Blockchain technology has become a common topic at all gaming conferences in the past few years, as new technology tries to find solutions to old problems, and operators look for the next edge. At the recent SiGMA conference in Malta, Bitcoin Association Founding President Jimmy Nguyen was there to explain to operators how only the original Bitcoin protocol, now found it Bitcoin SV (BSV), can scale to meet their needs.
CalvinAyre.com’s Rebecca Liggero Fontana asked Nguyen what his goal was at the conference. “It was to communicate and educate the iGaming world about why Bitcoin SV is the best blockchain for them to build their applications on and to use Bitcoin SV as a cryptocurrency,” he explained simply. “We’re doing a lot of education for all kinds of industries around the world, but iGaming has a particularly special place with Bitcoin because the iGaming world was the first major industry to use Bitcoin many years ago.”
The truth is, BSV offers a lot of positives to an operator who wants to give it a try. “We’re now trying to explain to this ecosystem why BSV, with its massive scaling plan, enables all the uses it needs, creates wins, as I said in my speech, for iGaming for low and predictable fees, fast transactions, tokens, smart contracts, decentralized apps, big data usage and a regulation friendly and compliance oriented system because of its public verifiable nature leading to auditability, transparency, verifiability, things that operators, affiliates, players want, and regulators want.”
Nguyen was keeping very busy at the conference, talking to several different parties who could be helped by BSV. “I’ll tell you about a conversation with someone involved with the Malta regulator here about the need for traceability of coins, the need for improved tools for KYC and AML compliance,” he offered. “Those are things that we want to deliver in the Bitcoin SV ecosystem. There are concerns I’ve heard about the Lightning Network on BTC, and whether or not that’s going to create a system that prevents compliance with KYC and AML requirements because you’re not keeping track of individual transactions and who’s doing them in the Lightning Network channels. That’s a huge problem for BTC.”
But where BTC fails, BSV has the solution. “The answer is a world of micro payments, micro transactions, big data usage on the BSV blockchain and all kinds of new more powerful blockchain applications,” Nguyen noted.
This isn’t just talk either, as an iGaming operator recently ran into the problem of non-scaling blockchains. “EarnBet advertises themselves as a decentralized gaming platform and casino platform,” Nguyen said. “It had originally tried to build this platform on Ethereum but then ran into the scaling and congestion issues which are now well known about Ethereum. Then it moved to EOS because EOS was advertising itself as the blockchain platform for big commercial use. Well, just a couple of days ago, EarnBet published this post giving essentially 30 day notice that it was ending its platform on EOS because it was running into congestion problems again like it ran into on Ethereum, where because of other uses of EOS, you were having this congestion and higher fiat staking requirements.”
Quite simply, EarnBet needed a blockchain that could scale to its needs, and the other options it has tried so far didn’t meet their standards. “EarnBet said in its blog post, they were only able to do about three to four bets a second on the platform, as opposed to what they need to, more like ten bets a second,” Nguyen commented. “And if you want global usage for many, many operators, than you need lots more capacity beyond that. So they have notified the world that they’re going to stop using EOS and have to move to another platform unless those issues can be resolved. I don’t think that’s going to be resolved within 30 days by the way. I hope they explore a new platform. Come to BSV, you can do it all with our massively scaled chain, processing big blocks and large volumes of transactions. It is a highlight of why people should consider their platform carefully that they want to build upon. It’s what we’re trying to avoid and solve for iGaming operators with BSV.”
That invitation to EarnBet was finally extended to all iGaming companies. “Come build on BSV, it’s where it’s at,” Nguyen offered. “The original Bitcoin design, finally scaling.”