If you are a true fan of online gaming, then you must have already come across the term blockchain casinos. If you have been having questions about that, then you should spare a few minutes to read through this breakdown. In today’s post, we are going to give you an in-depth outlook on what the best blockchain casinos are all about.
Essentially, blockchain is a type of a ledger that is in digital form and is used to record cryptocurrency transactions sequentially and publicly. Consequently, a blockchain casino is a type of casino which implements blockchain technology for gambling to ensure maximum credibility and safety. Well, when it comes to the best blockchain casinos, what makes them special is a technology in the blockchain system called Ethereum. They are:
- Fortune Act
- Crypto games
How Blockchain Casinos Work
In layman’s terms, blockchain technology is based upon the principle whereby there is a network of neutral entities called blocks. These blocks are interconnected therefore forming a network or a chain, hence the name blockchain. So, how it works? Let us use the analogy of a court example so that you can understand it much faster.
Imagine a jury, when a suspect is accused of a crime and a verdict is eagerly awaited by the court from the council of judges. Normally, the judges have to sit and discuss the evidence the prosecutor has against the suspect and therefore after discussion, they have to come to an agreement that is then when the verdict is passed. This explains why courts are the fairest places to pass justice. The blockchain is similar to this; think of those judges as blocks, because they are neutral entities.
The system is designed in a way that for any particular record to pass, all those blocks must have the correct value of it first. Only when that happens will a record be passed through, hence neutrality and excellent fairness involved. This is how blockchain casino works. Blockchain casinos are completely decentralized and no intermediary is required to verify everything. Therefore, it proves to be a fair and stronger financial system.
Difference Between a Blockchain Casino and any Other Typical Casino
There are distinct differences between a blockchain casino and any other typical casino. The differences are as discussed in this section:
Typical casinos comprise a ‘middle-man’ entity in every transaction which verifies each and every transaction. This makes pretty expensive and often faulty because they are always involved in conflicting transactions. Blockchain casinos, on the other hand, operate on a totally different principle where virtually there is no intermediary to verify records but a network of many blocks that do the authentication.
Like any other cryptocurrency casino, blockchain utilizes digital currency during its operations. A typical casino which utilizes bitcoins will only be dealing with withdrawals and depositing of bitcoins alone, while blockchain casino can be used over a wide range of options plus the monetizing assets too. e.g. Money can be transferred to any bank in the currency of your choice, unlike any other casino.
Blockchain casinos are more anonymous especially in handling digital currency transactions. This makes it very difficult to trace the money. On the other hand, anonymity does not exist in typical casinos and there is a clear transactional footprint and therefore possible to trace.
Benefits of a Blockchain Casino Over Typical Casino
At this point, you are obviously asking yourself what advantage you will have if you switch to blockchain casinos. Well, here are the merits of a blockchain casino over a typical casino: –
- Being decentralized in nature blockchain casino is not controlled by a sole user. It is controlled by a network and therefore impossible to alter original data. This is because authenticating transactions over a network guarantees that no single user has more stakes than the other in gambling. This provides a greater pliability against fraud and data manipulation over the network.
- Blockchain’s permitted clarity can also lengthen the division and distribution of the prize money. This could be important in betting where every betting activity is carried on the individual to individual basis. That way, the possibility to have an intermediary to access any gamblers money can be eliminated.
- Establishments like funfair appear to offer the capability for random number generation in a completely decentralized and authenticatable way. Additionally, where random number generation is not fully distributed, blockchain technology can allow gamblers to review the random number generation process for proof of fairness
- Blockchain casinos are completely cheap compared to any other casino because they don’t need an intermediary for verification.
- They are virtually impossible to hack because the records are completely scattered over the network over millions of blocks using complex mathematical formulae.
As you have seen blockchain casinos completely solve major issues facing the world of online gambling. For instance, fairness is guaranteed and the system is totally “hacker –proof” because of its decentralized nature. Why don’t you sign up at any of the recommended blockchain casinos to enjoy the security speed and efficiency today?