We talked to nChain executives Simit Naik, Director of Business Services, and Patricia Bentley, Business Development Executive, to know more about how the BSV blockchain can positively impact the iGaming industry.
What are the core features of Bitcoin SV that make it the better blockchain and network?
The biggest differentiator, and perhaps the most important one, is the ability for Bitcoin SV to handle scale. Scale goes hand in hand with the opportunity to benefit from extremely low costs for transactions. An iGaming business would potentially produce millions of transactions per year, so for blockchain technology to be economically viable, costs must be kept low and stable. The Bitcoin SV roadmap is aligned with both.
How does Bitcoin SV’s scalability compare to the scalability of other blockchains?
Currently, Bitcoin SV can comfortably handle 1,000 transactions per second. The recent Bitcoin SV Genesis upgrade has removed the default cap on the block size, which means that miners, rather than protocol developers, now set their limits on the block size and transaction they will accept on the BSV network, in accordance with the economics of the system. We now allow the network to start scaling to thousands of transactions per second over the coming months. In comparison, the BTC network’s block cap is restricted to a nominal 1MB, allowing for only 3-7 transactions per second, while the BCH network has remained at 32MB, a size far too small to, for example, support an iGaming business, be it for an operator or individual content creators. For the same reason, large volumes of transactions result in larger fees, lest they suffer from delayed confirmation times.
Comparing Bitcoin SV with Ethereum or TRON is almost impossible as they are fundamentally different blockchains, especially since ETH 2.0 is committed to adopting a proof-of-stake (POS) consensus mechanism. Ethereum currently handles between 12-15 transactions per second (TPS), while gas fees vary depending on the network traffic. TRON, again, uses a POS consensus mechanism, and is put forward as system that could handle 2,000 TPS, yet which has never been independently verified.
What are the current case studies that showcase Bitcoin SV’s strengths?
Though not related to iGaming, the deal nChain has recently signed with EHRData, to develop the foundations for a global Electronic Healthcare Record (EHR) system, shows that Bitcoin SV is ideally suited to handle huge volumes of transactions and provide the necessary security of data that is the key in developing a single patient record on the blockchain. Within iGaming, BitBoss, and CryptoFights are building platforms to revolutionise the iGaming industry. BitBoss makes use of BSV, blockchain technology, and tokenisation to merge online and physical gaming, through their ‘Bridge’ protocol.
How do you think Bitcoin SV can benefit the iGaming industry?
Bitcoin SV is the solid foundation upon which parties can build trust, across the different sectors of the industry. The transparency of the network enables otherwise untrusted parties to integrate with one another more effectively.
Depending on how the technology is applied, security can be greatly enhanced. Funds can be controlled more efficiently and effectively, rather than sensitive data being shared across various systems, reducing potential attacks and risk.
Bitcoin SV can drastically reduce the IT infrastructure required for a business as a significant part of it would be operated on the BSV blockchain.
By no longer needing to deploy or maintain prevalent remote gaming servers (RGSs), blockchain technology allows operators and content creators to drastically reduce their operational costs.
In what ways can the Tokenized Protocol be utilized for iGaming purposes?
Tokenisation, generally, can be applied to in-game items such as skins or artifacts. By tokenizing and storing virtual property on the blockchain, it can be treated as a tangible immutable asset. Players benefit from a more effective control of ownership, and can thus more easily trade items they have earned in the virtual world. Assets can be both traded from player to player or transferred across different games, providing more utility and value attributed to the assets. The blockchain facilitates such token-based transactions and ensures the effective control of ownership of associated assets.
With the use of tokenised casino chips, an operator can create a seamless experience between the casino floor and a handheld smartphone, both enriching the user experience and providing an audit trail of players’ behaviours.
What is in store for Bitcoin SV in the future?
Now that Genesis is out of the way, ‘Chronicle’ is the next milestone for Bitcoin SV. The upgrade will further focus on the network’s original pillars of stability, scalability, and security. ‘Teranode’, the first enterprise-grade full-node software implementation, will present yet another significant milestone in the industry, one that will support the ever-increasing number of enterprise clients that are choosing to build on Bitcoin SV.
Can you share some tips from your board expertise with future developers that want to build on the BSV blockchain?
Bitcoin SV benefits from a strong and supportive development community, which is growing at an incredible rate and which future developers can collaborate with and learn from, whilst the Bitcoin Association is helping developers to refine their skills and knowledge base through initiatives such as the Bitcoin SV Wiki and developer-focused events.
nChain’s platform services aid the development of projects by providing a set of enterprise-grade tools and solutions, allowing developers to quickly and more easily take advantage of Bitcoin SV.
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