The main features of blockchain are transparency and a high degree of data security. These advantages are most actively used in finance, document management, and even public administration. Gambling is also benefiting from the technology.
Blockchain hype has long since subsided, but the technology continues to spread, especially in the areas of money and digital identity. But the benefits of blockchain and smart contracts have already gone beyond fintech, and other industries are also finding good uses for them. The key features of blockchain are also of interest to gambling companies. So what does this technology offer and what problems can it solve?
1. Guarantees security and fair play. The technology allows anonymous recording of user actions and game results, and the data cannot be faked or altered in any way.
2. Providing anonymous access to gambling resources. Crypto casino on blockchain guarantees players that personal information will not be shared.
3. Transaction speed. Clients of resources on the blockchain can withdraw and deposit funds to the account without waiting for days.
4. Low fees. Most blockchain casinos have the lowest deposit and withdrawal fees in the industry.
Such advantages make the casino more attractive to customers and the platform is fast and maximally protected from possible outside interference and fraud. Blockchain can solve such gambling problems as a lack of transparency, payout speed, and a high entry barrier for new players.
Blockchain-based casino or Zcash casino is a gambling platform, the work of which is implemented with the help of decentralized technologies. This resource has clear control of all financial transactions, including deposits and withdrawals, bets, and winnings. The blockchain feature makes it impossible to fake data. Thus, players get a guarantee that they will not be cheated.
Gambling resources can use blockchain in different ways, involving them in one way or another. For example, to apply slots built entirely on the technology or to connect the possibility of making transactions in cryptocurrency. Either of these options is attractive to customers and can increase the level of trust in online casinos.
Blockchain casinos operate based on smart contracts that guarantee the security and safety of processes. This ensures that customers get their money when they win. How it works:
1. The smart contract is spelled out on an "if, then..." basis and is executed automatically;
2. The conditions under which it is possible to receive the winnings are transparent and publicly available;
3. In case of winning the user receives a certain amount to the wallet automatically and without delay.
Another important advantage is that payments are made directly without the involvement of intermediaries. Thus, all transactions are characterized by high speed and low fees.
The main advantage of a decentralized system is obvious: data is stored on many devices simultaneously and cannot be copied which guarantees fair play to customers since all information is in public access and players can check it easily (for example, to calculate if the casino pays the promised winning percentage).
These days, most blockchain casinos are created within Ethereum, but the original Ethereum Classic is not far behind its little brother. Crypto-casinos and cryptocurrency bookmakers also choose Ethereum Classic to create dApps that have all the advantages of blockchain: anonymity, transparency, high transaction speed, and low fees. Solutions on Ethereum Classic have their advantages and disadvantages, but they have the right to life because the very concept of Ethereum Classic existence implies immutability of the original rules of the game. This is the same concept that cryptocurrency casinos and bookmakers should follow. In addition to casinos on ETH and ETC there is Zcash casino, which also has fairly large popularity.
Blockchain allows the gambling industry to develop quickly and reach a new level of interaction with customers based on trust. The use of technology makes it possible to guarantee fair play, which is important for online casinos that care about their reputation in the eyes of their players.