If the gambling industry is going to adopt Bitcoin SV (BSV), and it probably should, it’s going to need some system of tokens. Tokens will help ease customers into the ecosystem, and provide a powerful system of managing assets and promotional offerings. And thanks to James Belding’s Tokenized, that platform is coming.
The Tokenized CEO recently presented an online demonstration of his company’s first application, due for release in November. The Bitcoin Association organized webinar demonstrated the Tokenized platform, from which a business could manage all of their tokenized assets.
Using the Tokenized platform, a business will be able to manage every aspect of their tokens, from creation, to issuance, to the rules applied to it. By using the power of the BSV blockchain, companies can use smart contracts to manage all of the rules applied to their tokens, and monitor everything from one place.
The benefit of this comes in multiple forms, but Belding emphasized the transparency of the system. “You cannot build a financial system around a lack of clarity” he said.
Many of the “contracts” we encounter in our lives are non-standardized, on paper documents (where they’re seen at all) and are often difficult to store and keep track of. They don’t automatically notify you if an event occurs or an action is required.
Parts of Belding’s presentation seemed targeted to many of the functions a gambling company would care about. He showed off how a company can issue coupons or giveaways for a promotion, setting the name, type, duration and expiry, rules and regulations, value, quantity and transfer policy. These tokens can also listen for “oracles,” or external third parties, which can broadcast events for the tokens to react to. Like say perhaps a giveaway that only activates if a player’s favored team wins?
Importantly to regulators, Know Your Customer and identity data is built into the system. Adhering to laws and regulations has been a top priority for Bitcoin SV businesses, and Tokenized is providing the power to do so.
As can be seen in the demonstration, the platform is easy to understand and use, and Belding noted that it was built to integrate easily with a front-end. The company’s business model is to charge for access to it’s APIs, but it puts simplicity in the hands of its users in exchange for the powerful tools they provide.
It’s still early days for tokens, and even sophisticated develoeprs may not realize just how powerful they could be. A company that figures it out, using them to develop stable coins, promotions, or other important assets that need to be tracked will be far ahead of the game. But it all start’s here, so checkout the video above and see what you might be able to build with tokens on BSV.