Blockchain Gambling Platforms
In today’s world, the cryptocurrency market is worth billions of dollars annually. The fast progress is attributed to the gambling industry. Bitcoin’s populace was championed by Satoshi Dice, an action that saw it’s digital currency skyrocket in less than a decade. The new and ever-evolving blockchain tech introduction to casino games fuelled the expanse of cryptocurrency use worldwide.
Due to the fast changes in technology, users can now create blockchain gambling platforms that come with zero house edge games. Moreover, punters can become shareholders of these platforms. Let’s go through the points that we think will make blockchain tech leaders in the gambling industry.
Blockchain-Powered Gambling Platforms
It is important to make the definition of the difference between an online casino that accepts cryptocurrency compared with a blockchain powered platform as they are completely different. Many players are attracted by bitcoin gambling promotions such as the 7 bit casino no deposit code 2019 but due to it been a traditional casino they will not experience the actual benefits of crypto gaming.
Numerous features have been combined to make blockchain tech offer more benefits than other platforms that came before. Some of these features are well suited for gambling activities, including verifiable and traceable fast transactions. Blockchain-based platforms such as Ethereum, EOS, and TRON come with unique characters that make decentralized gambling a reality. By incorporating Smart Contracts technology, these platforms make every transaction automatic and tamper-proof.
Because the internet is home to numerous dodgy casinos that fix games to ensure the house wins all the time, thanks to their centralized holdover players, blockchain technology offers the solution by decentralizing gambling. By publicizing every gameplay through a public ledger accessible to all parties involved in real-time, casinos can no-longer tamper with the scores.
Decentralization Will Change The World As We Know It
Since the invention of the internet and global rollout, a lot of firms have had the upper hand by extracting people’s data and using it against them. They achieve this by either selling or target advertising the data to third-parties who then use this information to exploit unsuspecting individuals.
Governments across the planet spy on their citizens, even asking multinationals such as Facebook and its affiliates (WhatsApp, Messenger, and Instagram) to send governments copies of all communications done through said applications. Citizen’s rights are being abused, and this has led to the introduction of decentralized platforms to counter such invasions to privacy.
Blockchain Casino Platforms Risks
Due to the volatile nature of cryptocurrencies, players trying their luck in blockchain casinos are warned of the surprise changes in the values of the cryptos they use. Since this is a new technology that is nearly a decade old, its software platforms, such as smart contracts are vulnerable to cyber-attacks.
However, it’s wise to state that its decentralized nature makes blockchain-powered gambling platforms more secure than conventional centralized platforms. It’s also wise to add that a lot of crypto experts believe than in the next two decades, the world’s data will be recorded on the blockchain platforms.
So far, it has proven to be a better source for storing information, especially for peer-to-peer transactions by taking out the role of intermediaries, meaning operational costs and info tampering is significantly reduced. Wagerr and FunFair are some of the blockchain gaming developers that are leading the industry with their high-tech gaming platforms. However, their reign is being challenged by the upcoming iGaming creators that are fuelling the move from traditional casino gaming to modern-day decentralized gambling.
The crypto gambling revolution has only just begun; there are plenty of bugs that need to eliminate to make this a better gambling option. Transaction speeds are some of the benefits gamers get from FunFair casinos that offer Off-chain solutions. Unfortunately, gamblers are still oblivious of the many advantages that come with the blockchain tech platform. Yet, with pieces such as this one, they will soon start benefiting from zero house edge casino gaming and profit-sharing options.