In response to the growing market, the gaming digital economy platform, Cocos-BCX, has announced a strategic partnership with NodeReal to establish the first game-centric Optimistic Rollup on the BNB Chain. This announcement has generated widespread attention and raised expectations for the development of Web3 gaming in 2023.
Cocos-BCX, a gaming digital economy platform focused on the gaming vertical, was established in 2018 and secured a $40 million investment from institutions such as Binance Labs and NEO Global Capital in the same year. Cocos-BCX chose the open-source engine of Cocos, a top global game development service provider, as its game development technology support. Leveraging Cocos engine with over 1.6 million developers worldwide and access to more than 1.6 billion end devices, Cocos-BCX is building an efficient bridge for traditional game developers to enter the Web3 space and is contributing a vital force to the growth of the Web3 gaming world.
A Key Selling Point: Analyzing the Potential of Web3 Gaming from the Perspective of Incremental User Growth
According to Nintendo's 2022 annual Switch Gaming user report, the total number of Switch users has surpassed 100 million, while Axie Infinity, a "Web3 breaking-through" blockchain game, has peaked with about 3 million daily active users.
Although there is a considerable difference in user volume between Web2 and Web3, this implies that billions of users are yet to be discovered in Web3. Gaming is the key to unlocking the potential of Web3 by tapping into Web2's vast user pool.
This is due to the fact that the global gaming player base has surpassed 3 billion in 2022, according to Newzoo data, forming a vast natural traffic pool that can provide a steady stream of new users for Web3 games. On the other hand, Web3 games exist on the blockchain in the form of smart contracts, with decentralization, digital rights confirmation, permissionlessness, and composability features that are attractive to players, especially those whose game assets have been violated by the platform.
User enthusiasm for games has been fully reflected in Web3, with the total daily active wallet of on-chain games reaching 800,000 even in the bear market of 2022, accounting for nearly 50% of the total daily active wallets on the blockchain. Top industry VCs have also shown tremendous enthusiasm for Web3 games, hoping to become builders of killer hit games, leading not only Web3 out of the circle but also leading the transformation and development of the global gaming industry.
Cocos-BCX recognized the enormous development potential of GameFi as early as 2018, choosing to provide Web3 game-related services to the market based on the world's top game development service provider, Cocos. Its outstanding market performance has repeatedly been selected as an excellent project in the BNB Chain ecosystem.
Challenges in Web3 Gaming: Analyzing the Dilemma and Breakthroughs from a Technical Feasibility Perspective
Developing Web3 games is difficult because the current blockchain infrastructure cannot support high-quality game operations nor provide a smooth experience for a more extensive user base.
On the one hand, as the birthplace of GameFi, Ethereum games once created a glorious scene in the Web3 world. However, with the creation of more game projects and an influx of players, the network congestion, speed delays, and high gas costs caused by Ethereum's insufficient performance have become increasingly apparent. Ensuring normal operations, let alone an immersive game experience is impossible.
On the other hand, under limited performance support, developers have made profit-driven choices, and the narrative focus of games has shifted towards P2E. Compared to high-quality Web2 games, most Web3 games appear to be crudely made, and many times it feels like we are not playing games but rather participating in DeFi projects. This further reduces the experience of Web3 game players and causes a severe loss of Web3 game users.
How can games achieve both the high-quality production and smooth experience of Web2 while promoting the decentralized advantages of Web3?
To address this issue, Cocos-BCX has established a strategic partnership with Web3 infrastructure provider NodeReal to create a new development space for Web3 games by building the first game-centric Optimistic Rollup on BNB Chain.
Ethereum's inefficiency has triggered the new public chain war and the rise of L2:
While game-oriented public chains such as Wax and Flow have gained popularity among new public chains, BNB Chain, born under the support of the world's leading trading platform Binance, is undoubtedly the top choice. It has smart contract functionality and is compatible with Ethereum EVM, allowing developers to migrate their projects from Ethereum easily. Transaction processing speed is 35 times that of EVM, with transaction costs almost negligible.
Among L2 solutions, Optimism's adoption of the Optimistic Rollup architecture dramatically reduces costs and latency while ensuring security. In addition, Optimism's modular OP Stack is also a significant focus, as it builds a standardized open-source module and constructs a more expressive and precise Rollup chain.
The L2 built by Cocos-BCX and NodeReal is an existence that takes advantage of both the BNB Chain and Optimism. It is built on the open-source OP Stack and has benefits such as safety, low cost, and developer-friendliness. It aims to become a platform that focuses on the gaming field and constructs an open and interconnected "super chain" to bring the next billion users to Web3.
High performance and low gas fee are one of the core advantages of Cocos-BCX L2: Cocos-BCX L2 is the first game-centric Optimistic Rollup built on BNB Chain and can provide complete EVM equivalency at extremely low costs, with TPS exceeding 10K and gas reduced by 10-100 times.
Openness is an important goal of Cocos-BCX L2: Based on the modular framework of the open-source OP Stack, Cocos-BCX L2 will have strong scalability in the settlement, data validity, and execution, allowing simple and secure access to L1 and L2, and developers can easily set gas transactions for DApps through APIs to perform account abstractions and use easy-to-use bridging tools to construct multi-chain applications securely.
In addition, Cocos-BCX L2 will provide a series of easy-to-use development toolkits to help developers further reduce development barriers and more easily build game projects, making Cocos-BCX L2 a bridge to embrace the vast L1 and L2 ecosystem better.
