iGaming on Blockchain is New Trend

While most industries suffered and continue to suffer during this pandemic we are currently experiencing, the online gaming industry is one that reached new heights. As players continue to increase, massive amounts of data are being generated. Many websites cannot handle the huge volume of data, and a new technology is necessary to accommodate this surge in online gaming.

Enter iGaming on blockchain. As many industries like healthcare, social media and supply chain management realize the power of blockchain technology, the online gaming industry is not far behind. BitBoss, “an international team of gaming experts, blockchain innovators and technologists building technology to power the future of gaming and the new Internet,” has recently released the first blackjack game built entirely on the Bitcoin SV blockchain.

“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.

“It’s a public ledger and that’s the joy of it. We’re not trying to create something that’s secretive and behind-the-scenes, we’re trying to create something very public and very useable so that new business models can come about,” BitBoss CEO Matt Dickson added.

Developing iGaming on blockchain does not come without any difficulties, especially with blackjack wherein the game has to be run in real time. This means that each bet or action the player makes is considered to be an unconfirmed transaction between the player and the operator and are chained together to prevent double spending. However, blockchain protocol has a limit of about 50 chains, and the BitBoss team had to work around this chain limit.

“Given that, we do things to give the players more options of having different unspent outputs, or UTXOs, that they can use to place new bets, and we can start different chains on these different UTXOs. We have a limit where we can chain 50 transactions together (which works out to 25 bets), and we can do things where players can move BSV around and we end up where we have many different UTXOs to begin a new chain. We might hit the limit on one of these chains, but then we can start another and another,” Shore explained.

“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 added.

BitBoss is positive that once the chain limit has been removed, which will happen in a matter of months, a whole suite of casino games can be efficiently operated on the blockchain. And BitBoss can accomplish this more easily now with Bitcoin SV because they have successfully worked around this chain limit instead of choosing a different solution and bringing some properties of the game off the blockchain.

“The removal of that limit is massive for online gaming. It basically completes Bitcoin SV as the ultimate blockchain for gambling,” Dickson said.