Blockchain is one of the most promising technologies of the past years that can be applied to practically any sphere. Simply put, blockchain is a decentralized network which consists of numerous small elements (blocks) united in the single system (chain) and stored on several computers. This is what distinguishes it from other types of networks – blockchain doesn’t rely on a single server.
Cryptocurrencies, highly associated with blockchain, represent a digital form of money powered by this technology. Various companies are now producing their native tokens in order to supply their decentralized platforms.
Features of Gambling Based on Blockchain
But, how is this technology being introduced to the online casinos? To outline the unique features of such casinos we have analyzed the blockchain gambling projects reviewed by Katie Isaacson. So, here are the benefits of blockchain gambling:
- Decentralization. Websites work with predefined rules like smart contracts or through consensus solutions. No third party can take control over the system which legitimates online casinos.
- Transparency. So far as everybody can check programming algorithms or transactions history, blockchain-based gambling is fair and safe. Unlike the majority of traditional casinos, blockchain-powered ones reveal the house edge and RNG results.
- Anonymity.Blockchain technology does not require users to share any personal information. Moreover, gamblers can access online casino websites regardless of their location. Still, some gambling websites can place limitations on unverified accounts, so it’s safer not to ignore the KYC/AML policy.
These features make blockchain-based casinos trustworthy and intolerant of frauds. Also, many gambling websites accept cryptocurrencies or even issue their own tokens.
Four Most Noticeable Blockchain Gambling Projects
The number of blockchain-based gambling projects is growing. Their main benefits lie in the system architecture. While traditional casinos work on a central server, the blockchain network is composed of all participants’ devices.
Here are some of the most interesting blockchain gambling systems.
This blockchain-based website uses Ethereum smart contracts to regulate all processes. Currently, the casino offers blackjack, baccarat, and dices. Poker and sports betting sections are in the works right now. Edgeless is a licensed casino with a zero-house edge. It accepts crypto and even has a native token, EDG.
However, there are some regulations regarding location; for instance, users from the USA can’t access the casino. Also, the system which relies on EDG is vulnerable to fluctuations in the exchange rate.
bankroll staking allows for getting profit from the casino. Those users who funded the casino bankroll with EDG tokens get more of them if Edgeless is in the black.
FunFair works as a platform for gamers, developers, and casino operators. It allows newcomers to launch their casinos in a simple way. FunFair has a few online games and also offers Fate Channels for instant gambling, lowered maintenance cost, and the native token FUN.
The token, however, has a rather strange history. ShapeShift and Bittrex have removed FUN from their listings for undisclosed reasons; Exodus wallet has demoted it from the category of primary coins to the category of secondary Ethereum-based assets.
Turnkey solutions allow users to create their own casinos on the FunFair platform.
This project was made by the team of developers with more than four years of experience working on the blockchain-based roulettes. This is the online version of European roulette powered by Ethereum’s smart contracts. The game supports various wagers, such as Split or Corner, and allows placing up to 64 bets simultaneously. Users don’t need to make money transfers, and thus can play directly with their digital assets.
Unlike the above-mentioned blockchain casinos, SmartPlay.tech does have the house edge (2.7%) which means it wins in a long run.
currently developing a real-life roulette called SmartBox that will allow gamblers to enjoy the transparency ensured by blockchain in the land-based casinos.
vDice is one of the most iconic Ethereum-powered systems that fully demonstrates the benefits of smart contracts. The platform combines web-based interfaces for different games but users can create their own if they don’t like the existing ones. There’s no need in making accounts or deposits, gamblers can just use their digital wallets.
This casino has the house edge of 1.9%. vDice was launched at the beginning of 2017 and may not include some features that more recent gambling websites have.
direct digital money transfers eliminate the need for deposits and accounts, making the gambling process more secure.
Some Other Platforms to Check
If you’d like to continue exploring the world of the blockchain gambling, have a look at the following projects:
The system which offers direct betting contracts without intermediaries.
The P2P platform with the open code for gamers and operators.
The ecosystem for wagers with a global liquidity pool.
The sportsbook and casino which distributes its income among the token holders.
The social network where users can bet against one another without fees.
The blockchain gambling industry is still in its infancy and all the emerging projects should be tried and tested. Before joining any of the listed projects, make sure that you have done a lot of research and minimized the risks.