⛓️Intro to Blockchain
How does the Blockchain work? What is web3 gaming?
Last updated
How does the Blockchain work? What is web3 gaming?
Last updated
Simply put, the Blockchain is a shared database or ledger. Pieces of data are stored in blocks, with those blocks eventually creating a chain. These blockchains create an assurance in security without requiring a trusted third party - the chains are irreversible and decentralized. Ultimately, this creates a secure public record of transactions. Blockchain has been popularized through use of cryptocurrency, decentralized finance, non-fungible tokens (NFTs) and smart contracts.
There are different chains that data is collected to. The current chain for Phantom Galaxies is called Polygon.
To find out more in depth information, we recommend doing what is called "due diligence" before making any financial investment. It is important to understand the blockchain landscape before committing money.
Blockchain gaming is a relatively new concept that focuses on true digital ownership - a core value of cryptocurrency. Many traditional gamers dislike the "walled gardens" of traditional gaming, the system which prevents players from owning the assets that they spend their money on. Blockchain gaming shakes up the gaming space by allowing their players to own, trade, spend, burn and develop their own assets as they please.
For example, within Phantom Galaxies you are able to purchase your Avatars, Starfighters, Planets and other assets as NFTs. Not only are you able to trade them to your heart's content, but you can fuse resources and improve your mech, earn emissions on your Planet, and much more.
WEB3 (also known as WEB3.0) is a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics.
WEB3 is a concept that has emerged recently, with the claim that Blockchain technology is the next iteration of the internet. WEB1, or the first emergence of the World Wide Web (1990-2004), was Read-Only, and filled with static websites owned by companies and limited interaction between users.
WEB2 (2004 - Now) has evolved from "Read-Only" to "Read-Write". Users began to produce content and engage amongst themselves online. As more users came online, some early frontrunners began to control a inordinate amount of traffic through their platforms - leading to their control of the profits from user-generated content.
WEB3 is pitched to be the future of the internet, evolving from "Read-Write" to "Read-Write-Own". The term is coined by Ethereum co-founder Gavin Wood. Wood articulated that the Web, in its current form, relies too much on the trust of these high-performing platforms to act in the public's best interests, which doesn't necessarily always align with their profits.
Effectively, WEB3 is a catchall term for an improved internet, with Blockchain, Cryptocurrency and NFTs at its core, intending to give control to the users. WEB3 gaming falls beneath this umbrella term.
Entering into Blockchain Gaming is slightly complex at first. Not only are there a few mechanical hoops to jump through, but integrating with the slang, communities and level of understanding of native cryptocurrency users can be hard.
As always, we recommend doing your own research (DYOR) and never just ape (jump in blindly) into a project.
Setting up what is called a "wallet" is the first step. This is what you use to purchase NFTs. You can find a video walkthrough from MetaMask below to guide you through that process. 👇
If you find yourself struggling using MetaMask, here are:
MetaMask FAQ: https://metamask.io/faqs/
MetaMask Support: https://support.metamask.io
After completing that process, you're ready for the next step...
Next, you can purchase on Polygon with your new wallet. A useful currency for Phantom Galaxies is ETH on Polygon, which can be purchased through integration such as Transak, or swapped with other Polygon funds using Metamask or Quickswap. A guide to this process is coming soon!
Once your wallet is all set up and ready to go, make sure you keep your seed phrase safe, and do plenty of due diligence in new projects that you'd like to invest in.
Be wary of scams and rugpulls, and make sure you take the time to familiarize yourself with projects - many projects in the web3 gaming space have a Discord as their primary community hub, and we highly recommend familiarizing yourself with a project's Discord and how their platform(s) work.
Have a look in the video below! 👇
