Blockchain-based GameLootNetwork to challenge Apple and Steam gaming platforms 7597
News
Roshni Vayyapuri
Apr 30, 2018 at 1:26 PM

Multi-million dollar provider of decentralized gaming products Today GLN Holdings, Inc., announced the launch of Game Loot Network (GLN), their digital distribution platform. GLN works more or less like its competitors, Steam and Apple’s App Store. The only difference is they are implementing blockchain technology which enables the innovative user resources. They are providing a platform which leverages their own cryptocurrency “Loot”, that will aid the features not practically possible with other platforms.

but blockchain technology enables innovative user resources. The platform leverages its own cryptocurrency, “Loot”, to support features not possible with other platforms. Incentivized crowdfunding for in-development games, democratized esports-style tournaments, and cryptocurrency rewards for online achievements are the tools used for this platform.

Lance Baker, visionary, and founder behind Game Loot Network said, “We set out to take some of that power back for independent developers and the players themselves. Prohibitive costs and even greater risks plague the game development landscape. Big gaming companies want big money, and they leave riskier, innovative games to these independent studios. But, the indie guys struggle to compete in a marketplace heavily-weighted against them in terms of budget, discoverability, and user acquisition, we set out to take some of that power back for independent developers and the players themselves.”

They are targeting to provide an alternative gaming market and player reward system. GLN Holdings is currently holding a pre-sale and they would be holding an initial coin offering on 29th May. Their test run saw five million dollars in transactions and had 65,000 users.

The company is expecting to make its distribution platform Game Loot Network, to provide an alternative to the likes of Steam and Apple, one day.

Some companies like GOG, have tried on steam in the past and even succeeded at it. But can never really match the standards of GLN.

The believes that its distributed ledger technology will provide a fast and safe way of handling transactions. The crypto-based system will give incentives to the players to return to the platform. The company is also providing a platform called Build which will allow developers to submit game ideas, story concepts, and demos to players for support and approval.

Currently, the blockchain has various issues holding it back such as the speed of transactions and the instability of the currencies that rely on it.

The company raised $2.5 million from its ICO presale and Baker is hoping positive results regarding the platform’s future.

 

Image source: GameLootNetwork