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How Ethereum Online Casinos Are Transforming Gambling
The gambling industry is worth over a staggering $50 billion and it is expected by 2026 it will be worth more than $125 billion. One of the major factors in this massive growth is technological evolution with smartphones fueling a new level of interest in gaming. Over the last decade bitcoin has entered the equation and with it has brought disruption to the sector. The blockchain will play a major role in shaping casinos in the future and Ethereum casinos are the stand out contender to become the number one destination of online gambling.
Ethereum Blockchain Casino Games
Bitcoin was the first crypto to have a game created that used its blockchain to create a new type of gambling title that is automated, ultra-low house edges, instant payouts, provably fair and transparent. The problem though is the speed of the BTC blockchain as its wait times for confirmation are not fast enough to cope with the high-quality games you will find at the best online casinos. The Ethereum blockchain provides a solution to this as it runs faster, therefore, can cope with the demands much better.
Ethereum Gaming Digital Assets
One of the most exciting things about the Ethereum blockchain is that it presents new possibilities such as the creation of digital assets. In the gaming space, it has been a huge success with CryptoKitties starting off the crazy and now you will find lots of similar platforms. In the near future expect to see ETH casinos offer players the chance to create these forms of assets.
Online Casinos That Accept ETH
Most of the top online casinos now accepting cryptocurrencies so you can play using real money or cryptos such as Bitcoin, Ethereum, Litecoin, etc. It means gamblers can enjoy the zero fees attached to digital currencies along with getting their winnings faster. These platforms, however, have led to confusion in the industry as gamblers are making the assumption that they are playing provably fair blockchain titles when instead they are RNG centralized games.
Due to the fact that online casinos that accept both real money and crypto have to follow strict regulations, it means that anonymous gambling is not possible. It also means all the other benefits such a profit share, zero house edge, and complete transparency are not available.
Tamper Proof Casino Games
One of the biggest problems since the start of online casinos is the tampering of the games available by developers. It is done so that the owners make even more profit than the house edge rates advertised and some have even managed to tamper games so that the jackpot is never paid out to users of the platform. The good news is that blockchain-based gambling platforms are tamper-proof so gamblers can be assured they are getting genuine payout rates.
The reason why it is impossible to tamper with a blockchain Ethereum casino is due to the technology not making it possible. It works by each transaction having its own cryptographic fingerprint which is a block that carries all the information called hash. The transaction is carried out over a network of computer NODES that all follow the same consensus protocol to ensure that the information shared is agreed upon. It is impossible to make any alterations to one of the hash blocks as the chain would then not agree.
Ethereum Smart Contract Technology
What gives the Ether blockchain a competitive advantage is that smart contracts can run on the network which adds a new dimension to online gaming. It means that complete decentralization can take place as the smart code handles the process without third-party involvement. Due to having no other parties involved in the transactions, it means that is a closed system that can not be tampered with.
As well as being able to run the full operations of an online casino, smart contracts can offer many new possibilities. This is due to the cost savings they present as they not only save money on third-party involvement but also regulatory functions can be applied so they enable self-regulation. These huge cost savings are passed onto the gamblers in the form of lower house edge games and free token rewards.
Smart contacts can also enable community ownership of online gaming platforms by giving a percentage of shares based on the crypto gambling token held by each user. They are able to process all the dividend payments autonomously which would not be cost-effective if processed by human operators.
Ethereum Blockchain Casino Rivals
Due to the added functionality of smart contracts along with faster processing speed, it makes the Ethereum blockchain a much better platform for gaming compared with Bitcoins blockchain. The main rival is the TRON blockchain as this has been designed from the ground up to deal with entertainment and gaming. It offers greater speed than Ether along with all the added extras along with making community ownership easier.
There are many amazing casinos powered by Ethereum that are already available for punters to try the next generation of gaming. FunFair technologies are one of the leaders who are a business-to-business platform that provides the latest technology to make the best ETH casino sites. CasinoFair and CryptoCasino are Fun Coin based platforms that you should check out if you are wanting to see a prime example of why Ether is the best cryptocurrency for gambling.
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