Blockchain Gambling Online
Blockchain has proven to be a revolutionizing phenomenon for the gaming world. Its influence spreads to sectors like in-game purchases that have metamorphosed to become self-supporting and well-functioning economies. Today, more than ever, gamers are spending more money on purchasing virtual goods as they commence with their gameplay. Some platforms make it possible for punters to trade virtual assets with real cash. Some players have resulted in buying virtual items to keep them as collectibles or just because the items are rare and hard to come by. In some instances, players end up spending more on in-game content as opposed to the monies they pay on other things in their daily lives.
Smart contract casino gaming is giving back control to developers and also allowing gamers to have control of the things they purchase in the game. Since blockchain champions decentralized gambling, every gaming producer possess the control above their developments and earn all the monies generated through their creations. Apple and Steam are traditional platforms that take a size-able chunk of revenue generated from the games they host on their platforms. Their greed only leaves a small percentage for the developer which translates to minimal profits. Blockchain-based gaming system allows games to stand alone thus allowing developers to be in full control and get paid all the profit revenue.
Are Blockchain And Virtual Currencies Getting Much Needed Support?
As casino blockchain and crypto gambling platforms keep shattering boundaries and creating new frontiers, they’re spearheading the path where they’re gaining unending and unwavering support. Bitcoin is getting all the support even from regulators such as the UK gambling commission. Today, the commission supports BTC as a payment option.
In 2015, the UK gambling commission published a white paper that equated cryptocurrencies as equal to real-money wagering options. Afterward, many reputable online casinos started offering bitcoin payment gateways. The commission cleared the way for gambling platforms to offer Bitcoin as an alternate and more secure payment option covering in-game purchases and safe transactions. The gaming industry is also backing Bitcoin use 100%.
The four biggest gambling platforms now accept Bitcoin as a payment gateway. These platforms (Steam, Play-Asia, G2A, and Linguini) now display the Bitcoin accepted here banner on their websites. More popular multi-player games such as Wargaming’s MMORPG and Spells of Genesis game are now fully integrated with crypto.
Spells of Genesis use crypto for more activities than just facilitating payments. Punters can purchase and sell the game’s cards, and the platform offers them a secure cryptocurrency platform to conduct the business safely.
How Does Blockchain Provide More Security?
The decentralized platform provides a more secure, safe and fairer playing space. The platform eliminates centralized systems that companies or individuals would have control over thus gaining an advantage over the others. Blockchain technology flags any unsecured sites immediately it tries to integrate into the platform thus saving users the hassle of losing their info. The open ledger platform allows users to publicly view transactions and gaming results in real time thus eliminating any element of fraud.
ICOs Are Vital For New Blockchain Gambling Sites Online
Initial Coin Offerings (ICOs) came into the fray thanks to the cryptocurrency introduction. ICOs were linked to the pre-mined blockchain platform in which these currencies get discounted for a certain period in time, thus driving the necessary utility and critical mass. The ICO wave was, however, interrupted by the introduction of Ethereum blockchain casino platform. Today, developers on this platform supply their proprietary ETH tokens without as much as causing friction when they utilize Ethereum’s infrastructure and security.
The platform has ensured that there is the rapid deployment of ETH based tokens that have seen 15 Ethereum-based ICOs pop up in recent months. Golem ICO is one such endeavor that saw the token release raise $8.6 million within a couple of minutes back in 2016. With such progressive ICO launches, Ethereum is now the number one go-to platform for developers and entrepreneurs that desire to raise funds through an ICO. Today, the trend has shifted and embraced the cryptocurrency gambling niche that is generating.
Decentralized Online Gambling
Ethereum founder Vitalik Buterin is on record stating that Decentralized gambling is a platform that affords developers and users a whole bunch of benefits over centralized systems. The platform allows gambling services to occur without any chances of cheating and attracts almost zero-rated fees. His sentiments are nothing but the truth, and 24 months later, developers are busy creating decentralized-based gambling platforms that they use to not only provide services but as crowdfunding platforms when they launch ICOs.
Coins such as WAGERR Coin and FUN tokens are gearing up to become the next exchange unit for both gambling platforms and gambling sites. Within a short period, coders will be working from the comfort of their bedrooms, creating decentralized games as it will cost them next to nothing using the Ethereum based network to launch said games. The blockchain casino games will be mass produced with ease similarly; YouTube videos are launched online every day. These developers will attract a global audience, and they will gain instant fame, and their wealth will skyrocket!
Like every other thing, there’s a downside to this quest, the business models in which the ICOs are built upon are lacking. EOSBet casino is one Ethereum based token that fronts an ingenious service; however, it fails miserably as a gambling platform since it doesn’t extend the same experience gamblers have with traditional gambling platforms.
EOSBet gaming has punters rolling a random dice which makes them win or lose in unattractive, uneventful and uninspiring gameplay. Again, for EOSBet investors to recoup from their investments, players need to play the full game(s). EOSBet lacks a marketing and retention strategy. The platform doesn’t offer investors and gamblers deposit bonuses and affiliate programs that would make it have a competitive edge in this cutthroat gambling sector.
Despite having launched on a decentralized, provably fair platform that encourages peer-to-peer gambling, most gamers don’t give a damn about this if they do not have fun gambling. Only a handful of cryptocurrency hardcore gamblers see the value in the incorporation of smart contracts, and this doesn’t compare to the $40 billion online gambling industry that developers and investors are salivating for. All is not lost; however, as new gambling, ICOs are forging a path that will soon become the investment vehicle, everyone will be scampering for.
Final Thoughts
Smart contracts that these ICOs are based upon are publicly accessible to everyone on the planet, and the contracts they run on are guaranteed to pay investors through a schedule that executes autonomously. The compelling premise will alter the ways startups will be raising funds in the future. But everything will boil down to the business models incorporated as they will determine whether investments will propel or break down.
