Cryptocurrency has come a long way with its innovative form of making digital transactions. With the increasing demand for cryptocurrencies, players prefer it over Fiat currencies. So what is a Blockchain amidst all? It is a network that enables every institution involved in a transaction to record and transact transparently.
We all love casino games, isn’t it? Probably the reason why we want to know everything that works behind the scene. Casino Industries gives you thrilling gaming experience. However, they do have a downside as well there are online casinos that do not furnish data of your winnings, payouts, and results. As a result, the players are susceptible to whether the Bitcoin casinos are fair, the integrity of their banking information is in place or not. They are concerned about quick deposit and withdrawal play by the rules or not. This is where the problem arises.
Blockchain technology works as a solution to the problems, it records online transactions using Cryptocurrencies, every transaction is recorded on a Blockchain in the form of blocks in sequential order. These blocks are linked forming a Blockchain, and hence every transaction through the chain needs to be correct in its form.
How Blockchain Works?
It’s important to understand how a blockchain is linked to gaming and casino industry. Suppose you want to send money to someone. This transaction between you(sender) and the receiver is represented as a block. This block is transmitted to all parts of the blockchain network, this prompts whoever is already present in the network to approve the transaction to be valid.
The block is added to the chain, which causes a transparent record of those transactions. This is how the transaction takes place and the money is sent to the receiver. Both the sender and receiver identity are hidden from each other.
Advantages of Blockchain Casinos
- High-end financial transparency on gambling. Players have control over their money, as this information is registered on the blockchain ledger. No shady data tampering can be done in any way.
- Raised as a solution to cheating and creates a distraction-free gaming environment for players.
- Cryptocurrency has alleviated the theft issue as it isn’t easy to steal cryptocurrency from a patron leaving a casino than it is to steal cash money
- Blockchain can’t be hacked, ensures financial security.
- Transferred money becomes easy liquid money.
- P2P transactions are supported by blockchain.
- Cryptography, Biometric security (enabled by a mobile app).
List of Blockchain Casino Projects
If you have got a license and want to integrate blockchain in your operations. It is important to know that the blockchain can only be updated based on the consent of the majority of participants in the system. After the information has been entered it cannot be deleted at all. Let’s take a look at the main players of the blockchain casino project.
Cashbet tops among the other i-Gaming operators for its classic design. It gives developers the opportunity to create and manage their own blockchain-based i-Gaming business. It ensures players have a groovy time. You can create your own site and pep it up with the best games available.
Fairest of all games in the casino industry, it offers smart contracts guaranteeing random number generation. TrueGame is a blockchain-based casino project that makes it exceptionally easy to withdraw winnings. Players can expect a smooth gaming experience with No foul play at all.
MintDice provides multiple services to its end users. The Bitcoin gamer can find Bitcoin Dice, Plinko Games, Bitcoin Slots with Bitcoin Casino Free Spins and Bit. Rocket, a Bitcoin crash game.
Additionally, they also have skill gaming, a casino bankroll investment opportunity to crowd share in casino profits and masternode sharing.
SP8DE concept is quite similar to Cashbet. It will basically be a fair place for blockchain gambling games to function and even better, fees will be great. As a developer, you can get involved with SP8DE and start building an online gambling hangout.
It is known for its best class software solutions for the online gambling industry. It solved problems like low transaction speeds, delayed cashouts and manipulation of game results. It aims to bring transparency and honesty to the online gambling world.
Blockchain technology lets the gamblers play uninterrupted, smooth and fair games regardless of the number of users and transactions involved. This impressive technology gets rid of centralization and the house edge.