Blockchain is an innovative technology that can improve existing systems and create next-generation products and services. However, because it is still a relatively new technology, less people are aware of this fact and even lesser are willing to gamble on utilizing it to update their systems. However, breakthroughs in the form of partnerships and updates have recently put the spotlight on how blockchain can propel the iGaming industry into the future by opening up opportunities that were difficult to attain before.
And this is what the recent episode of Hashing it Out, a CoinGeek series focused on the iGaming industry hosted by Becky Liggero, discusses together with special guests DotWallet Founder Lin Zheming and iGaming firm BitBoss CTO Alex Shore, two professionals in the field of iGaming on blockchain. Having firsthand experience creating a much better iGaming space by leveraging the benefits of a highly scalable BSV blockchain, Zheming and Shore have agreed on a partnership in order to resolve issues within the industry, such as cheating and double spending, but to create more innovative features and open up more opportunities for gambling operators.
DotWallet is one of the most popular and most used BSV wallets with a huge userbase in Southeast Asia. On top of sending and receiving funds, its roster of features includes an app store, linked apps, a token exchange and the recently launched “Badge” service that allows users to use tokenized cards created by third parties to redeem prizes or exchange with other users.
“We created a wallet that helps users to manage their digital assets, to make them more transparent for the user to see what they could do with their assets,” Zheming said.
“We use the app ecosystem that can help users to navigate through different applications within the app store in the app so that they can discover what they can do with their digital assets and then they could try something new maybe,” he added.
This large Southeast Asian userbase, as well as a host of DotWallet features, is now integrated into Bitboss, a Colorado-based iGaming technology firm that has been trusted by mobile casino Dragon BSV Casino to run its platform. The Southeast Asian market, which Western gambling operators have always found hard to crack, is now accessible with BitBoss creating an opening for these operators to launch their own white-label brands on its platform.
“In the U.S., we’re seeing more and more censorship going on with big tech companies, so this concept of app stores and app centers being offered by other providers, such as DotWallet, it’s a big idea,” Shore explained.
Furthermore, the release of the BSV Dynastic update in February of this year increases unconfirmed transactions from just 25 to 1,000 that eliminates wait times as transactions pile up, which is what iGaming applications need in order to keep up with the growing player base that generates a massive amount of transactions every minute.
“This is huge for us because with gambling on a blockchain, you can prevent cheating or what’s called double spending by associating a player’s bet with the bet result or a payout that is sent back to that player. And that’s what we do to secure our system. It’s a huge advantage over non-blockchain based online gaming platforms,” Shore revealed.
“To link those together, we could only essentially do about 12 bets, which is roughly 25 chain transactions that have not yet been confirmed in a block. With the limit changing from 25 to 1,000, it blows the doors wide open. We really don’t have to restrict the speed of play anymore because that limit is now high enough where a player can’t really get ahead of the one thousand chain transactions,” Shore added.
This is the true value of iGaming on blockchain.
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