The average Joe has heard the term blockchain but apart from knowing its name and that it is going to have a major impact on the world, they know very little about what it can do. The development of this technology is still in its infancy stage even though it has been around for over 10 years now. There will be many industries greatly affected by this new tech and the gambling sector is one that is at the forefront of developments. In this article, I will talk about the latest innovations happening in the crypto casino space.
What Is A Blockchain Crypto Casino?
A blockchain is an encrypted ledger that can store and receive data. Providing users follow a specific rule set they can access along with update the database due to it been distributed. There is no central authority as it is decentralized, which is the opposite of a centralized model that requires a central authority to store and update it. Decentralization is far more secure as if the database goes down in a centralized model it is lost which is not the case with blockchains that are distributed.
A blockchain crypto casino can take advantage of its ability to encrypt, store and receive data by using this ability to manage players bankrolls. On blockchains such as TRON, EOS and ETH programs can run on the distributed ledger so that the RGN created is not possible to be altered which will stop cheating for both player and operator. To ensure the validity of the data smart contracts is in place will set rules to follow. They handle the actions required for a platform to run autonomously and keep it completely decentralized.
Games Built For Blockchain
The design of online casino games has not changed much over the years. Most sites are packed with slots and traditional classics such as roulette without any unique titles to play. One of the things that makes blockchain games exciting is that it has opened it up for developers to create brand new concepts. There are many platforms which enable the free distribution of these games which is fantastic for the industry and players.
Improvements In Payments
One of the most obvious benefits of cryptocurrency casinos is the payment system in place is superior to fiat money gambling platforms. There are several points which make is better which include almost instant payouts, decentralized wallets, zero transaction fees and greater rewards on offer. What is also important to note is that players are guaranteed to get their winnings as no third-party is involved in the process as they are controlled by smart contracts that can not be altered in any way.
Complete Decentralized Operations
Online casinos are centralized which means all the processes are controlled by a human element. It makes them vulnerable to manipulation and since the games run on private servers, nothing is transparent which means there is no way of checking that the operator is acting legitimately.
A blockchain casinos operations are completely decentralized which is made possible by the use of smart programmable contracts that verify bets along with following a set rule set that can not be altered. It means that all of the vulnerabilities found at online casinos are eliminated makes crypto gambling invulnerable to operators ben able to act illegitimately.
No Country Gambling Restrictions Can Be Enforced
Most blockchain casino sites do not require any personal information to be registered to gamble and instead the process can be carried out by utilizing a unique wallet address for transactions. By using a VPN gamblers can get around country restriction and play anonymously. Due to crypto payments transacting peer to peer it means no centralized authority can block payments so it makes it possible for gambling to take place in all parts of the globe.
Crypto Gambling Investment Opportunities
One of the unique characteristics of new blockchain crypto gambling platforms is that during the development stages capital is raised through an initial coin offering (ICO). This means that the general public can get involved and buy the crypto created to power the platform. There are risks attached to this as if the project never gets off the ground or is unsuccessful, investors of the currency could see big losses or even lose everything they invested. On the flip side, however, if it is successful the returns could provide unbelievable amounts.
All Gambling Outcomes Can Be Proven To Be Fair
The development of crypto casinos has introduced provably fair to the sector which means that a few simple checks can show that the outcome was not manipulated in any way. That means if you play games such as blockchain roulette that the results are completely random therefore giving a genuine chance to win.
One of the issues currently with blockchain provably fair games is that the quality of graphics along with gameplay is basic, but companies such as FunFair and TruePlay are changing this. These two providers now have games that are as good if not better than traditional online casinos.
It is still early days in the development of blockchain technology used for gambling purposes but already we have seen amazing developments. Leading the way are FairPlay and CryptoCasino but other platforms that are in the pipeline such as Wagerr and Bethereum will help take the sector to new levels. There will be many bugs that need to be resolved over the next 12 months to ensure everything is working correctly but once these are sorted out, we will see an influx of decentralized platforms that run on smart contracts.
The blockchains that work best in the gambling arena are TRON, ETH, and EOS as they all the main three tho at enabling smart programs to run on the block. If you are looking for crypto casino investments make sure to read our reviews to find the best opportunities and if you fancy a punt take advantage of the free tokens on offer at most of the sites listed on our website.
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