Transparency – this is a key point which make blockchain highly attractive for any business. This means that company which uses the public chain can make its activities fully open. Each participant can check the promise given by the company, etc. One of the potential applications for such kind of openness is gambling at the online casinos that accept different digital money as deposit.
Today’s making money on online gambling is extremely popular. No wonder that in countries where gambling is legal, it brings billions of dollars. It is possible to play on virtual gambling platforms depositing bitcoins and other digital currencies. As everything works on smart contracts that can be verified, transparency increases. In addition, the possibility of using digital money instead of fiat money opens this industry to thousands of new players.
More money means more developments of crypto technology, which will quickly become a distinctive feature of any popular online casino.
For Fun & Money
Let’s examine one famous project on blockchain, namely FunFair. As any of similar ones, it has own unique advantages and business model. We can study its several technological features:
- Use of technology called Fate Channels. It reduces the cost of the network.
- For joining the platform it is necessary to pay the licensed collection of tokens FUN. They are partially taken up by FunFair and paid by independent game developers. For example, an independent virtual gambling house can create its own game and profit from it. That is, anyone can run a casino on cryptocurrency.
- Acts exclusively as a technological unit, that’s why responsibility lies with casinos’ operators: a legitimate license or other legal document needed to run such an institution.
- Today, FunFair tokens (FUN) are traded at around $0.03. At the peak in early January 2018 Token traded at $ 0.18.
However, there are some hidden stones. Some gambling crypto projects are not available in all countries. Americans, for example, cannot use the Edgeless Crypto casino. When they try to open the page, they receive an error message. IP blocking is used. Study the market if you want to try waters.
Given the growth rate of the gambling industry in recent years, as well as the steady increase in the number of digital currencies, it is quite possible that cryptocurrencies may be one of the main options in the casinos.
The size of the online gambling market is steadily growing, but it is just the tip of the iceberg compared to billions of e-coins on the Internet. One of the future ICO is trying to introduce a totally new concept for the entire industry thanks to use a new approach to gambling and offering new challenges for users.