As the cryptocurrency market experiences an upswing, BlockStamp (BST) stands out as a major winner. At an increase of 1,500% over the previous week, it easily dwarfs other competitors in the small market cap sector. BlockStamp’s BST token remained stagnant since this past summer at approximately $0.10, before catapulting to $1.60 over the course of New Year’s Eve into January 1st.
This sudden jump places the token firmly in the top 100 cryptocurrencies by market cap. The exact cause of the spike is unknown, but persistent work by the BST developers likely played a part. The cryptocurrency market has remained erratic since a late summer rally in 2019. Sudden spikes, including BST, may be an indicator of upcoming movement across the market.
The ‘Wild West’ of Blockchain Gaming
In part, one can attribute BlockStamp’s success to their focus on blockchain gambling. Their associated gaming site, BlockStamp Games, offers a variety of peer-to-peer gambling options. Through avoiding a central figure and leveraging blockchain technology to ensure transparency, these gaming sites attracted a major following. Further, regulations lag far behind advancing technology in this field.
As legislature catches up, these gaming sites may struggle to remain operational. However, over the short term they remain an immensely profitable venue. They avoid the typical ‘house cut’ of casinos by charging transaction fees instead. The use of a native cryptocurrency – like BST – makes this easy for the operator and painless for the players. Of course, BlockStamp’s stated purpose is the ‘sealing’ and verification of data on the blockchain. As such, gambling is only a theoretical start point for their business.
The Importance of Immutability and Verification
Although Bitcoin’s stated goal lay in the digital currency field, the inherent immutability of the chain created a secondary market. Information included within transactions is permanent and unalterable. As such, custom made blockchains that mimic this aspect now exist to aid in the verification of data. BlockStamp’s stated purpose is to provide a location for ‘sealed’ data, in effect creating a permanent record. Users can then remotely access that data to ensure its validity.
Another project, V-ID, made waves earlier this year when it partnered with inspector company AmSpec. AmSpec now uses the V-ID system to verify their inspection reports within the realm of the petroleum industry. BlockStamp’s service can provide similar functionality.
Article By: Adam Stone