development platforms and one of the altcoins to rival Bitcoin have teamed up in order to revolutionize how gaming looks at both the future of VR and the future incorporating cryptocurrency and tokenisation. As Paracosm announces its partnership with the cryptocurrency IOTA, it opens up the possibility for greater integration between cryptocurrency and gaming.
What is IOTA?
Minsk-based VR gaming platform Paracosm presented their recent partnering with IOTA, the blockchain-based cryptocurrency, at the Eastern Europe DevGAMM convention. The reason for choosing IOTA was to disrupt the VR gaming sector, and they felt that IOTA’s benefits would best allow this to happen. The quick transaction rates of IOTA are one of its major benefits over Bitcoin, which has been critiqued for this in the past. The more users of IOTA, the faster these transaction rates will become. So, as more people buy IOTA to trade on platforms or store in their e-wallets, the blockchain will become stronger. For those interested in advancing past the basics of what blockchain and cryptocurrency can do, IOTA seems to be tackling some of the issues that are levelled against Bitcoin and its earlier contemporaries. Indeed, as reported, Steam has pulled its support for Bitcoin, so there could be some flux in the industry. Does this explain why Paracosm are opting for IOTA over any other blockchain?
How Could IOTA Benefit the VR Start-Up?
IOTA will enable the company to handle an unlimited number of transactions every second with the Tangle. IOTA bases itself as an ecosystem of the Internet of Things (IoT), which is critical in the scalability of what Paracosm are trying to do, and explains why they opted for IOTA. Paracosm’s project is an open-source platform avoiding centralized governing bodies. The start-up are adamant that IOTA is the only cryptocurrency that can survive the quantum computing, which people are concerned could interfere with other blockchains. IOTA, on the other hand, is known for its Quantum-proof Tangle. IOTA is also future-ready, which could prevent its features from being overlapped or becoming outdated and will also inspire people to get more invested in cryptocurrencies that aren’t Bitcoin. The safety and security features that allow cryptocurrency to be leaders in their field are maintained with IOTA. Security is increasingly becoming a concern and people are looking for ways in which to guarantee greater security.
Paracosm’s choosing of IOTA to partner with in order to take VR to the next level sends a signal out to two different sectors. It tells the gaming sector to prepare itself for the next level in tech development, which should help break through any plateaus the industry is facing. It also tells the cryptocurrency sector that IOTA’s benefits are the ones that have been sought out, while showing the sector the practical and workable ways it can be further integrated into our lives.