Marco Cuesta’s predictions as to Ethereum Blockchain

Fire & Ice party is a good annual networking possibility for the professions in the sphere of online gambling and the further interview with Marco Cuesto from FirstBlood will explain to you why.

The FirstBlood platform is a decentralised application for amateurs and computer games professionals. FirstBlood offers a decentralised reward system for eSports players built on the Ethereum Blockchain. It allows organising tournaments and individual competitions, making bets and receiving rewards. The most interesting of Cuesta’s innovations is that they found the way of using Blockchain in some other ways, not only for the purpose of transferring payments through Bitcoin and have some predictions as to the effect of this technology in future.

Among the benefits of using Blockchain, Cuesta stressed accessibility, accountability, transparency and safety. He also pointed to the impact the success of Bitcoins has produced on other platforms like Ethereum.

“[Bitcoin is] mainly meant for payments and it was revolutionary because instead of one person having the ledger of pluses and minuses and transactions, now millions of people on the network have it. That was the revolutionary thing that Bitcoin did for people, make this publically viewable ledger system, but now you have something called Ethereum which has much more functionality”, he explained.

Talking about the Ethereum Blockchain, Cuesta drew the parallel with creating programs on some of the outdated telephones and smartphones that are able not only to make calls but to perform numerous other tasks.

“With Ethereum, you have this system where you can not ony have transactions happening with exchanges of value, but you can actually build programs on top of this network, such a voting systems, escrows, things having to do with insurance, or our eSports platform”, he told.

“Everyone can see the transactions that are happening on this system. So if somebody is making bets, wagers, or organising a tournament or something that doesn’t have to do with gambling, you can see all the transactions that happen. Everyone knows the payout is going to happen for this tournament and they’re also going to be able to see the results. The winners will be published”, Cuesta pointed.

Marco explained that one of the major advantages of creating on the Etherreum Blockchain is the capability to operate without the assistance of the third-parties like banks, payment platforms or some verification systems.

“Everything is on the same database. It’s like the next level of the internet where we’re all connected. Instead of Amazon and Microsoft and all these people having their own systems and the tubes that connect them, it’s all the same database so it’s very efficient” Cuesta said.

Explaining his conclusions as to the disruptive Blockchain technology, Cuesta revealed that the North American Conference in Miami he visited while studying in college helped him. At the conference, someone used an outdated telephone analogy to explain it.

“I was a ‘Bitcoiner’ and I started out because I was a trader and one of my best friends – and CEO now of FirstBlood – was teaching me a little bit about derivatives at the time and all of a sudden he started talking about this internet money that he’s using his old Dell laptop to mine. It was really interesting stuff, worth about a couple dollars at the time”, he told.

“What really caught my attention after I started to look deeper into it and looked at the whitepaper was that [Bitcoin] was a borderless, transfer of wealth system for anyone to interact with using a smartphone, internet access or a desktop”, he explained.

Cuesta drew the attention to the developing markets now that are mainly mobile-concentrated. Even homeless people have smartphones in NYC.

“I saw the massive potential and of course nobody can stop it which is an amazing thing too, you’d have to basically take down the internet. You’re giving people the basic human right of having financial dignity and being able to control their own assets. I saw this was a real long term benefit here”.

Cuesta attended the launch of the ‘Ethereum Enterprise Alliance’ in the JP Morgan Building in Brooklyn and it is evident that the new technology attracts the attention of the large companies and is going to expand worldwide.

“You have all these enterprise companies like Microsoft, Intel, banks like Santander and accounting companies, PWC, coming together to say we need to use this Ethereum technology to either create private systems for ourselves or integrate directly with this public, permissionless Blockchain ledger”, he revealed.