Non-custodial BSV wallet DotWallet and iGaming technology firm BitBoss has partnered earlier this year in order to allow for the development of more features and widen the iGaming market share of BSV applications.
DotWallet Founder Lin Zheming and BitBoss CTO Alex Shore discuss the benefits of iGaming on blockchain during the fifth installment of the CoinGeek series Hashing it Out, hosted by Becky Liggero, leading reporter in the online gambling sphere.
DotWallet is the most used BSV wallet and it has a large Southeast Asian userbase, bringing this userbase to Colorado-based BitBoss. Aside from this, DotWallet also offers a slew of features that includes an easy-to-use app store, a token exchange and its most recently launched “Badge service,” which allows users to utilize third-party card tokens within the application, made possible by BSV’s tokenization and the low fees it offers.
The current average fee per transaction is only at $0.0022, which is expected to be lowered as the network releases the Teranode update that increases its capacity to process over 50,000 transactions per second.
“The very low fees, that’s very important…they can use the technology to help them to hand over tokens, hand over their own assets to everyone all over the world. So imagine that if the token in the wallet, it can be verified and be spent on the Dragon wallet and other wallets and it can work seamlessly if we make it work,” Zheming said.
“They have an app center in DotWallet and you don’t need to log into a Google account or be regulated by what Apple deems appropriate, you’re not subject to their decision making, essentially.
“And that’s not just for gaming. It’s for anything. In the U.S. we’re seeing more and more censorship going on with big tech companies, so this concept of app stores and app centers being offered by other providers, such as DotWallet, it’s a big idea,” Shore explained.
BitBoss, on the other hand, brings with it a blockchain-based platform that mobile casinos build on. Dragon BSV Casino, which runs on the BitBoss platform focused on Southeast Asia, allows for instant deposits and payouts directly from the user’s wallet. Using the BitBoss platform, western iGaming operators can also easily penetrate the Southeast Asian market, which has been proven to be difficult to enter in the past due to distrust in branding and payments.
“We have a whole new channel of users that we can now access. So 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 BSV from their DotWallet wallet to their Dragon wallet,” Shore said.
iGaming on blockchain also provides more avenues to check for responsible gaming and regulatory compliance, creating a secure and fair ecosystem that presents cheating or double spending. Furthermore, the recent released BSV Dynastic update has served to make the network more efficient for iGaming applications by increasing the limit of unconfirmed transactions from 25 to 1,000.
This effectively removes wait times and makes for truly instant transactions, something that is essential when running a mobile casino that generates a huge number of transactions per minute.
“We could only essentially do about 12 bets, which is roughly 25 chain transactions that have not yet been confirmed in a block. With the limit changing from 25 to 1,000, it blows the doors wide open. We really don’t have to restrict the speed of play anymore because that limit is now high enough where a player can’t really get ahead of the one thousand chain transactions,” Shore pointed out.
“Any time a block gets mined, whether it’s in one minute, 10 minutes or 20 minutes, the clock resets and we can then go back and start over with our 1,000 chain transaction account. So it opens the doors wide open for the speed of play that we can offer on our platform,” Shore concluded.