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I have no idea how a multiplayer version would work. Multiple human factions competing for the honor of fighting the aliens? Hmmm. Actually. That might have some potential. Different companies vie for the funding of the world governements and gain or lose it by outperforming the others. You lose when you run out of funding, or when the aliens kill you off. Well, the problem is the time elapsing outside of combat is quasi-real time. You'd probably have to discretize the passage of days some how. I'm not sure how you'd deal with multiple teams getting a chance to detect, shoot down, and raid the same UFO. And if you aren't the one who gets to raid it, what do you do while the other guy is? Do you get to raid the UFO at the same time? Take pot shots at the other guy's men?
Really, though, this was a game that was written for 386's running DOS. I wouldn't mind a version that runs on Athlon 64's running WinXP.
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X-Com multiplayer remake