Gambling has become the second industry after the financial one to recognize the significance of blockchain technology and begin implementing it on a substantial scale. The main reason behind this increasing fascination is that blockchain shows the capability to resolve the issues that have been plaguing the betting industry for ages: the lack of transparency, the sloth-like pace of transaction, accompanied by the unjustifiably high fees, and the lack of privacy.
Experience has shown that the application of the blockchain technology in the processes of software development and gambling itself may help cut the Gordian knot in one blow. The most essential characteristics of blockchain, namely immutability of records, decentralization, speed and cost-efficiency of transactions, and provision for an advanced, if not total, level of privacy serve as the most popular use cases.
Fairness and promptness thanks to blockchain
Certainly, the most important one lies in blockchain’s ability to shatter the widely accepted notion that online casinos and betting platforms are inherently unfair. Many are convinced that casinos are deliberately manipulating the odds and random number generators to rip the players off.
Regardless of whether these accusations are justified or not, blockchain delivers an ultimate solution that eliminates the opacity of the gambling process, which is often regarded as the fair play control (FPC). It is usually carried out through the use of SHA-256 algorithm that generates the verification code of a hand or a bet, which a player can then compare to the ones in the betting history stored on a blockchain. This way, it is possible for a user to see the exact RTP and compare it to the one declared on the gambling platform.
The second most important use case is the incorporation of cryptocurrencies as the means of payment, which resolves the issues of high transaction fees, the swiftness of such transaction, and allows players to bypass the banks and, in some cases, avoid the attention of revenue services when using the blockchain & crypto-oriented gambling platforms.
The main players on the block
There are many blockchain projects tailored specifically for the gambling industry with Tron and EOS being the most prominent of them. They have developed ecosystems that facilitate the creation of blockchain-enabled gambling and betting products, which are distributed among the casinos and sportsbooks that center their operations around the use of this technology and/or cryptocurrency.
Speaking of the gambling platforms, the most notable at the moment are BitCasino.io, VegasCasino.io, Fortune Jack, Bitstarz, Cloudbet, etc. All of them are provably fair, accept crypto, and provide for an easy deposit/withdrawal. However, each of these websites have drawbacks, for instance, Cloudbet accepts only Bitcoin and Bitcoin Cash, Bitstarz doesn’t have a sportsbook, and Fortune Jack has tough wagering requirements.
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1xBit is in the cohort of the all-for-crypto online gambling platforms that aspires to become one of the most recognizable in the industry. It has certain advantages over the mentioned casinos, such as a one-click registration with no email required, which grants total anonymity; the availability of a sportsbook alongside a fully-featured online casino; adequate wagering requirements, and the fact that it accepts more than 20 cryptocurrencies.
But 1xBit also makes sure to constantly broaden the range of its services and features to stay abreast with the progress in the development of the blockchain technology and cryptocurrencies that are destined to continue walking hand-in-hand with the prominent representatives of the gambling industry.