Decentralization is a global phenomenon that has recently gained traction following the increased popularity and usage of blockchain-based services. In short, decentralization is distributing power, authority, and control through a network instead of a central entity.
The concept is typically used to refer to banking and financial services that operate through the blockchain, an open-source network supported by the users’ computing power. Every transaction is permanently etched into the network, preventing its manipulation.
However, decentralization also affects something we’re all familiar with: entertainment. Stick with us to learn how this technology is changing online entertainment as we know it, from online gaming to streaming services and art.
Crash Games
Crash games are a relatively new addition to the world of online gambling. At first, these games could only be found at a BTC casino. However, they have now made their way into mainstream platforms, becoming a massive success among players.
Gameplay-wise, crash games are straightforward. Every round, players have a few seconds to place their bets. Once the round starts, the goal is to cash out your bet before the game “crashes”. Otherwise, you’ll lose the amount staked. The payout is calculated according to the multiplier at the time you cash out.
The integrity of these casino games is verified using a technology called “provably fair”. The outcome of a round generates a hash that can be compared to the original. This removing the need for third-party auditors.
Streaming Platforms
Any song uploaded to Spotify is controlled by the platform and stored on its servers. As you might have guessed, this is the exact opposite of decentralization. But what if we told you there are streaming platforms that operate through the blockchain?
Contrary to Spotify or Apple Music, decentralized streaming platforms aren’t owned by a company. Instead, they’re owned by the community. The difference is that people who run the network are paid a native token to keep it running.
Decentralized streaming removes the need for a central server, as music is stored in individual users computers. This can also prevent censorship, as content can only be removed via consensus. In addition, it allows artists to create an immutable record of their music.
Digital Art
Art is a powerful form of entertainment. However, the downside of distributing art through the internet is that anyone can claim it as their own. This can lead to tedious copyright infringement cases. As such, a solution was developed – non-fungible tokens (NFTs).
An NFT is an asset that’s been assigned a unique identification code via the blockchain. As their name implies, these assets are non-fungible. This means they can’t be replicated, as the identification code makes them distinguishable from others.
The identification code of an NFT is associated with a particular wallet, acting as proof of ownership. Through smart contracts, users can buy and sell assets knowing they’ll be their rightful owner as soon as the transaction is validated.
The beauty of this technology is that it makes it possible to tokenize anything you’d like, such as music, digital art, a real-life painting, or even real estate. Its decentralized nature allowing you to sell your assets without an intermediary.
