The second day of the ASEAN Gaming Summit 2018 continues at the Conrad Hotel in Manila in the Philippines with sessions on the latest trends and developments in technologies, betting and regulations.
The disruptive nature of blockchain and cryptocurrencies has shaken up various industries around the world and certainly didn’t spare the gaming space. An informative discussion on blockchain developments fired up the session hall with nChain Group CEO Jimmy Nguyen leading a panel of blockchain experts and enthusiasts.
Nguyen presented about the movement from eCommerce to bCommerce (bComm), and powering the bComm world—not just the gaming industry—through Bitcoin Cash.
Nguyen delivered a compelling point that Bitcoin Cash is the true Bitcoin—fast, easy, has lower transaction fees and stays true to the vision of Satoshi Nakamoto of a peer-to-peer electronic cash system.
People remain skeptical about cryptocurrencies role being more than an investment, but Nguyen pointed out that “the value of cryptocurrencies fluctuates because people are speculating.”
“For something to have value, it has to be used for something. For us (at nChain Group), it has to be used in our daily lives,” the executive said.
He also pointed out where advanced technologies in blockchain can be integrated in the igaming industry. He shared examples such as eSports and trustless betting, where smart contracts are used to control wagered funds and then self-executes to distribute winnings without a need for an escrow agent, and tokenization of in-game money and items.
Initial coin offering (ICO) was also a hotly debated topic in the session, with the panel agreeing that it is worth checking very thoroughly. A takeaway from this session when it comes to investing on ICO is to make sure that the token has technical functionality beyond raising funds and it is security defiant.