DotWallet and Dragon BSV Partnership Leads to More iGaming Opportunities
In the fifth episode of Hashing it Out with Becky Liggero, DotWallet Founder Lin Zheming and BitBoss CTO Alex Shore discuss the benefits of their recently announced partnership and how it opens more opportunities within the iGaming industry. DotWallet is the most used BSV Hackathon wallet with a large userbase mostly coming from Southeast Asia, while Colorado-based iGaming firm BitBoss is the one responsible for running Dragon BSV Casino, a mobile casino built on the BSV blockchain centered in Southeast Asia.
Western iGaming operators has always found the Southeast Asian region difficult to penetrate when it comes to branding, player trust and secure payments. With Dragon BSV Casino placing their trust on BitBoss, the iGaming firm has opened up opportunities for other operators to get into the Southeast Asian market. Western operators can now easily launch their own white-label brand through BitBoss and gain access to the region.
“Basically, we are leveraging the large userbase that DotWallet has, it’s a win-win from the perspective of we can offer DotWallet more content and [Dragon Casino] shows up in their app center for regions that it’s allowed,” Shore said.
“And then for us, 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 added.
The release of the BSV Dynastic update earlier this year has allowed for applications and platforms built on the BSV blockchain to utilize on-chain scaling for linked transactions, with the update increasing the unconfirmed transaction limit from 25 to 1,000. What actually happens is that unconfirmed transactions have to line up in a “waiting room” while a block is completed and a new block opens up. Before the update, with just 25 unconfirmed transactions allowed in the waiting room, there are times when applications have to wait 10 minutes for the waiting room to open up some space. With the BSV Dynastic update, the waiting room has become much larger, eliminating the wait time for applications that process a huge number of transactions, such as mobile casinos like Dragon BSV.
“This is huge for us because with gambling on a blockchain, you can prevent cheating or what’s called double spending by associating a player’s bet with the bet result or a payout that is sent back to that player. And that’s what we do to secure our system. It’s a huge advantage over non-blockchain based online gaming platforms,” Shore explained.
“To link those together, 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 1000, 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 further explained.
And with BSV soon to release Teranode this year, the network’s capacity will increase to over 50,000 transactions per second, rivaling the maximum capacity of the VISA network. With this kind of output, transaction fees will further be reduced. At present, the average fee per transaction is only at 0.0022 USD. Imagine it being lowered even more—it will open up more opportunities for next-generation iGaming features and applications to be developed.
“We are very eager to introduce Dragon Casino with other applications so we can work together and create more value, more fun for our user. That will, together, we create a much better place for other application developers to consider,” Zheming said.