As cryptocurrency continues to gain enhanced mainstream acceptance, developments in the space are having greater knock-on effects on various industries, including gambling.
A notable firm heavily involved in both the cryptocurrency field and the betting and gaming sector is BitBoss, a B2B and B2C gambling firm which leverages blockchain technology.
The company has worked heavily to promote the benefits of cryptocurrency and blockchain technology to fellow gambling industry incumbents, highlighting its advantages for safety and transparency, for example.
In a discussion with Becky Liggero of CoinGeek, BitBoss Founder and CTO, Alex Shore, discussed the relationship between the firm’s Dragon Casino platform and DotWallet and also highlighted what the crypto-space can do for the gambling industry.
Shore observed that the relationship with DotWallet is a ‘win-win,’ as BitBoss’ white label gaming platform is able to leverage the former’s ‘large user base’, whilst offering its partner a wider range of content.
“For us, we have a whole new channel of users that we can now access,” he explained. “People see our technology in DotWallet that otherwise wouldn’t know about it, they can tap on it, they can link over to our app, and do real money gaming immediately and very easily by transferring SBV from their DotWallet wallet to their Dragon wallet.”
With over one million users, DotWallet’s customers – according to Founder Lin Zheming – primarily come from South Asia, Southeast Asia, mainland China and European regions, in addition to some from North America, Africa and Japan, allowing Dragon Casino to significantly increase its own user base.
Moving on, Liggero highlighted a major development in the cryptocurrency sector – the dynastic update made to Bitcoin SV (BSV), which has increased the ‘unconfirmed transaction limit’ from 25 to 1,000.
Liggero described how this has led to the ‘waiting room where transactions are sitting before they go into a block is much larger now’, speeding up the general process.
“This is huge for us, because with a gambling on a blockchain, you can prevent cheating or what’s called double spending, by associating a player’s bet with the bet result or payout that is sent back to that player,” Shore remarked.
“That’s what we do to secure our system and it’s a huge advantage over non blockchain based online gaming platforms. Every time a player places a bet, it gets sent over the blockchain and one of our games services, let’s say Blackjack for example, processes the action that the player took and decides if there’s a payout.
“Regardless, whenever there’s a response back to that player, we are associating the bet transaction that was sent by the player over the blockchain with the transaction that we are sending back to them and to link those together, we can only essentially do about 12 bets, which is roughly 25 change transactions that have not yet been confirmed in a block.”
The change in limit has ‘blown the doors wide open,’ he concluded, as cryptocurrency betting providers no longer have to restrict the speed of play.
Zheming shared his own views on the update, adding: “The limits are automatically gone, so it is an unlimited chain of transactions. The 1,000 was just a temporary safe limit put on Bitcoin SV, because Bitcoin SV has unlimited scalability and doesn’t break the existing security model.
“It’s pretty safe to use this feature, and we can be safe knowing that it will be there with less restrictions in the future. Compared to other blockchain technology, especially with Ethereum, the lower fee is the key. You don’t want the user to pay the transaction fee as high as your revenue, as that will largely increase the cost to the user.”