Web3 Interoperability Potential

Web3 Interoperability Potential

Play-To-Earn Games News, P2E Games News | 18 May 2023 08:05 UTC

Web3 industry is in its infancy and a lot is happening in its subdomains. The million-dollar question is which segment will propel its mass adoption and mainstream success. We have already seen and read plenty about gaming as a promising catalyst in this regard. However, there is another catalyst hidden in the haystack of Web3 technology that can revolutionize industries. We are talking about interoperability in Web3 and its ability to upgrade the entire systems we rely upon. The interoperability technology and its functionality has a broader scope attached to them. It is not only limited to blockchain gaming and metaverse but has the capacity to impact every significant sector of the world. How? Let’s find out.

What is Interoperability in Web3?

A simple answer to the question is the ability to transfer something from one system to another like transferring a file from an Android to an iPhone. However, in Web3, it means transferring a token, crypto, avatar, etc from one blockchain to another. This interoperability functions impacts almost everything in the Web3 domain. Every blockchain developer is using this technology in their projects and constantly working on improving it. However, there are concerns as well as challenges in interoperability, especially security and inter-blockchain project functionality.

Interoperability in Gaming and Identity

Gaming and virtual identity are both at the forefront of the Web3 industry. If we take gaming, it is the leading segment of the entertainment industry. It uses cutting-edge technology and sits at the forefront of it. Moreover, the gaming industry is expected to reach $435 billion by the end of 2028. So, for gaming, the sky is the limit and it continues to expand at an ever-increasing rate. However, despite sitting at the forefront of technology, there are stark limitations evident when it comes to being ‘open’ or without borders. 

Web3 gaming projects or traditional games, both have sky-high borders, meaning every game project works in solitude. Open-world games are not truly open as players can’t escape or transfer their digital presence from one game to another. Consequently, there is no persistent virtual gaming identity for players to carry forward from one game to another. It is an important aspect for gamers as they put in a lot of effort to personalize their online presence. There is a lot of effort involved in in-game character profiles, earning rewards, and making a reputation within the community. But the sad part is that their online presence is limited to only one game. As soon as they switch games, their online presence vanishes.

Interoperability Solution in Games

One of the games working towards a solution is Roblox which acts as a central hub for developers to launch their projects. Roblox metaverse allows developers to develop games or projects which allow interoperability from one project to another. Every project on Roblox uses one single currency powered by Roblox. However, to achieve interoperability, Roblox had to compromise on developer freedom and game design. Developers need to use mandated developer tools including coding and rendering. 

Another example lies in Decentraland, its approach is different when compared to Roblox. Decentraland allows developer freedom but with a downside. The game tokenizes in-game assets which allow them to work outside the game. However, the transferring process is complex as it involves digital wallet integration, gas fee, and cross-chain bridging. Besides environmental concerns and gas fees issues, the biggest challenge lies in bridges. Bridges pose a massive security challenge as it is on the hit list of hackers for a long time. Only last year, bridges saw losses of more than $2 billion making digital assets movement a lot riskier.

Interoperability and Identity Verification

Identity verification is a vital part of either the real world or the virtual. The capability to establish one's identity is essential for a functioning society and economy. A formal method for identifying ourselves, our concepts, and our belongings is the foundation for exchanging goods and forming global markets. However, at present, the infrastructure for identity verification is severely restricted.

The use of blockchain technology can enhance the handling and storage of digital identities by offering a unified and secure infrastructure. Cryptography ensures protection and verification, thereby providing a tamper-proof solution. Blockchain introduces innovative developments in identity management through an interoperable and verifiable system that integrates identity information, such as attributes, claims, credentials, and attestations. For instance, an individual's identity can encompass affiliations, certifications, qualifications, and even endorsements from coworkers.

The true strength lies in the possibility of preserving the confidentiality of this information while confirming its accuracy through the use of "zero-knowledge proofs," a cryptographic principle. Zero-knowledge proofs can be utilized to validate identity tokens or specific portions that have been approved by the owner, demonstrating their accuracy while safeguarding privacy.

Looking Forward to the Future

The advantages and possibilities of Web3 interoperability are particularly evident in gaming and identity verification, but their impact extends to a wide range of industries that still rely on outdated systems and communication protocols. Looking beyond immediate applications, there are compelling prospects and untapped areas for disruption. Sectors such as voting are ripe for transformation, and it is likely that blockchain-based voting will soon become a reality.

Play to Earn Games News

Welcome to PlayToEarnGames.com! Your ultimate destination for all things gaming. Here you will find game reviews, daily news updates, and an extensive list of the latest games. Our goal is to keep you informed and entertained. If you have a game or exciting news that you would like to share, we encourage you to reach out to us. Stay tuned for daily updates and be sure to check back often for new additions to our growing list of games. Let's play and earn together!

