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3 ways blockchain is changing the game

Posted by : Siddharth Jalan on | Feb 05,2020

Since the launch of bitcoin in 2009, many creative use cases have been invented for cryptocurrencies and the blockchain technology they are based on. Digital currencies such as this were originally imagined as a currency beyond the control of any central government. Talented developers have built on this idea and introduced many new applications that use blockchain technology. Ethereum launched in 2015, six years after Bitcoin first appeared. It added the ability to create smart contracts and decentralized applications on top of a blockchain ledger. There are now literally thousands of different cryptocurrencies targeting many different use cases. Companies have also started to implement blockchain solutions outside of the established cryptocurrency networks. The technology has matured a lot since Bitcoin was created over a decade ago. Here we have three of the main ways in which Blockchain technology in particular is changing the game.

#1. Provably Fair Casinos
Online gambling is a huge platform which has enjoyed growth ever since it started back in the 90's. On this booming market millions of dollars are wagered at online casinos year after year . The industry features a mix of established betting companies and new start-ups with innovative approaches to online casino games. However, there is a huge issue of trust when it comes to online casinos: How do users know that games they are playing are fair? When you play table games at a traditional casino, you can watch the roulette wheel spin or see the deck of cards that the dealer is using for blackjack. While rigging games on traditional casinos would be difficult, this isn’t true for online casinos where average users have no idea how the games they play were coded. Anyone with a basic knowledge of computer programming could create a version of blackjack or roulette that automatically lets the house win a disproportionate amount of the time. This is where Blockchain comes into play, since nowadays online casinos overcome the trust issue with provably fair algorithms based on this technology. For example, bitcoin casino RocketPot.io clearly outlines the algorithm used to determine outcomes for all games on their platform. One of the ways blockchain operates herein is that new bitcoins are created by miners solving complex mathematical problems. Every mined block on the bitcoin network produces a new complex string of letters and numbers which is recorded in a distributed ledger. The contents of this aren’t known until the block is mined. RocketPot announces on the bitcointalk.org forum in advance which block on the network its provably fair algorithms would be based on, guaranteeing no unfair advantage to the casino. Anyone can visit the Provably Fair page at RocketPot’s website and see for themselves that the algorithm powering its games ensure the outcome of each game round is completely random and fair. Guaranteeing a level of transparency only seen in bitcoin casinos.

#2. Gambling
Provably fair algorithms aren’t the only innovation that blockchain has brought to online gambling. Blockchain-based casinos allow anyone in the world to gamble at any time. Setting up an account is much easier than with traditional venues that only accept fiat currencies. All you would normally need to set up an account in a bitcoin casino  is an email address. Once registered you can then make a deposit into your account and start playing immediately. RocketPot uses a fast deposit system that only requires one network confirmation before your bitcoin appears in your account balance ready to play. The transferring process tends to be much faster than in normal online casinos. You also never need to worry about hacks or other data breaches releasing your personal information as RocketPot stores very little personal information on its users. Within minutes, you can create an account, make a deposit, and start playing RocketPot’s exciting bitcoin crash game on their website.

The types of games available to play on blockchain-based casinos represent further innovations that blockchain has made possible. While most online casinos look to replicate real-world casino games such as roulette, blackjack, poker, and slots, the developers of blockchain-based casinos have created many innovative new gambling games. RocketPot’s bitcoin crash game is a good example of this. The game sees an online price chart rise until it crashes at a random point. As the chart rises, players’ stakes are multiplied. Players can choose to cash out at any point before the chart crashes. The aim of the game is to wait until the last possible moment to cash out and hit the maximum multiplier for your bet. There are also special jackpot rounds which get triggered at certain multipliers which allow players to add even more to their winnings.

#3. Payments
Bitcoin was invented to be the world’s first borderless and completely online currency. Bitcoin’s early popularity was then based on being a way to complete payments online in a decentralized way. Ethereum’s smart contracts system has added innovative new payment solutions to blockchain’s possibilities. For example, two parties can create a contract where payment is automatically made over the Ethereum network once some action has been completed. This allows for completely trustless transactions where both parties know that they are getting a fair deal. Other cryptocurrencies have built on these innovations and tried to apply them to new use cases. Examples of this include projects attempting to integrate IOTA into the driverless cars of the future. Automatic cryptocurrency payments can be used to add fuel to the car or even to let the car pick up passengers without any input from its owner.

Blockchain truly is a marvelous development in the history of digital technology. And its benefits for users are set to stretch ever so far and wide into the spectrum of possibilities. Bringing a level of transparency and reliability previously unheard of in the financial and technological world.