The CalvinAyre.com team covers the World Executive Gaming Summit (WGES) each year and I was surprised when I studied the 2018 agenda for one reason in particular; I spied an unusually large number of dedicated Blockchain panels and presentations, a Blockchain roundtable and even an ICO pitch.
What began as a niche topic with one or maybe two dedicated panels at each event, Blockchain technology has ballooned into a major topic of interest, now justifying hours of dedicated content per gambling conference.
For those of you who don’t know, WGES is notorious for attracting the most senior crowd of decision makers in the gambling industry, covering technology that is set to disrupt their organizations and our industry in general. Blockchain as one of the main headlines at WGES 2018 sends a loud and clear message to the professionals in our industry…I do think we are on the brink of an explosion here.
Just last week I covered the Blockchain Summit London for our sister site, CoinGeek.com and learned Ethereum’s status as the one and only “blockchain of choice” for companies to build on is about to change. Following the May 15th upgrade of the Bitcoin Cash (BCH) chain, for example, the BCH block size has been increased to 32Mb (think lots of transactions while maintaining low fees) and the OP_Codes have been restored.
In plain English, this means smart contracts and tokenization functionalities have been enabled on the BCH Blockchain.
According to nChain CEO Jimmy Nguyen, smart contacts and tokenization will propel Bitcoin Cash into a position where these capabilities are superior to the Ethereum chain. This is big news for those in the online gambling industry who are looking to migrate their platform and tokens or build on the Blockchain from scratch.
“Since Bitcoin Cash forked last August 2017, I’ve seen this wave of new young entrepreneurs starting products and applications on the chain. I think they should [build on BCH] because we believe its going to become the global public ledger of the future…its got a much bigger block vision, so it will massively scale and sustain far more transactions than Bitcoin Core or even other chains like Ethereum which have had some scalability issues”, Nguyen told CoinGeek.com in an exclusive interview at the Blockchain Summit London last week.
“[BCH] has the security of the legacy Bitcoin chain built into it, so it has all those advantages. It also has because of the May 2018 protocol upgrade, restored op codes, operating codes in the scripting language, which will enable tokens, smart contracts, all kinds of new functionality. I think it’s the all-in-one chain and the all-in-one coin on which everyone should be doing their product applications”, he added.
Jared Psigoda of BitGuild, a decentralized gaming platform, has been working in the gaming industry for 20-something years and is now focused on how Blockchain can enable micropayments and secure platforms for gamers.
“One of our biggest issues out there right now is number one the transaction time which Bitcoin Cash’s large block sizes is trying to resolve as well as transaction speed and transaction costs”, he shared with CoinGeek.com during the Bitcoin Summit London.
“On Ethereum right now, to buy a one dollar item could cost you two dollars in fees and 10-15 minutes in waiting to get that actual item. So it’s a race now to see who can resolve that, but I think who ever resolves it, developers are going to flock to which ever Blockchain is able to do that”, he added.
Micropayments are an area where BCH excels in comparison to other crypto currencies due to its low transaction fees and developers who are focused on maintaining low fees as the number of transactions grow exponentially.
To put it in perspective, for the gambling industry, micropayments can be extremely useful for players who wish to gamble 10 cents, 50 cents or a dollar on slot games, for example.
As more and more merchants, gambling operators, individuals, etc, start using crypto currencies to pay for everyday items and entertainment, scalability will become increasingly important. Same goes for tokens. When more companies around the globe, including gambling companies, start issuing tokens, we need a secure chain that has been designed to scale massively in an effort to avoid crashes such as the one caused on Ethereum by CryptoKitties.
Psigoda’s comments at the Blockchain Summit London intrigued me and I’m very much looking forward to today’s Blockchain panels at the WGES, including the one I’m moderating at 11:30, “The future of Crypto Currency in the gambling industry”. For those of you who are here at WGES, I encourage you to attend today’s Blockchain track to learn more about the impact this disruptive technology will have on our industry and what dedicated developers can do to improve its functionality. If you’re not at WGES, be sure to check out our coverage from today for the highlights.
Today’s “Future of Crypto Currency/Blockchain” track sessions @ WGES:
11:30- The future of Crypto Currency in the gambling industry
12:00- Building out crypto utilities and functionalities in a gambling context
12:20- Incorporating Blockchain technology into your gaming platforms
12:50- The future of tokenized game economy