ICO Spotlight: Interview with Jared Psigoda, CEO of BitGuild
Coinschedule: Blockchain for gaming – Did it start after Cryptokitties broke the internet?
While there were experiments revolving around blockchain gaming before CryptoKItties was released, it was CryptoKitties that brought the industry into the spotlight and showed the potential for what could be built by combining game design and smart contract technology. The game was a fantastic proof of concept that hinted at what is to come.
Coinschedule: What is the main need of bringing cryptocurrency gaming into blockchain? Please identify 3 main problems BitGuild is solving.
Blockchain gaming solves many existing problems in the game industry for both players and developers as well as opens us up to many new opportunities.
- The gaming industry (developers and publishers) are plagued with rampant fraud. There is no protection from traditional payment providers such as credit cards for virtual item sales, and game developers must spend millions of dollars a year on customer support to combat bad actors.
- Every item players receive in their favorite games (as well as the characters themselves) are not, in fact, owned by those players. Games on the BitGuild platform will all feature item tokenization, effectively allowing players 100% control over their virtual game assets.BitGuild will resolve the trust issue in buying, selling, and trading virtual items. With item trades and sales being executed on the blockchain via smart contract over the BitGuild virtual asset exchange, players can rest assured that virtual trades they make will be executed as planned.
- Blockchain gaming = power to the players.
Coinschedule: Which platforms and technologies are you using to develop games in BitGuild platform? Do developers have any reward in place?
We are currently building blockchain games which will be playable from any standard web browser. Developers will receive revenue from their games on the platform in PLAT. In addition, we will also have funds allocated to help localize and promote these games. There will also be a certain amount of PLAT dedicated to early developers to be implemented in their games for player rewards.
Coinschedule: Can any game be converted into Blockchain game?
Theoretically speaking, any game could be converted into a blockchain game. However, we are of the opinion that not every game needs to be on the blockchain. We see blockchain games as an entirely new class of games that could be the biggest thing to hit the industry since free-to-play. These games will feature much more robust economic systems with a greater focus on trade than traditional games.
Coinschedule: How does BitGuild tokenization work?
BitGuild will create non-fungible game token (character/item/etc.) standards based on the ERC721 framework. Essentially, when an item is “acquired” in a game (i.e. dropped by a monster), it will be sent to the player’s digital wallet, where he can do with it whatever he pleases (since it is owned by him).
Coinschedule: Will BitGuild introduce its own wallet or any wallet can be used?
We plan to create our own digital wallet which will allow for the viewing of non-fungible tokens such as game characters, armor, equipment, etc.
Coinschedule: Will PLAT be exchangeable with any other currency outside BitGuild platform?
We will be making announcements about this in the future.
Coinschedule: When Cryptokitties went viral, it congested the Ethereum platform for two days. How is your team preventing this roadblock?
I believe that for blockchain gaming to truly go mainstream, it will be important to resolve the TPS (transactions per second) problem that currently affects Bitcoin and Ethereum. In the future, every piece of loot dropped by any monster in a game could potentially become a blockchain transaction. This would require a TPS in the hundreds of thousands to millions per second.
Blockchains are living, breathing organisms with fantastic communities of developers behind them. We look forward to seeing future Ethereum updates that help to solve the TPS issue. In addition, we are also looking at some “3rd gen” blockchains that use PoS or DPoS mechanisms, and would consider migrating our token to their blockchains sometime in the future should they be able to effectively solve these issues.
Coinschedule: What is the total supply of PLAT tokens and is there any soft/hard cap?
The total supply of PLAT is 10 billion, of which 45% will be sold during the BitGuild token sale. The soft cap for the ICO is 5,000 ETH, and the hard cap is 14,065.2 ETH.
Coinschedule: Can we know some credentials about the team behind this amazing idea?
Credentials about our team can be viewed on our website at https://www.bitguild.io.
We’re also interested to know about future developments and partnerships
We have already partnered with several development studios to create games for our platform. Details about these partnerships and others will be released when the timing is appropriate.