Algorand announced that its blockchain was chosen by RHOVIT, a company that operates in the gaming industry and allows creators to monetize content with cryptocurrencies.
Today, @Rhovit announced they will be leveraging Algorand’s high performance #blockchain and enterprise grade #scalability to issue their native token $Rbit and bring their gamified content platform to the next level: https://t.co/LFNjwrAsH2 #contentmining #blockchaingames pic.twitter.com/IZa0oR1LES
— Algorand (@Algorand) April 29, 2020
Specifically, the platform uses the native Rbit token as a payment method for the various creators who can then sell their products and games within the platform.
The token was created using NEM’s blockchain, but it seems to have turned out to be inefficient and so the team decided to switch to Algorand so that their users can also passively receive returns with the interaction of the various products, as Rhovit CEO Matt McCullough said:
“We are on a mission to scale RHOVIT as quickly as possible. Right now the world is facing economic hardship but one of the few bright spots has been content streaming. We offer a solution for viewers to make passive income while enjoying content and Algorand will help us deliver on that promise now and in the future.”
In addition, thanks to Algorand’s support, a gaming extension called Rhoam will be created. This way ALGO enters a very profitable sector in which an increasing number of projects and developers are entering.
Algorand’s team is excited to provide the technology needed to scale the project, explained Algorand’s COO, W. Sean Ford:
“At Algorand, we provide technology that is scalable, secure, and decentralized to organizations building out inclusive and new economic models in their industries. We are excited that RHOVIT is taking a new approach to gaming and leveraging Algorand to scale its business.”
Algorand has recently been chosen also in Italy to bring art on the blockchain with the Italian Wonders project that created NFT (Non Fungible Asset) tokens linked to various works of art and monuments of the Bel Paese, demonstrating that also in the art sector there is a lot of ferment and Algorand is suitable to tokenize assets and services.