The coronavirus pandemic has perpetrated a surge in online activities worldwide. And while other industries suffered great losses, online gambling has flourished due to the shutdown and regulation of most casinos. With online gambling sites being flooded with players, the amount of data being generated is also massive. Security and double spending also need to be addressed. Bitcoin SV (BSV) is the answer to all these issues. It is digital cash built on blockchain technology that is immutable, stable, secure and scalable.
“What we have with BSV is a very secure blockchain that we can use for real money gambling, where block times don’t matter, double spends don’t matter, we have super-low transaction costs, we have scalability, we have proof of work and we have patent protection. There’s a lot of blockchains out there that have spent a lot of time getting rid of proof of work so that they could get block times down. But as they bring those block times down, they bring security down,” BitBoss CEO Matt Dickson said.
“Like with our other offerings, every single bet and bet result for our blackjack game is a transaction on the Bitcoin SV blockchain. But with blackjack, we go further, because blackjack is a multi-action game; choosing to buy insurance, doubling, splitting, standing—every action is recorded as a blockchain transaction. This has a ton of benefits because everything is provably fair, you don’t have to build off-chain technology and try to scale it. Everything is on the Bitcoin SV blockchain,” Alex Shore, BitBoss CTO, explained.
This kind of transparent gaming will revolutionize the online gambling industry as issues at the technological backend will not be a deterrent to its continuous growth. Furthermore, it will provide very useful real-time metrics and insights to both players and operators. Aside from being able to monitor their gambling usage, wins and losses, players can also get a better understanding of their habits. Likewise, operators can use this information to improve their games and services to give players a more enjoyable and hassle-free gaming experience.
“A casino operator managing problem players can do that with a client-server and database system as well as a blockchain system. But with a blockchain-based system, you can say to a regulator, “Go look at this casino operator’s player transactions and see for yourself what’s going on in real-time”—not as part of a monthly report from the operator, but in real-time. The regulator also has the certainty that the records they are assessing are true and complete, with no room for an operator to alter or exclude records,” Shore stated.
Because BitBoss has developed the game entirely on-chain, without sacrificing any game properties off-chain, it will be easier to create a full suite of casino games. iGaming on blockchain will set the trend for online gaming and gambling in the very near future.
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