This will give you a basic understanding of the lightning network, how it works, and where exactly it fits in the Bitcoin ecosystem
The lightning network is very new and some interesting use cases have come to the surface. It is definitely not for everyone and you need some technical expertise to get under the hood. Simply using it however is now quite simple.
This is short multiple choice quiz to cement the concepts we covered.
Gaming is a Multibillion-dollar industry worldwide with a wide demographic of users and skill levels. Professional gamers are modern day rock stars and some tournament winners become instant millionaires.
The bitcoin lightning network is likely to disrupt the gaming industry as the big gaming studio stranglehold diminishes. Smaller game providers and free to play games have been eating into the market and this has caused polarisation around certain marques.
Most studios have their own in-game token, which is a great business model for them but restricts the end user to specific titles or brands.
To play a game you send a bitcoin payment via the lightning network to the game address and have instant access to the game. No verification, passkeys, registration or any of the usual red tape. Simply Pay-and-Play. Game rewards can be in the form of Satoshis and furthermore, this creates a programmable transparent way to reward developers working on collaborations.
For example, 4 players could “enter” a round of Fortnite as a team, playing against other teams. There is now a bigger incentive to take the game seriously as you can convert your “winnings” real-world rewards.
It is too early to tell which direction the use of the bitcoin lightning network will take. Moreover, it would be unwise to discount or exclude the gaming industry as one of the major verticles being pursued.