The cryptocurrency market is worth billions of dollars and that would not have been possible if it had not been for gambling. It was games such as Satoshi Dice that helped bitcoin to become mainstream along with helping the digital asset value skyrocket due to the popularity of new blockchain-based casino games. Now the technology is advancing quickly and it is now possible to create blockchain gambling platforms with zero house edge games but also enable users to become shareholders of the platforms. In this article, I will talk about the development of this sector along with why it is on the rise and will become the leader.
Many different features make blockchain technology unique from any that has been developed before. Many of these features are perfectly suited for gambling activity such as fast transactions that are verifiable and traceable. Each of the different blockchains such as EOS, TRON, and ETHEREUM all have different characteristics that can be used to create decentralized gaming communities that use smart contracts to make everything automatic on the network and therefore impossible to tamper with.
The internet is packed with dodgy online casinos that have fixed the games to make sure they always win. They can do this due to lack of transparency as all the transactions carried out are done so on a centralized server which is private and transactions not verifiable by the community. The blockchain solves this issue making it not possible to hide any tampering as each bet place is recorded on a public ledger giving complete transparency to everyone who uses the platform.
Since the inception of the internet, many companies have been successful at exploiting the user’s private data against them. It is done by targeting advertising or selling personal data to third-parties who can then exploit this. Governments are spying on all its citizens and in the UK there are currency pushing for laws to force the likes of Whatsapp and Facebook Messenger to copy the Government into all communications sent via these applications. That is a complete invasion of law-abiding citizens’ rights to privacy and is fueling the rise of decentralized platforms to combat it.
One of the biggest risks of playing at blockchain casinos is that the price of cryptocurrency is so volatile. It means you can see huge changes in the price of different cryptos so when you play at a real cryptocurrency casino with its own proprietary token big movements in the price can happen. Also because it is a new technology, especially in regards to smart contracts, developers sometimes can break or maybe vulnerable to attack. Due to the decentralized nature, however, they provide much greater security that traditional centralized platforms.
Many experts believe that over the next 20 years all of the world’s information will be stored on the blockchain. It provides much greater security for storing information along with enabling peer-to-peer transactions without third-party involvement which reduces costs and eliminates tampering. Blockchain gaming developers such as FunFair and Wagerr are leading the way with their state of the art platforms but expect big competition in the years to come from all the world’s leading iGaming companies as players make the shift from traditional online casinos.
It is just the start of the crypto gambling revolution so there are still many bugs that need to be overcome to ensure it is the best platform to gamble at. One of the problems is the speed of transactions which have been overcome by companies like FunFair with Off-Chain solutions. Gamblers are still uneducated as to the advantages that this type of platform provides but once more start realizing they can play zero house edge casino games along with profit share, it should not take long before mainstream adoption.
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