Monetising Game Play on Social Network Sites
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Monetising Game Play on Social Network Sites

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KPMG eGaming Summit 31 Mar 2011

KPMG eGaming Summit 31 Mar 2011

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    Monetising Game Play on Social Network Sites Monetising Game Play on Social Network Sites Presentation Transcript

    • Monetising Game Play on Social Network Sites
      Jon Matonis
      31 March 2011
    • Overview
      Chief Forex Dealer at VISA International
      Director of Financial Services Vertical for VeriSign, Inc.
      CEO of Hush Communications, creator of encrypted Hushmail.com
      Editor of The Monetary Future blog on digital currencies
    • Social Gaming and Virtual Currency
    • Revenue Shift Away from Advertising
    • Virtual Goods Revenue Increasing
    • The Entrance of Facebook Credits
    • Social Gaming Beyond Facebook
    • Types of Payment Choices for eGaming
      Credit card/debit card
      EFT wire transfer/eCheck/ACH
      Cashier’s check/money order
      Western Union/MoneyGram
      Proxy eWallet account (Click2Pay, Moneybookers, MyPaylinQ, Neteller, Ukash, Webmoney, etc.)
      Mobile payment
      Non-political virtual currency unit (Facebook Credits, Linden Dollars)
    • Attributes of a True Virtual Currency
      P2P capable
      Anonymous/pseudonymous
      Two-way convertibility
      Transactional non-repudiation
      Easily divisible
      Portable and offline capable
      Security and scarcity
      Frictionless (no transaction fees)
      Nearly instant deposits/withdrawals
    • Previous Barriers to a True Virtual Currency
      Gold bullion cannot be molecularly transported across the Internet
      Emulating the anonymity features of physical cash or gaming chips is difficult
      Digital bearer certificates have to verify against a centralised ‘mint’ which creates a single point of failure
      Decentralisation opens up the possibility for double spending the digital ‘coins’
    • Bitcoin: A New Entrant
    • What is Bitcoin?
      One of the first implementations of a concept called cryptocurrency (circa, 1998)
      Does not rely on trusting any central issuer
      Relies on the transfer of amounts between accounts using public key cryptography (like PGP for money)
      Scarcity based on a reusable proof-of-work
      Double-spending prevented by a distributed time server implementing chained RPOWs
    • Major Features of Bitcoin
      Current size of economy (~BTC 6,000,000)
      Nodes connected (5,000-10,000)
      Trading turnover (equivalent $30,000/day)
      Decentralised confirmations
      Distributed nodes (peer-to-peer)
      Open source software (peer reviewed)
      Non-political unit of account
      Independent market-based exchange rate
    • Evolution of Bitcoin
      31/10/08 Bitcoin academic paper published
      11/01/09 Bitcoin v0.1 released
      17/07/10 MtGox exchange established
      06/11/10 Bitcoin economy passes $1.0m
      09/12/10 Generation difficulty passes 10,000
      28/01/11 Block 105000 generated, 5.25m/21m
      11/02/11 Bitcoin reaches USD parity, $1/BTC
      03/03/11 Bitcoin v0.3.20.2 released
      27/03/11 First BTC:GBP exchange opens
    • Benefits of Bitcoin
      Bitcoin is ideally suited to the eGaming and online casino financial requirements
      Monetary properties and features emulate the physical gaming chips in a real-world casino
      Features correlate to the customer demand for a digital/virtual currency
    • eGaming Sites Currently Using Bitcoin
    • Map of Bitcoin Nodes
    • Total Bitcoins Issued Over Time
    • Bitcoin-USD Exchange Rate (Jul 2010 – Mar 2011)
    • Future Implications
    • Google is the Player to Watch
      Google acquires Social Gold, a virtual currency platform (August 2010)
      Google acquires Zetawire to look after NFC payments (December 2010)
      Google releases BitcoinJ, a bitcoin client for Java (March 2011)
      Google now has 750 staff in payments division!
    • The Dawn of the Cryptocurrency Economy
      “Digital cash is to legal tender as BitTorrents are to copyrights.” -- J. Matonis
    • The Dawn of the Cryptocurrency Economy
      A Digital Currency Revolution will......
      Fundamentally alter the current hierarchy of central banking and banks
      Challenge traditional value depositories
      Cause KYC rules for certain transactions to become irrelevant
      Make monetary and taxation jurisdictions less important
    • Opportunities for Gibraltar Jurisdiction
      eGaming companies that adapt
      Prepaid operators
      (Transact Networks, IDT, Wavecrest)
      eMoney and virtual currency exchanges
      Cryptocurrency market-makers
    • Thank You
      Jon Matonis
      matonis@hushmail.com twitter.com/jonmatonis