DETROIT – Calvin Ayre, founder of global investment firm Ayre Group Ventures and blockchain conglomerate CoinGeek, has always said, “When Craig Wright speaks, you listen.” And this is demonstrated in the second episode of Hashing it Out with Becky Liggero when the Bitcoin creator and author of the Bitcoin white paper Dr. Craig S. Wright talks about online gambling on blockchain and how Bitcoin was created with the gambling industry in mind.
“Dr. Wright’s mind works in a special way and if you listen hard enough, you’ll walk away with some new ways of looking at the world,” Liggero commented.
The genius behind Bitcoin discusses why Bitcoin SV (BSV), what he considers to be the actualization of the original Bitcoin he designed, is the perfect system the gambling operators should take advantage of. With deep ties in the gambling industry—having previously worked with big names such as BDO, Centrebet, Lasseters, Playboy Gaming, MGM and Bodog—Dr. Wright admits how his experiences with these gambling firms overlap with the concept of BSV.
“The key aspect of Bitcoin and related systems is the ability to know that you have a single system that hasn’t been changed, where the changes have been made if any need to occur and to have a ledger that you know can’t be altered… What we had been creating was a set of audit techniques that would hash each of the ledger tables and keep them in a real time basis allowing the audit staff to view things, see where the changes were, look at any alterations, etc.,” Dr, Wright explained.
This public ledger that immutably and chronologically records transactions that allows for transparency and security of data for a complete audit trail is the BSV blockchain. The blockchain is decentralized, meaning all miners or nodes on the network have a copy of the master data. This in itself provides utmost security as all miners must agree if there is a change in the system, so it is practically impossible for hackers to manipulate the data on the system. Furthermore, it is a pseudonymous system that is completely traceable, so cheaters can easily be caught.
“Bitcoin is the first digital currency with tracing. With the ability to have a ledger that allows people to find out where the money came from. That’s the real distinction that no one’s talking about. It is the first traceable electronic money system,” Dr. Wright pointed out.
On top of this, because the original Bitcoin protocol has been restored last year, it has a rock-solid foundation that allows developers to build online gambling platforms on it. There is also no need to worry about applications crashing due to limited data space as the enterprise blockchain is infinitely scalable, being able to accommodate bigger data as it continues to scale. This also makes it possible for microtransactions to be priced at the lowest rate. The current average price is only at 0.0032 USD per transactions and the test network has already processed a record-breaking 9,000 transactions per second. This is the true power of the original Bitcoin.
“Think of how many times people pull a lever a second in somewhere like Caesars. Now extend that out to a global system where there could be people doing virtual slot machines globally for a tenth of a cent slots. How are you going to actually do this in a way that can be managed and secure if you’re getting a million potential transactions a second,” Dr. Wright asked.
This column was written by Makkie Maclang.