TAAL CEO and nChain Group President Stefan Matthews took part in the latest episode of Calvin's new Ayre Hashing it Out show. As a professional with nearly 20 years of experience in the gambling industry, Matthews discussed the benefits of BSV technology for regulators and the gambling industry as a whole.
Stefan Matthews talks about Blockchain technology
Last month, for the premiere episode " Hashing it Out ", Calvin Ayre , Ayre Group and CoinGeek Founder spoke about the future of blockchain technology in the gambling industry . Now, earlier this week, the executive chairman and CEO TAAL who is also the executive president NChain group and a member of the executive committee of Bitcoin Association , Stefan Matthews he took part in the third episode " Hashing it Out " with
Becky Liggero Fontana. In a recent episode, Matthews described how the industry could benefit from Bitcoin SV (BSV) blockchain technology.
Why is BSV Probably the Best Blockchain Platform?
According to Matthews, currently more and more online gambling applications and games are switching to blockchain . However, he admitted that earlier these applications could not " actually be on Ethereum or BTC platforms " just due to scaling problems . Matthews insisted that it was unlike other platforms Bitcoin SV or BSV has no such scaling problems . Didn't forget to mention that "Extremely low" cost of the transaction coupled with its scaling capabilities, it really shows that BSV has tremendous potential. Comparing BSV with other platforms reveals " huge variety ”Added Matthews.
" And of course I'm lucky to work with Bitcoin SV or BSV right now, which doesn't have these scaling issues. "
In addition, he mentioned that some professionals in the gambling industry are questioning whether it is profitable (due to fees) to run every single piece of data over blockchain. Here Matthews explained that not every single transaction needs to be passed to the chain .
" Obviously the way to design this is overlay networks that connect to the chain and go to all their time and date stamps and everything else that is completely immutable that can be used for audit purposes etc. "
Instead, he said he was using overlay network solution , you can capture the benefits of " timestamp of the transaction in the chain ”While at the same time all data does not have to be "physically in the main chain" .
Before he approached BSV technology, Matthews was part of the gambling industry by almost 20 years . In his interview, Matthews recalled how he met dr. Craig Wright and Calvin Ayre when he was still associated with the gambling industry.
Regulators are benefiting from the BSV
Focusing on the benefits BSV can bring to the gambling industry, Matthews said it was rather surprised regulators showed little interest in the technology . One reason, he says, is that regulators may not be aware that the BSV blockchain can be used to build a "fully compliant licensee monitoring system" . With that in mind, he predicted it wouldn't take long for gambling operators and regulators to understand the technology. In addition, Matthews said there had been a lot of discussion on this topic at nChain.
How Matthews Met Ayre and Dr. Wright
Matthews recalled that while working in Centrebet in
, he first met Dr. Wright. The company was in the process of making its debut on the Australian Stock Exchange and Matthews was then introduced to the audit team and Dr. Wright was one of the few members.
" The man sat down and talked to me about all the things related to digital currencies, e-currencies, digital gold and many related technologies "
Although Dr. Wright and Matthews did not work directly, they did work with team members for 4-5 months. Following the IPO, Dr. Wright " he had a different relationship with Centrebet ". Matthews remembers how he personally spoke to Wright who shared some of his ideas . He admitted that at first he couldn't understand what Wright was working on.
In addition to Dr. Wright, Matthews remembered the first time he met Ayre. In early 2010, he left Centrebet when the company was acquired by Sportingbet . Then Matthews joined Bodog Group and consequently met Ayre .
Creation of the nChain group
In the third episode " Hashing it Out Matthews described how the nChain Group was formed. He remembered that Dr. Wright had called him after he had decided to leave the gambling industry. Matthews remembered Dr. Wright saying he had fed up with running businesses, companies or dealing with human resources . In addition, Dr. Wright said he wanted to generate ideas and communicate them to people who can turn them into solutions. According to Matthews it was the "fatal phone call" that resulted in the formation of the nChain Group . He then revealed that Dr. Wright moved to London with his family and continues to create ideas day after day, while a team of over 200 professionals from the nChain Group are creating new solutions with these ideas.
Mining versus online casino operation
In addition to the links nChain has with the gambling industry, Matthews revealed that there may be parallels between the gambling industry and TAAL, which is " specialized mining company or enterprise blockchain transaction processor ". In the interview compared mining to the online gaming sector . Matthews noted that when he became involved in mining in 2015, he witnessed mining operations being organized. He added that he then understood that these operations " they were no different than running an online casino ".
Matthews admitted that the mining operation has the same mechanics as running an online casino with 5,000 slot machines . He added that in machine learning, which is a process also known as hashing , machines are programmed to produce a specific turn. If no return is observed, an investigation is made to establish the cause.
" There is no doubt I think some of the things we think about in terms of machine learning and artificial intelligence will surely coincide in the design and product areas we are working on over the next few years. "
According to Matthews, processes such as fraud and " milking "Means that machines are damaged or impacted and therefore do not generate hashish. In other words, it revealed how negative processes can affect mining operation in a similar way as they can affect online gambling operations .
Finally, Matthews revealed that mining companies like TAAL are currently considering options convergence of blockchain technology and artificial intelligence (AI). He added that it has yet to be determined how a combination of the two technologies could yield competitive advantage .