Expected to reach $81.71 billion in 2022, the online gambling industry is on the verge of revolutionizing the way players play casino games. The reality–scammers create over 1.4 million fake websites every month, turning unsuspecting players into a target of online hackers. Thus the industry has a handful of well-known brands that provide casino and poker games, scammers are still getting ahold of their information.
What’s blockchain? Blockchain results from a dedicated work of a person or a group of people, distributing their information under the pseudonym of Satoshi Nakamoto. In its essence, the technology revolves around the concept of an open ledger that is modification-resistant. Managed by peer-to-peer network, users communicate through inter-nodes to validate new blocks.
The first blockchain-based video game was launched back in 2014. Huntercoin, as described on its website, is a “open source crypto currency similar to Bitcoin”. Players are mining coins through collecting such in a virtual reality, living inside the blockchain. Another blockchain-based video game is CryptoKitties, ruling the headlines of November 2017 when a cryptokitty character (virtual pet) was sold for $100,000. CryptoKitties showed the possibility of exchanging digital assets in the form of video game assets through the Ethereum blockchain technology.
The essential concept of blockchain is to provide a transparent, yet decentralized system. This lays beneath the foundation of blockchain casinos. What does that mean? A third party is not needed, nor required to verify the data. This prevents casinos from accessing or manipulating the games, and prevents players from losing money, or having their personal information exploited. A decentralized system prevents players or casinos of including gambling bots that are well known of creating a collusion-friendly environment.
Traditional online casinos are still a big hit, and are still easy to use, easy to access and are safe enough for the user to engage with. Thus traditional platforms are now at their performance peaks, they are likely to be outran by blockchain-based platforms, where the user can access the digital assets in a safer, and easier manner. The accessibility aspect creates a friendly environment for players to access almost instantly their funds, gradually taking over the online casinos.