The Cocos-BCX L2, born from the combination of the strengths of BNB Chain and Optimism, is a developer-friendly gaming platform that offers a promising solution for high-performance, low-gas Web3 games. However, beyond technical performance, Web3 games face the challenge of high entry barriers. To address this issue, Cocos-BCX L2 also provides a range of solutions.
Pain Point: Analyzing the difficulty of acquiring incremental users due to entry barriers in user experience.
The high entry barriers are like a chasm between Web2 and Web3 users, making it difficult for someone who has never experienced Web3 games to get started. To play Web3 games, users must learn to use a wallet, create an account, protect their private keys, understand gas calculation mechanisms, and frequently sign authorization signatures. In the context of multi-chain development and the emergence of new narratives, concepts, and projects, many users are intimidated by these high entry barriers when venturing into the encrypted dark forest.
Cocos-BCX L2 aims to lower these entry barriers and attract Web2 game players with high-quality games, GameFi wealth effects, and NFT assets.
Reducing wallet usage barriers is the first step in lowering entry barriers for Web3 gaming experiences. Cocos-BCX L2 supports the social recovery wallet and MPC-based solutions essential for the widespread adoption of Web3. The social recovery wallet is easier to use and more secure than traditional wallet operations because it adds a wallet guardian. The MPC private key is calculated by multiple parties to avoid single-point accidents caused by the loss or theft of user-side private keys.
In the future, Cocos-BCX L2 plans to explore account abstraction to lower entry barriers and enhance the user experience. Using simple developer APIs, gas transactions can be set for DApps for account abstraction, and bridge connectors can be used to build multi-chain applications securely. This enables users to interact with the main network intuitively and achieve precise control over key account permissions.
Additionally, Cocos-BCX L2 is focusing on lowering deposit thresholds by integrating traditional Web2 payment methods. This will allow users to enjoy the same smooth interactions as when buying skins in King of Glory or clothes in Peace Elite.
Cocos-BCX L2 is built on the open-source OP Stack. It has a large, thriving, transparent, and efficient community consisting of top industry developers, making it an extremely valuable learning resource for developers.
Cocos-BCX L2 will provide developers with a range of complete, practical, and easy-to-use tools, including social login/recovery, integrated Developer IDE, built-in NFT toolkit, VRF, etc.
It also integrates high-performance decentralized storage solutions such as Arweave, Storj, and BNB Greenfield, making game development like building with practical tools, greatly lowering development barriers, and improving project building efficiency.
Lastly, based on the game development service platform Cocos engine, Cocos-BCX developers can enjoy the powerful game development capabilities provided by Cocos engine, such as Cocos Creator, Cocos2D-X, and Cocos Runtime, which further lower the entry barriers and enhance game quality.
Blind Spot: Analyzing Cocos-BCX's Opportunities and Challenges in a Market Full of Unknowns.
In the highly competitive L2 market, people can see the active involvement of exchanges. For example, in addition to Cocos-BCX and NodeReal's collaboration on the BNB Chain to launch the first game-focused Optimistic Rollup, Coinbase announced the launch of its Base testnet, and Bybit also announced the incubation of an L2 project.
It's clear that top exchanges worldwide are keen to use L2 to enhance their market influence and share further. This also underscores the massive potential for L2 in the future.
In addition, as an Optimistic Rollup built on the BNB Chain, Cocos-BCX L2 can leverage the strengths of the BNB Chain:
On the one hand, Binance's large user base provides a wide user base for game projects built on Cocos-BCX L2, and developers can serve over 110 million verified users.
On the other hand, by accessing BNB Chain products, users, and tools, Cocos-BCX L2 can quickly build decentralized applications, seamlessly integrate with BNB Chain products, and access Binance's ecosystem of assets worth nearly 100 billion US dollars.
Cocos-BCX L2 has several advantages: high performance, low gas fees, and low entry barriers. By building projects on Cocos-BCX L2, developers can provide users with a smoother experience and start from a higher starting point.
Cocos Creator, on the other hand, is an efficient, lightweight, free, and open-source cross-platform graphic engine and real-time 3D content creation platform, which can perfectly handle 2D and 3D game development work.
Furthermore, Cocos has strong technical expertise in XR, virtual characters, metaverse, education, and other fields. These practical game services with high technical barriers are a key factor for developers to build high-quality Web3 games and establish Cocos-BCX's important position as the preferred platform for Web3 game developers.
With Cocos as strong support and Cocos-BCX L2 incubated in the BNB Chain ecosystem, it has the natural genes and muscular strength to become a game digital economy platform for both Web2 and Web3. Cocos-BCX L2 will continue working with a broader community based on BNB Chain products, users, and assets as seeds to establish a more open, innovative, and prosperous game community. Furthermore, welcome more game developers, enthusiasts, and practitioners to see the advantages of Cocos-BCX L2 and join the Cocos-BCX L2 to usher in the next round of the Web3 game revolution.
Looking ahead to 2023, the market has high expectations for Web3 games. The goal is to address performance and accessibility issues and create a high-quality, engaging Web3 game that truly showcases the benefits of the technology and attracts more users to the space.
Many players in the market are working in this direction and continuously improving the infrastructure. Among them, Cocos-BCX L2 stands out as an excellent platform built on the open-source OP Stack. With its security, low cost, and developer-friendly features, it aims to become a platform that focuses on gaming and builds an open and interconnected super chain, bringing the next billion users to Web3.
In summary, as a platform for hosting Web3 games, Cocos-BCX L2 is well-equipped and ready to face the Web3 game revolution.
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