CalvinAyre.com’s Becky Liggero spoke with Michael Doyle, CEO of KPI Gaming, who explained the use of the Nano cryptocurrency for in-play live gaming.
Cryptocurrency adoption has grown big enough for it to be standard fare for many in the gaming community. For KPI Gaming, the digital currency of choice is Nano, which, according to CEO Michael Doyle, uses a “block lattice” in contrast to a blockchain.
“Most of the eSports fans have already dealt with cryptocurrency, so the good thing, the experience that we’re having, is that we’ve started to introduce crypto… It’s called Nano… We’ve seen the adoption. Just bizarre, it’s incredible, because most of our products are really in-play live betting, so it allows them to just instantly deposit, place their bets, and instantly if they won, they get out,” Doyle said.
For its purposes, Doyle said Nano eliminates much of the problems besetting BTC and ETH.
“Everyone’s seen how when [BTC] rises, those really high transaction fees. You wanted to send some $21, and you have to pay $20, $30. Instead of using blockchain, we’re using block lattice. The name of the currency is called Nano and basically what it allows is to do instant transactions without sending fees,” he said.
Frictionless, fee-less transactions are part of what makes the whole thing exciting, according to the KPI Gaming executive.
“The whole community that uses this cryptocurrency, once they started seeing our platform, they loved it,” Doyle said. “They’re like, ‘Oh, this is the best thing since sliced bread.’ Since I could literally just bet, get it there, it gets all done and what we really enjoy about it is the instant deposit. Because when you have to go with traditional money, it’s always a slow process. If you wanted to place a bet live right now, you’re watching the match, you’re not going to be able to put the money fast enough, but with this, you can, so it’s just awesome, well, at least, betting-wise.”
Outside of gaming, Doyle sees some use for Nano as well. “The main use… right now is just as a currency. It’s not looking to be a store of value like Bitcoin’s starting to get. Ethereum, it obviously has its smart contracts, and we’ve seen it all in gambling. Everyone likes to say, ‘Hey it’s all fair now, it’s everything in the contract’,” he said, noting that others were developing smart contracts for Nano.
“We’re really close to seeing how once it gets released, we’ll be the ones, hopefully the first ones, to do instant smart-contract betting. So let’s see how it goes,” Doyle said.
Smart contracts, which are auditable, allow anyone to verify anything the goes on behind the scenes. For players, this means a much more honest and open online gambling and casino experience. In this area, Ethereum basically had the first-mover advantage given that it is basically smart contracts. Apart from this, Ethereum does not scale or work as a cryptocurrency.
This feature, however, is already available with Bitcoin Cash (BCH) following the May network upgrade. In May, Bitcoin BCH underwent a network upgrade, which increased the block size to 32MB and also restored certain OP_Codes for advanced functionality. In fact, Bitcoin Cash already saw its first-ever “atomic bet” on the blockchain, thanks to the re-enabled OP_Codes.
This is why we encourage all gaming companies to take a serious look at Bitcoin BCH, as it’s the best on the market for payments and will soon be best of breed in all other areas, including smart contracts and tokens.