James Belding is the CEO and Founder of Tokenized, a platform that enables fast and easy ways of managing, issuing, and trading security and utility tokens on the Bitcoin SV network.
What are the core features of BSV that make it the better blockchain and network?
Bitcoin SV (BSV) is an ultra-low-cost commodity ledger that is designed to work within the law and provide value to all sorts of users around the world, including individuals, organizations and government agencies.
It has all of the revolutionary features that are typically associated with DLT/blockchains, such as tokens, smart contracts, an immutable and public data storage system, pseudonymous privacy, reliable transaction clearing and settlement in approximately 2 seconds (called zero confirmation transactions), ultra-high availability (100% uptime since 2013. 6 years!) and a stable digital money capable of servicing all the world’s payment needs.
Another important feature of the BSV network that distinguishes itself from other blockchains, is that the miners that operate the network have shown themselves to be commercially savvy and have demonstrated a strong commitment to providing a stable protocol suited to the needs of large enterprises.
How does BSV blockchain’s scalability compare to others?
There are no real scaling limits for the Bitcoin SV network. Bitcoin SV strictly adheres to the original Bitcoin protocol, specified by Satoshi Nakamoto in the Bitcoin white paper, and it is fundamentally a protocol that can scale to millions of transactions per second with modern hardware. While many other variations of the original protocol have been spun up as experiments over the years, the Bitcoin protocol continues to prove that it has the correct balance in terms of economic incentives and technical parameters.
The Bitcoin SV protocol lends itself well to scaling sideways (increasing throughput with parallel processing), and this approach, in combination with other software optimizations, will allow the network to grow with demand. The current block size cap of 2GB, which is 2,000x bigger than Bitcoin Core (BTC), allows the network to process ~4k transactions per second in peak throughput. However, the block size cap is scheduled to be removed on February 4th, 2020 ushering in an era of unlimited block sizes which will effectively be managed by miners in response to market demand. As transaction volumes increase, so will miners’ revenues. This will incentivize them to upgrade the network’s capacity to continue to grow their businesses.
It is this final point that is so important to understand. Bitcoin SV is a carefully designed economic system that ensures the miners are highly incentivized to improve their connectivity and capacity over time. The network is already capable of handling millions of transactions per second with today’s hardware, however, that capacity will be unlocked through miners competing for profit in response to demand. I expect the next few years to showcase BSV’s scaling ability to well beyond 100k/second peak throughput, and for it to accommodate all use cases and growth.
Most competing blockchains are either not interested in scaling much beyond their current miniscule capacities (eg. BTC, LTC), have fundamental design flaws that prevent the system from scaling to any meaningful capacity (eg. BTC, ETH, BCH, LTC), have design choices that make them a centralized database, dressed up as a blockchain, which precludes them from offering the value promised in blockchain technology (eg. XRP, EOS, XLM. TRX), or have design choices that prevent them from offering a compelling value proposition to users (eg. BTC, BCH, LTC, ETH).
What are the current case studies that showcase BSV’s strengths?
BitBoss is a great example of accompany utilizing Bitcoin SV and the Tokenized Protocol to offer provably fair gaming. They already have demos showing how the system works, and the user experience looks to be great.
Money Button is another company that has brought microtransactions to many online platforms. An example of this is the social media platform Twetch, which is similar to Twitter except that allows users to tip posts they like, and the content creators receive the tips directly to their Bitcoin SV wallets.
All of these solutions show how fast, low-cost and expressive the Bitcoin SV network is, and this is just the tip of the iceberg of potential applications.
How do you think BSV can benefit the iGaming industry?
I believe the iGaming industry can significantly benefit from harnessing the value in BSV’s immutable data storage system to prove that their games are fair. The use of tokens and smart contracts on the BSV network can allow anyone to audit the full history of a particular game’s results, and it is trivial to do so. This can significantly improve trust in the relationships iGaming companies have with their customers, as well as regulators.
In what ways can Tokenized Protocol be utilized for iGaming purposes?
The Tokenized Protocol can be used to create digital casino chips (tokens) controlled by smart contracts, that can be used in both online games, as well as in physical casinos to provide an improved customer experience, increase trust with customers and regulators, and lower the costs of administering gaming activities. It also allows for iGaming companies to use smart contracts to control how and where their casino chips are used (eg. restricted to areas, machines, casinos, etc.), as well as who is allowed to use them (eg. age restriction, country/state of residence) to ensure precise and automatic compliance with company policies as well as regulations.
What is in store for BSV in the future?
There is so much to say about BSV’s future, that I don’t even know where to begin. It is truly a revolutionary technology that is going to transform a great number of industries. The amount of interesting projects currently being developed exclusively for BSV is magnitudes greater than any other blockchain and I think we will see many of the next great tech companies build their companies on the foundation laid down by the BSV network.
Excited for the future of iGaming with BSV? Stay updated with the latest developments and projects about blockchain in the gaming sector we’ll share on BestBitcoinCasino.com. Follow us on Twitter and Telegram to never miss out.