Tags

Blockchain games, open-world gameplay, NFT interoperability, web3 news
See All
It is the Time for Web3 Gaming to Notch It Up

It is the Time for Web3 Gaming to Notch It Up

Web3 gaming is an innovative fusion of blockchain technology and gaming, poised to have a significant impact on the industry. It combines the utility of blockchain within video games, creating a new category called Web3 games. Enthusiasts believe it holds immense potential and could emerge as a major player in the gaming landscape.While Web3 gaming has garnered excitement and investment, challenges are evident. Despite its growth, daily unique active wallets remain low compared to the global gam...

Read more
SAGA’s Multiverse Summit Takes Place Aboard a Yacht, Revealing Web3 Tech to Empower Multiverse

SAGA’s Multiverse Summit Takes Place Aboard a Yacht, Revealing Web3 Tech to Empower Multiverse

At the Multiverse Summit hosted by Saga, a leading Web3 infrastructure protocol, Liao from Saga unveiled several groundbreaking innovations aimed at transforming the gaming and entertainment industries. The summit took place aboard a yacht on the Rhine River during Gamescom 2023 in Cologne, Germany, and showcased Saga's commitment to revolutionizing the gaming landscape.Key highlights from the summit included the introduction of the latest version of the Saga protocol called Pegasus. This versio...

Read more
Crypto Gaming: Earning and Investing in Virtual Economies

Crypto Gaming: Earning and Investing in Virtual Economies

The convergence of cryptocurrency and gaming has given rise to a groundbreaking phenomenon called crypto gaming, where players can earn cryptocurrency while playing games. This article explores the world of crypto gaming, focusing on legitimate opportunities, popular games, methods of earning, and the potential for investment.Legitimate opportunities in crypto gaming provide players with immersive experiences where they can own in-game assets and trade them in open marketplaces, thereby enhancin...

Read more
PlayToEarnGames.com Newsletter 11: NFTs, RPGs & More!

PlayToEarnGames.com Newsletter 11: NFTs, RPGs & More!

This week in the Web3 game industry, significant developments took place as two top game releases, NFL Rivals and Champions Arena, transitioned from beta versions to full live releases on iOS and Android app stores. NFL Rivals, which already boasts a substantial fan base, achieved over 2 million downloads. Additionally, other games like Eternal Dragons, Everseed, and Rogue Nation introduced new updates. Alpha versions of Boss Fighters and Citizen Conflict were also unveiled, offering players pas...

Read more
Play-to-Earn (P2E) Games: Where Gaming and Crypto Converge

Play-to-Earn (P2E) Games: Where Gaming and Crypto Converge

Play-to-Earn (P2E) games are a revolutionary concept within the gaming world that leverage blockchain technology to combine gaming with cryptocurrency. These games offer players the opportunity to not only enjoy immersive gameplay but also earn real value through digital assets. Unlike traditional games, where rewards are confined to the virtual realm, P2E games allow players to translate their in-game achievements into tangible rewards like cryptocurrencies and non-fungible tokens (NFTs), which...

Read more
MapleStory Universe Aims to Deliver Fair and Unbiased NFT Gaming Experience with Chainlink

MapleStory Universe Aims to Deliver Fair and Unbiased NFT Gaming Experience with Chainlink

Nexon has partnered with Chainlink, a major player in Web3 infrastructure, to enhance its NFT-focused blockchain gaming ecosystem, MapleStory Universe. This collaboration aims to utilize Chainlink's Verifiable Random Function (VRF) technology to create more authentic and equitable experiences for players. MapleStory Universe is a large-scale online role-playing game hosted on the Polygon Supernet, with a focus on delivering top-notch Reward Experiences (RX) through the application of VRF, consid...

Read more
PlayToEarnGames.com

Welcome to PlayToEarnGames.com, your daily source for the latest NFTs and Cryptocurrency News. Whether it's PlayToEarn, cryptocurrencies, wallets, blockchain technology, trends & analysis, beta releases, or other game industry insights, our team of dedicated writers is here to keep you informed. But that's not all; we know that gaming is at the heart of it all.
In our P2E games section, we provide you with the best game reviews across a variety of top genres, including Play To Earn, Web3, Crypto, NFT, Metaverse, Blockchain, and much more. Our comprehensive game reviews cover everything you need to know, from gameplay instructions and videos to in-game footage and images. We also provide links to social media platforms like Twitter, Discord, and Reddit, whitepapers for deeper insights, and, of course, where you can play the game.
So, take a moment to explore our Play-To-Earn game website, and we sincerely hope you enjoy your visit. Stay tuned for the latest updates from the gaming industry and its up-to-date insights to game developers and their game details. So check our section Video Games, Gaming News, Game Developer, Game Trailers/Game Videos, and our Event Calendar with all the mints, drops and more.