Blockchain has quickly become a favorite in many sectors of our day to day operations and online gaming as a decentralized industry is there at the top set to reap major benefits and dividends in the long run. As it is, online games such as lotteries and casinos have hosts of controversies surrounding them. Gaming sites are incorporating blockchain to help address these problems that are inherent to traditional gaming and gambling.
The main and quite obvious question that arises universally is ‘how genuine are these games?’ While some parties involve independent auditors to act as verification points, the aspect of possible manipulation is always at the back of the players’ minds. The decentralized component of blockchain thus becomes the hope for transparency in bitcoin gambling.
“Blockchain allows us to answer these questions. For example, our technology utilizes smart contracts for tickets sales, the selection of winners and prize payouts, thus ensuring fully autonomous, transparent, manipulation-proof gaming. In addition, our lottery is provably fair, allowing us to deliver unprecedented trust and excitement to players all around the world.” Quanta’s CTO Konstantinos Farris commented recently.
Not only are outcomes suspect in traditional gambling, the fact that a single entity holds the funds is another problem. Using blockchain allows the application of smart contracts that executes transactions in real-time. This ensures users have no difficulty in accessing their funds and no one can hold them back pending verification and other bureaucratic processes. In the same vein, decentralized systems ensures continuity and all-time access as there is no single point of failure when deciding on a bitcoin casino to choose. It also ensures the safety of funds against human actions or malware malfunctions which comes with some centralization.
Many leading firms taking the industry in big ways have adopted this technology. Gambling and tech heavyweight Konstantinos Farris, has been vocal championing for it. The Quanta Chief Technology Officer (CTO) encourages adaption of blockchain in gambling. Quanta is the first fully blockchain compliant lottery firm. It uses blockchain to make gaming autonomous, transparent and manipulation free.
The Isle of Man opened the doors for bitcoin gambling with approved legislation last year, and Quanta acquired a gaming license from the Isle of Man to run the Ethereum blockchain based lottery. Elaborating further on the advantages they enjoy so far, Farris said that gambling on the blockchain isn’t ‘exactly’ gambling.
“I would say they should be gambling on the blockchain, but really there is nothing to gamble on. The blockchain “never lies” and is the future of the global online gambling industry.’’
According to him, blockchain eliminates the ‘mathematical disadvantage’ users have when playing on the traditional platforms. Traditionally, gambling sites make profits through the losses that the player makes. This is the reason for the common phrase ‘the house always wins.’ This means that a player can never profit from it because the betting house deliberately sets a percentage that a player has to lose for it to make profits. Blockchain is the technology that underpins cryptocurrencies so the games are funded through crypto coins. In so doing, the gambling house gains through the rising of the value of its coins. As such, blockchain will give users a fair chance at winning.
Speaking heavily about lotteries, Konstantinos Farris notes that bitcoin lotteries are the more popular of gaming options. He is using blockchain to give users a wholesome experience where they can truly know how their funds are put to use as well as participate actively in the whole process. The data recorded in the public lager is available for scrutiny.
Blockchain adaptation will also democratize online gaming. Millions of people can participate from anywhere without being restricted by boundaries on the online-based technology. Use of cryptocurrency to play also allows easy transactions which are unlimited and private.