Online Decentralized Gambling
It’s rather unfortunate that the decentralized gambling platform doesn’t get recognition for contributing to the advancement of technology. Step back and recall how the industry has achieved a substantial digital transformation in the last fifteen years. Casinos of old were all land-based, and with the advent of the internet and it’s quick to spread today, we have online-based gambling arenas. We morphed from online operators to mobile use, to crypto-centric, and now we are going through the decentralized gambling phase.
Things have changed now that we have taken out the middleman, allowing punters to gamble through a peer-to-peer basis. Everything on the gambling platform is supported entirely by Smart Contract technology, ensuring that users can opt to be the player through a minimal house-edge or make guaranteed returns as the banker which in essence is a win-win scenario.
To make things easier, we start by defining what decentralized gambling is and how it works out for willing punters.
Decentralized Gambling Platforms
In its simplicity, decentralized gambling adheres to the same rules as any other decentralized system. The platform takes out the need for using an intermediary by encouraging peer-to-peer transactions. When it comes to currency, decentralized cryptocurrencies make it easy for individuals to exchange value without using intermediaries. As for gambling, punters can play without assistance from third-parties.
Just like any other decentralized system, gamers are presented with several benefits, some of these include;
For those without knowledge, a house-edge is a long-term statistical advantage that the casino platform has over the player. However, the house-edge differs depending on the game the user is playing. For those without a clue, we just defined how centralized casinos have a hold over gamers thanks to their tweaked house-edge algorithms that ensure the house wins all the time.
To ensure that decentralized gambling is different, casino operators, together with blockchain developers, came to create a platform in which the house-edge is in favor of the player. By incorporating technology that takes out costly overheads and human intervention, casinos use low amounts to run their operations, and this means they allow players to have better playing odds through very to zero house-edge gaming.
To make sure that they promote trust within the industry decentralized gambling runs on blockchain. It means that every transaction that takes place on the gaming platform gets recorded in real-time in multiple computers, thus eliminating any form of manipulation.
Meanwhile, gamblers can watch their bets work and get registered live further encouraging trust between the operator and the gamer. Moreover, gamers are allowed to conduct peer-to-peer gaming where two or more players can set the odds and compete against each other.
Casinos of old started losing punters after sharing their private information with other sites that used it to deceive or market to the innocent gamblers. To ensure this policy ceases decentralized gambling encourages anonymous gambling. Gamblers on said platforms only share their wallet address (which in most cases is their email address) and nothing else. They gamble using cryptocurrencies, meaning that their information can’t be traced.
We live in an age where the most valuable commodity is data and large online companies such as Facebook have been exploiting this to the detriment of the world. Decentralization presents the possibility to change this and get rid of centralized organizations exploiting us. The gambling industry is always one of the first to use new technology and is at the forefront of blockchain development but expect to see mass disruption in most industries due to cryptocurrencies over the coming years.