SOUTH SAN FRANCISCO, Calif.–(BUSINESS WIRE)–Chia Network, Inc. (“Chia” or the “Company”) today announced the launch of its Chia Open Digital Economy (“CODE”) framework with initial efforts focused on supporting the video game industry in its path to a more open metaverse. Providing a sustainable and compliant public on-chain infrastructure, CODE enables game developers to incorporate their creative work into the web3 digital economy, cultivating a flourishing ecosystem for creators and consumers.
Chia’s proof-of-concept game, ChiaTCG, spearheads the launch of the CODE framework. The open-source reference game demonstrates the ease of extensibility of digital assets across IPs and ecosystems, offers a jumpstart to adoption among video game developers, and provides commercial viability for developers leveraging Chia’s NFT1 standard for IP licensing protections and on-chain enforced royalties in perpetuity. Leveraging Chia Offers, trades done directly between the players without needing a marketplace or exchange, mitigate risk and allow gamers a parallel digital ownership experience to physical card trading today.
“The metaverse as it exists today is just a marketing ploy and loss leader for blockchains with little substance or utility,” said Gene Hoffman, CEO and President of Chia Network. “We’re approaching the metaverse challenge, and pain, from both the creator and consumer experiences, to overhaul the foundation of the digital economy. We’ve been building to this moment for some time – our blockchain and primitives provide real solutions to the challenges we’ve identified.”
To further support adoption efforts, CODE will offer a blockchain abstraction layer that enables web2 developers to integrate their games into the open digital economy. The Company expects the abstraction layer to be completed by the end of 2023. Chia’s innovative approach addresses the challenges and friction points in the metaverse, ensures adherence to regulatory standards, and promotes long-term sustainability. As a founding member of the Open Metaverse Foundation, a Linux Foundation Project, Chia promotes interoperability standards for the open digital economy.
“Players should be able to move their usable digital assets from one game to another – this has been the promise and aspiration of metaverse gaming,” said Richard Tsao, Chief Metaverse Officer at Chia network. “Thus far, we’ve seen unfinished and reductive web3 products leaving players and studios wanting. The metaverse doesn’t deliver yet. We want to realize the dream that allows digital ownership in the open metaverse, and when done correctly, we believe we’ll see a viable solution for gamers and creators.”
The web-based game can be accessed at ChiaTCG.com.
About Chia Network
Chia Network built a better blockchain to drive real-world use and application. Founded by Bram Cohen, inventor of BitTorrent, Chia provides a secure, sustainable, and regulatory-compliant blockchain setting the standard for the infrastructure of digital currency and inclusive access to global, decentralized finance. Through the innovative Proof of Space and Time consensus algorithm, Chia Network’s public, open-source blockchain leverages hard drive space to create the first new Nakamoto Consensus since Bitcoin in 2009.
For more information, visit: https://chia.net/
Contacts
Chia Network:
FTI Consulting
Dan Margolis and Parveen Singh
E: Chia@FTIconsulting.com
Gretchen Lium
Head of Investor Relations
E: gretchen@chia.net
