The Future: Online Gambling on Blockchain
In the most recent episode of Hashing it Out with Becky Liggero, a new CoinGeek online video series that focuses on online gambling on blockchain through interviews with experts and professionals, Bitcoin creator Dr. Craig Wright was the guest of honor. The author of the Bitcoin white paper talked about how at present blockchain technology will bring online gambling into the future.
“Bitcoin is the first digital currency with tracing. With the ability to have a ledger that allows people to find out where the money came from. That’s the real distinction that no one’s talking about. It is the first traceable electronic money system… What you can do is incorporate information both on and off chain, but link data in a provable manner. So you can have fully auditable records that will satisfy all of the operator requirements, the player requirements, everything. And that’s an important aspect,” Dr. Wright said.
Dr. Wright is talking about Bitcoin SV (BSV) as it is, for all intents and purposes, the original Bitcoin after having restored the original protocol as close as possible to how it was designed in the Bitcoin white paper. The BSV blockchain is public and it records all transactions in an immutable and chronological manner, which lends transparency, security and integrity of data, making it the ideal system for online gambling as all data is accessible and verifiable.
“So all of this can be constructed in a way that is utterly secure and without a lot of cost, without having to set up expensive infrastructure, high-end firewalls, or any other aspect of this. Just one secure website will do it,” Dr. Wright explained.
BSV has also unlocked unbounded scalability—something that Dr. Wright has been lobbying for over the years as the one thing Bitcoin needs to survive. Because of these, BSV has a stable protocol upon which developers can build applications and platforms on, without having to worry about the protocol being changed every now and then. On top of this, due to its infinitely scalable blockchain, it can handle big data and microtransactions at the lowest possible price, which currently averages at 0.0032 USD per transaction. This is why online gambling on blockchain is the perfect match.
“Think of how many times people pull a lever a second in somewhere like Caesars. Now extend that out to a global system where there could be people doing virtual slot machines globally for a tenth of a cent slots. How are you going to actually do this in a way that can be managed and secure if you’re getting a million potential transactions a second,” Dr. Wright asked.
And the answer is definitely not with BTC or ETH, with their ridiculously high transaction fees and unscalable blockchain. With BSV continuing to scale—its test network already broke records with 9,000 transactions per second—the high volume of transactions will not matter at all. Even if millions of users play how many times a day, the BSV blockchain can still accommodate it. This is why it is the safest, most advanced and most cost-efficient technology for the online gambling industry. And with the pandemic still raging on around the world, creating a huge market for online cashless casinos, now is the time to invest in blockchain technology. Operators can get rid of the hassle and income loss whenever websites crash due to data overload, as well as ensure players’ money is protected.