Using cryptocurrency: Main fears. Examples of platforms.
There are crypt traders, developers or owners of ICO projects, miners and definitely here can be ordinary enthusiasts interested in cryptocurrency.
Cryptocurrency in gambling is a very demanded direction.
But one can’t even count in total, how many fears do people have with the cryptocurrency, as the market is extremely unpredictable. You can’t expect, that today you win $10000000 equivalent in cryptocurrency ant tomorrow it won’t have changed into $1
But if to take into account everybody is afraid of:
— Skip or “not be able to see” the second Bitcoin
— bad or long development project in which they invest
— long release of the project on the popular cryptocurrency exchange
— dumping, pampers that roll cryptocurrency on some exchanges
— total market decline
Here are some examples:
1) Dao Casino: is a protocol that ensures that any online game-service integrates blockchain technology, thereby guaranteeing customers transparency of all the games.
2) EtherSport — blockchain sports betting platform
3) PrimeDice — Bitcoin casino accepting cryptocurrencies
4) Decent.bet —is a sports betting platform and online casino based on smart contracts.
5) FunFair — is a peer-to-peer decentralized platform that allows you to create online casinos with a few clicks.
How can blockchain protect players?
The blockchain makes the entire game play and algorithms “under the hood” transparent: transactions and actions of both the player and the casino are displayed in an unchangeable public registry.
Will not allow to keep the win.
Most often, casinos do not publish information about the actual state of their accounts. The player doesn’t know if the casino can give out the declared jackpot of $100 thousand.
The decentralized nature of the blockchain will not allow the casino operator to manipulate players’ money and hide its financial position. If funds are stored in a smart contract, payments will be made automatically, and casino owners will not be able to prevent this. In addition, the blockchain will allow any player to check whether the casino is able to pay the jackpot and whether other players have received their money.
We will talk about how to check online game services for honesty in the next article.