Blockchain Smart Contract Gambling On The Ethereum Network

The average punter knows about bitcoin but has very little knowledge of other cryptocurrencies. Most believe it is simple BTC under a different name and does not know of the advantages that they hold. Ethereum is one of the leaders due to the amazing possibilities it enables developers to create smart contract blockchain casino sites. It is not possible with other cryptos such as Bitcoin which is what makes ETH so special. In the gambling industry, it is been used to develop the next generation of gaming platforms alongside smart contracts and in this article, I will explain why it is going to fundamentally change casino and sports betting the sectors.

Why Ethereum Is Perfect For Gambling Platforms

Ethereum is the second largest cryptocurrency and runs on its own blockchain network. It allows for other technologies such as smart contracts to run on its blockchain along with enabling other cryptos to be created. It is an open source public distributed network that has scripting functionality. It is the perfect tool for businesses and due to its wealth of features, it can fully automate many industry jobs to enable complete decentralization. This makes it the perfect crypto for gambling platforms as complete anonymity can be achieved in an autonomous environment.

How The Ethereum Distributed Network Works

The Ethereum blockchain is a worldwide network of computers that distributes each transaction over a secure public ledger. All of the transactions create a block which holds the details of the transaction which is copied and distributed to each node (computer). The blocks created to contain the full details along with the history of the transaction and cannot be altered in any way or deleted. The information stored on each block is simultaneously stored on each node which guarantees the accuracy along with the validity of the data.

Due to the above process, it makes running an online casino on the blockchain the perfect solution for providing the ultimate trust. No data can be altered and the distributed public ledger ensures that every transaction is transparent.

The blockchain ensures complete independence which is vital when gambling as it means that casinos and betting operators cannot alter the outcome of bets. The Ethereum network takes things to the next level which are limited by other networks such as bitcoin as it is more versatile. Programs can be added as an extra layer on top of the blocks with set rules which means that new gambling games can run on the ETH blockchain by using smart contracts to execute the processes.

Ethereum Smart Contract Gambling

Due to the Ethereum blockchain allowing for smart contracts to run on its network, the code can be developed to create new crypto gambling games and sports betting options. They work by following built-in protocol such as autonomously checking results and carrying out payout should the punter win. The contract is able to verify results via a number of different sources ensuring 100% accuracy at all times. Due to the decentralized nature, it provides players with complete confidence along with the public ledger ensuring absolute transparency due to recording each and every bet along with result which can not be tampered with in any way.

Provably Fair Ethereum Gambling

What ensures that Ethereum gambling games are provably fair is the public ledger that holds a full audit trail of each bet carried out on the system. It provides the unprecedented ability to record each transaction via the blocks. It means that any player or the general public can make checks to make sure the behavior is correct for each of the games. The information stored on the ETH blockchain provides the full history which makes it the first time that gamblers are able to check all of the information of the gaming platform as traditional sites store this information on their own servers which is not available for anyone to audit which makes it vulnerable to manipulation.

Advantages Of Decentralized Ethereum Gambling

There are many costs associated with traditional online casinos and betting platforms which need to be passed on to the players to ensure a profit for the operator. Due to the fact that smart contracts that run on the decentralized Ethereum blockchain carry out all of the work that normally requires human operators the running costs are far less. This saving is passed onto the gamblers so that they get better odds and a far greater chance of winning.

Final Thoughts

Ethereum gambling is the future of casino and sports betting technology. It provides the potential to eliminate many problems faced by traditional real money platforms. These include unrivaled trust, removal of chargebacks, lower running costs, new edgeless house games along with stopping fraud from taking place.

There are many new platforms that are powered by ETH along with other cryptos such as EOS that enable smart contract gaming. These sites that are utilizing the next generation of cryptocurrency technology are placing themselves at an advantage over the competition and they will be well positioned to become a leader in the industry in the near future. Make sure to read out Ethereum casino reviews to find out more information on the present companies that are leading the way.