The international cloud-based gaming platform Playkey has unveiled its plans to integrate its utility token (PKT) payment system for subscriptions into the current cloud-based gaming platform. In addition to the usual fiat payments, the change is set to take place by the end of May 2018.
This update is very exciting as the company plans to utilize the tokens before the actual release of the decentralized platform. This is the initial step into integrating blockchain technology on the Playkey platform, in which a decentralised platform is already being developed to expand the server power for its users.
- Playkey is a cloud-based gaming platform that allows games with “demanding” hardware requirements to be run on low-performance PCs, notebooks, and MacBooks. All processing is done by powerful remote Playkey GPU servers. The player gets the prepared video that can be controlled and therefore played.
- Playkey’s ICO was a crowdfunding campaign that was carried out at the end of 2017. During the ICO, funds were raised to develop and implement the next stage of the cloud-based gaming platform: a decentralized version. It differs from the current version in that the network of existing servers will be supplemented by owners of powerful PCs around the world who are joining the network voluntarily. The owners of these powerful PCs (who are known as “miners”) lend their computers and home mining farms to gamers. In exchange, they receive payment in PKT tokens from players.
- PKT is a utility token that will be used to account for payments inside the new decentralized system using blockchain. There were a total of 19,893,267 PKT at the end of the ICO. No additional tokens will be issued.
- A decentralized Playkey platform is now in development. The product is expected to be ready at the end of 2018 or beginning of 2019, according to the RoadMap on the company’s site. The company shares its development progress in the Developer Log on the Playkey blog.
- By the end of May 2018, Playkey plans to integrate its token payment system for subscriptions into the current Playkey.net cloud-based gaming platform in addition to the usual fiat payments. This means that the company plans to make the tokens useful long before the actual release of the decentralized platform. At the same time:
- Tokens can be purchased on exchanges.
- Paying for subscriptions with PKT will be regulated by a smart contract.
- The planned token payments will reduce the costs of processing user payments. For example, if each player’s card payment currently means paying a commission of about 3% to 7% (from $2 to $4.9 depending on the chosen plan and acquiring requirements), then using tokens will make the commission 20 to 50 times lower, being just $0.1.
- Implementing subscription payments by token is expected to:
- Increase token demand, affecting its price
- Allow tokens to be tested on the back end of the Playkey platform
- Make subscriptions in the current version of Playkey more accessible to players, since the internal PKT rate is $2 while the price on the exchange is $0.5. This means if you pay a monthly subscription at the Playkey price, for example, $10 in tokens, then the actual cost for you will be around $2!
- Be a step towards switching to payment in tokens, which, due to savings on commissions, should be more profitable for both the players and the platform in the future.
- Detailed technical information about how Playkey is introducing subscription payments by token is available on the blog.