Have you heard about crypto or blockchain casino? Cryptolife explains the mess with both.
Today blockchain technology is so widely used that even gambling companies trying to implement it.
Often it’s hard and expensive, but some steps are already taken. Including blockchain as a random number generator and NFTs for casino playing.
More common are the crypto casinos. These platforms accept the digital coins as wagers and users can also withdraw their winnings/losses with tokens.
We got some else you need to know about crypto and blockchain gambling.
A lot of online casinos now accept digital assets like Bitcoin, Ethereum, Tether, and even Dogecoin. So we call it a crypto casino just because of a payment form.
On such gambling platforms, users can find crypto wallets and send their coins back and forth.
The pros are this way of service can provide you with anonymity, security, transaction speed and you won’t suffer FOMO with decentralization.
But the cons are the legality of crypto casinos and their regulation in different parts of the world. Usually, crypto casinos obtain offshore gambling licenses. So taking on it could be on the edge of the law.
Obviously, it can be uncomfortable for people who are not used to looking after price fluctuations of the crypto market.
Blockchain technology is still rarely mentioned in the gambling industry because of its’ complexity.
Having a bunch of programming, decentralized ledgers are far more seldom in the way casinos’ base technics work. In comparison with the traditional soft. But some online platforms trying it as a base of their Random Number Generation (RNG) systems.
The RNG produces a constant stream of numbers assigned to the slot machine’s symbols. Thus online casinos can use blockchain-based RNG to generate game outcomes.
“I have to say that this year, neither blockchain solutions nor augmented reality technologies will become mass-produced. Blockchain casinos still have a lot of potentials, though, because regulators have interests in solutions based on this technology”, – Yogonet cites Managing Director at Slotegrator Yury Filipchanka.
But what with the NFT?
Another blockchain-gambling cooperation is NFT. Some platforms are already creating non-fungible tokens for generating actual money from gambling activities.
In late 2021 Slotie NFT launched a set of 10 000 unique NFTs, worth about 0.08 ETH. Those who bought tokens could afford loyalties in 150 partner casinos around the world through its Exclusive Holders Rewards programs.
The platform also pays out a 12% commission to the partners. 80% of these commissions are entitled to Slotie NFTs holders. So you can play and earn at the same time.
But still, a majority of other blockchain-gambling networks are under development.