Introducing ORICHALCOS: Leveraging Blockchain Technology To Provide an Efficient Property Governance Ecosystem

The gaming industry today has grown massively and is estimated to be worth a $128 billion by 2020. One of the main pillars upon which the gaming industry rests in passion such that playing video games has morphed from being an enthusiastic endeavour to a professional occupation. The fuel for the passion of these professional video gamers is the experience they get while playing and game developers seem more conscious of that now more than ever. The obvious course of action expected from the game developers would be largescale collation of user data to help them precisely understand how to make the game better. Bright Idea isn’t it? But wait there are…

Current Challenges Faced in The Gaming Industry

• User Preferences and Scalability:

First there is concern about the nature of the data and its ability to accurately represent what the gamer is feeling and not just what he is doing as the same actions might mean different things to different gamers and it is desirable for all sets of gamers playing a particular game to feel its improvement. The Key thing is multidimensional representability.
Then there is concerns about incentive for users to share their data, what exactly are they benefitting? Why should they share their data and how should they?

• Centrality and Ownership

Who owns the data? Prior arrangements have seen developers or even 3rd parties take ownership of sensitive data that were painfully gotten through means like online questionnaires and archives. Users had the least protection aside anonymity and could easily be booted out from the party as the game developers had the right to edit/delete data (essentially manipulate data falsely) if the need should arise.

• Extra High Platform Costs:

Most gaming platforms would promise extra services such as software solutions, account information management and provision of an enabling community for game developers to make input to games. These platforms might cash in on as much as 30% of the revenue generated by the game but fail to substantially deliver on the promises partially because they are not closely bound by clear indices of performance.

• Other Crypto-Related Challenges:

Technical challenges such as limited capacity of current blockchain technology to handle large amounts of user data efficiently. Issues like this stemmed mainly from the consensus algorithm used by the blockchain. Another limitation is the payment technology which could be time consuming as there has to be external transactions to convert fiat currencies to whatever cryptocurrency was used in a game.Volatility of the cryptocurrency used is another challenge. Most cryptocurrencies are plagued with the issue of volatility due to changes in demand and this has limited their widespread acceptability. Currencies must be stable enough to serve as an effective means for exchanging value between users and developers and the surroundings outside the ecosystem.

Orichalcos: The Efficient Blockchain Solution...

Orichalcos is a blockchain powered platform that addresses these challenges by providing an ecosystem where an item of value, the ORIC stone is distributed through the platform mostly as an incentive for users to share their data with developers. The backing algorithm is such that it captures the demand for what is desirable across the functionalities and feel of the game thus providing users with relevant and precise data that can achieve the key objective of improving the gaming experience. The ORIC stone also encourages the purchase of in-house gaming items and contents maximizing gamers utility of the game’s features. More so, the ORIC stone can be exchanged in markets for the ORIC token which is a crypto currency, talk about reward. This way there is mutual progress amongst developers and gamers where it matters most to both parties, giving the best experience, and gaining maximum value for time and passion invested in gaming.

Orichalcos leverages permissioned private blockchain technology with an aim to combine PoET with Raft consensus algorithm to use public blockchain in future. The blockchain currently used is pegged to a hyperledger sawtooth blockchain which issues the ORIC stone. Oracle will then supply data to the private network to take advantage of the centralized data and then there is a data separation from the distributed ledger which is then stored in a distributed shared storage. This way the network operates efficiently without clogging up the system with data.
Algorithmic Central Bank (ACB) designed to regulate ORIC stone within the platform with the key objective of minimizing volatility.

The quantity of ORIC tokens generated is regulated to maintain a certain value for the token as against the in game items being prospectively purchased and the data being shared while excess being generated will be kept in a central treasury.
Artificial scarcity of the tokens can be induced by making the token grows at a rate slightly less than the platform (the data generated and in-game items for sale) meaning tokens earned by gamers have consistent value and is worth every time and passionate effort invested in.

Use Case

Tom, a passionate gamer spends quality time with his favourite Video game which is on Orichalcos blockchain platform. By means of the platform, he generates precise data that he gives his consent to, used by developers to improve his gaming experience, is rewarded with ORIC stones to increase his gaming functionality which also can be exchanged for ORIC tokens which amazingly have a system that maintains its value over long periods of time.

Summary

In summary, a broader spectrum of gamers can now see the time spent on their passion as a productive venture in the real sense of it, cash generation. Developers can now accurately improve thir games without worries about privacy issues and other concerns. The system making this possible can now be trusted as it is engineered against volatility common to similar platforms.
That’s Orichalcos.

Project RoadMap

You could watch the video below, for more visual description.