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Games Go Well With Blockchain: Ubisoft Has Partnered With Tezos

Published 04/26/2021, 02:23 AM
Updated 04/26/2021, 03:30 AM
Games Go Well With Blockchain: Ubisoft Has Partnered With Tezos

  • Popular video game producer Ubisoft has entered into a partnership with Nomadic Labs within the blockchain project Tezos.
  • Ubisoft is the company behind popular franchises such as Assassin’s Creed, Far Cry, Tom Clancy’s, and Watch Dogs.
  • The partnership will see Ubisoft become a baker on the Tezos blockchain.
  • Ubisoft’s Strategic Innovation Lab will join the validators who authenticate and add transaction blocks to the Tezos network.

Since its early days, blockchain technology has focused on solving real-world problems or, at least, creating better alternatives. Already, the technology has found use cases in banking and finance, medicine and pharmaceuticals, fashion and luxury, and gaming, among other sectors.

With the exception of banking and finance, the gaming industry has probably enjoyed the most backing from blockchain technology. There is an ever-growing list of blockchain games as video gaming companies are also looking to benefit from the technology. Recently, one of the video gaming giants, Ubisoft, has continued the trend of games working well with blockchain with a partnership with Tezos.

Ubisoft And The Tezos Blockchain

Ubisoft is a very popular name in the gaming industry, creating world-famous video game series including Assassin’s Creed, Far Cry, Tom Clancy’s, and Watch Dogs.

Ubisoft has a history with blockchain technology. In early 2020, the video gaming giants became a block producer on UOS, the gaming-dedicated blockchain, supporting the gaming project Ultra. Ultra is a games distribution platform based on distributed ledger technology.

Now Ubisoft has entered into a partnership with Nomadic Labs, a leading research and development center within the Tezos ecosystem.

The partnership announcement revealed that Nomadic Labs aims to facilitate the adoption of the Tezos blockchain by the highest number of actors possible.

To achieve this, Nomadic Labs is dedicated to supporting companies looking to build on the Tezos network or help develop it, such as Ubisoft. The announcement revealed that the partnership will see Ubisoft become a baker on the Tezos network.

On the Flipside

  • Since the announcement that Ubisoft is becoming a baker on the Tezos network, its native coin, XTZ, has reacted poorly.
  • From a high of $7.24 on April 18, XTZ has shed more than 40% of its value. The coin now trades at $4.60.
  • Over the last 24 hours, Tezos (XTZ) is down by more than 14%.

Ubisoft As A Tezos Baker

The partnership will see the French video game creators become a Tezos baker. As a baker, Ubisoft’s Strategic Innovation Lab will join the group of validators that authenticate and add transaction blocks to the Tezos network.

There are “bakers” on the Tezos blockchain because, unlike proof-of-work blockchain networks (such as Bitcoin), Tezos uses a liquid proof-of-stake consensus mechanism. Bakers validate new transactions and add them to the Tezos public blockchain for rewards.

Bakers are also responsible for distributing the rewards earned from transaction validation to wallets that have delegated their staked Tezos (XTZ). Before the Ubisoft announcement, there were 277 bakers on the network.

Becoming a baker on the Tezos network is part of Ubisoft’s broader plan to explore the opportunities provided by blockchain technology. In the past, the company has been hugely affiliated with blockchain, and it is committed to continuing.

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