Bitcoin Chaser - October 13, 2019
There is quite a bit of crypto casinos around. Some of them offer pure blockchain gambling. But what is blockchain gambling, what does it entail and how is it different from traditional gambling? Here is an overview.
Blockchain gambling refers to a specific kind of casinos that base their games on software that somehow either:
Most of these options also require players to play with cryptocurrency, although it is possible to base a fiat game on software that depends on blockchain random number generation for its results. Many times, this random number generation that is based on block hashes, is used to guarantee provable fairness.
Those brands or games that apart from requiring players to use cryptocurrency, also run on a smart contract, often run completely autonomously from human intervention. Those games and brands that don’t run on smart contracts but are still blockchain based, can also be automated, but their processes are somehow centralized. Smart contracts allow blockchain-based casinos to run a completely autonomous operation.
Another de facto feature of blockchain gambling is that games and brands that use this type of gaming are provably fair by definition. It is virtually impossible to tamper with the records of an immutable decentralized and distributed blockchain like Bitcoin. Therefore, it is easy to make the results verifiably random based on block hashes.
Given that a blockchain will store data immutably, pay outs are often automated as well. The way these casinos or games work is the following:
Given the way blockchain gambling works, and how it is automated, it offers several advantages to its users: