The COVID-19 pandemic and the subsequent lockdowns and stay-at-home orders have caused the closure of many betting shops and casinos, and has resulted in the loss of jobs and income for thousands. On the bright side, it has proven to be a watershed event for online blockchain-based online gambling and gaming, and BSV games are leading the way.
There Will Be No Monkey Business in CryptoFights
FYX Gaming takes pride in how BSV wallets have been smoothly integrated into its games, making them integral to gameplay. CryptoFights is a peer-to-peer (P2P) combat game where participants depend on strategy and logic, as well as a bit of luck, to win crypto. In recent months, the company’s user base has grown to over 50,000 while transaction volume has increased to a single-day high of over 1.2 million.
Because iGaming systems are primarily digital, they are susceptible to external manipulation like hacking or technical malfunctions, leaving online gaming platforms open to unwarranted claims-related losses.
According to FYX Gaming CEO Adam Kling, he has chosen to join the BSV network since the timestamped ledger provides a complete and immutable record of all player moves made during CryptoFights. This minimizes—if not eliminates—unwarranted claims while also promoting fairness and clarity of payouts.
It is similar to, but more accurate than, companies like SportRadar, which has employees monitoring real-world sporting events to record all points, penalties and other aspects of gameplay used to determine the outcomes of real-money in-play wagers.
Unlike most siloed databases, BSV blockchain offers an open, auditable and immutable record of timestamped data that assists authorities in determining individual operators’ compliance with the regulations. It provides a basis for resolving alleged breaches of operators’ license conditions and allows operators to demonstrate that they have met their commitments.
The blockchain’s stored data from the players’ activities in CryptoFights also helps identify cases of players working together to monkey the betting markets.
Smart Contracts Aid in Curbing Gambling Addiction
At a glance, blockchain records can avert penalties by acting as an insurance policy against potential fines or offer a foundation of evidence through which regulators can automatically pinpoint compliance. But there is also some real value with blockchain-based games in terms of player safety through smart contracts
The BSV network leverages smart contracts and other automation features to trigger automatic responses to detected gambling behaviors, such as imposing limitations and documenting interactions between the player and operator on-chain without human intervention. And since every action is timestamped and immutably recorded, it serves as a logbook that details the operator’s efforts to meet these compliance standards.
This kind of system also opens up opportunities to educate players on gambling risks and adopt a more responsible gaming stance. It is a win-win scenario for operators and players, as this might lead to increased player yields while keeping punters within reasonable limits.
Moving the operator-player dialogue from a trusted but separate environment to a visible, verifiable and accountable blockchain platform allows anybody with network access to view and evaluate exchanges. Regulators can then choose to respond to compliance violations by deploying their own on-chain technologies.
In a world of growing compliance requirements, escalating fines and increasingly aggressive regulations set on tighter limits, blockchain’s degree of security will nudge the iGaming industry to rely on its network for support. It is only inevitable that gaming operators will find this kind of system attractive over time.
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