The online gambling industry is one of the lucky industries that grew immensely during the coronavirus pandemic. Because many physical establishments were shut down to curb the spread of the virus, people shifted most of their daily activities online—and that includes gambling. With the surge in online gambling came issues with servers crashing due to the massive amount of data being generated by the increasing number of players.
This necessitated a new way of online gambling that can provide transparency, security and accommodate big data while creating a smooth and enjoyable real-time gaming experience. Enter iGaming on blockchain.
What is blockchain and why Bitcoin SV?
Blockchain is an immutable public ledger that records Bitcoin transactions in a chronological manner. It is a decentralized and distributed network in that there is no one administrator that has control of the server. Instead, the network is composed of nodes operated by miners that process transactions and provide security. Each node has a copy of the blockchain, so even if one miner goes bankrupt, the network is not affected at all and no data is lost.
Bitcoin SV, with SV standing for Satoshi Vision, has successfully restored the original Bitcoin protocol and uncapped its block size—meaning it is as stable as can be and can be scaled to handle huge amounts of data. Just recently, its test network has reached a 2.9GB block and processed more than 9,000 transactions per second. With Bitcoin SV, the potential use cases are endless.
iGaming on Blockchain
International gaming enterprise BitBoss has recently released the first-ever blackjack game on blockchain. This has revolutionized the online gambling industry as a suite of other casino games can easily be developed after this breakthrough.
“Like with our other offerings, every single bet and bet result for our blackjack game is a transaction on the Bitcoin SV blockchain. But with blackjack, we go further, because blackjack is a multi-action game; choosing to buy insurance, doubling, splitting, standing – every action is recorded as a blockchain transaction. This has a ton of benefits because everything is provably fair, you don’t have to build off-chain technology and try to scale it. Everything is on the Bitcoin SV blockchain,” BitBoss CTO Alex Shore said.
BitBoss has worked around a technical barrier they encountered while developing the game. Because each bet or action taken by the player in real-time is considered an unconfirmed transaction chained together to prevent double spending, the chain limit is hit. The chain limit is imposed by the blockchain protocol at 50 chains, which is expected to be removed within the year.
“We’ve done a lot of work on this limit, but when it goes away, our system is going to be that much more powerful. Even if a block takes 90 minutes to get mined, it doesn’t matter. Even if you play now, before you hit the limit, you can play a lot and it’s fast. It’s the same speed as playing a client-server game, and to us, that’s revolutionary,” Shore explained.
“The removal of that limit is massive for online gaming. It basically completes Bitcoin SV as the ultimate blockchain for gambling,” BitBoss CEO Matt Dickson added.
iGaming on blockchain is expected to hit it big as online gambling companies realize it is the future of casino gaming.