Thundergol

The online blockchain casino space has not been impervious to this as many sites have popped up to take advantage of punters lack of knowledge. That is the reason why we created Blockchain-Casino-Games.com to ensure players can find platforms that they can trust.

Blockchain technology is making itself felt in every possible way. The latest casino news relating to blockchain comes from Hope Games which recently announced that it had reached its goal of raising $2,000,000 which it hopes to parley into larger investments. Hope Games wants to develop the first blockchain-driven protocol for online casinos in emerging markets.

According to the company’s press release, the protocol will entail a complete infrastructure for online casino gaming. Anyone with the requisite knowledge will be able to program the software for their own purposes. The company sees as the end game that blockchain will be able to make all aspects of online casino gaming smoother and more efficient from account management to tracking and coordinating casino bonuses.

Creating a More Open Financial System

The idea behind blockchain technology is that it decentralizes money and this decentralizes commerce. The online casino blockchain protocol that Hope Games is developing will be accessible to anyone who wants to use it to run casino games own. In the first stages it is using the Ethereum blockchain but, in the future, Hope Games intends to be able to develop a blockchain of its own.

The CEO of Hope Games, Amit Kanodia, said in the announcement: “It’s no secret that the online casino industry lacks transparency. For players, it’s incredibly difficult to differentiate between which online sites are safe, especially when one million fake gaming websites are being created each month. To reduce and hopefully eliminate this risk we’re bringing online casino gaming on the blockchain so that we can provide players with fair gameplay mechanics and the assurance that their money is protected, even before they place their first bet.”

What is Blockchain?

If blockchain is the wave of the future, we need, finally, to understand what it is. We know about blockchain because it comes up in articles about bitcoin and other cryptocurrencies all the time. It seems to be the way this new “money” is created.

In the past, people mined for gold and silver and turned those metals into money. People trusted gold and silver because they were rare and so hard to mine. When governments began issuing paper money, it was always backed by gold or silver. We also easily understood how paper money came into being: it was printed using paper, ink, and dyes.

Blockchain defies our accepted way of understanding money creation.

The value of money to compete with government money is easy to understand; governments no longer back their paper money with gold so the paper money is ultimately just paper. So-called cryptocurrencies claim to be real money backed by the blockchain.

It is at that point that we lose our understanding of cryptocurrencies.

Eliminating Banks

We still think of banks as the “home” of all money not directly in circulation. Blockchain eliminates the banks entirely. Blockchain is an open accounting system where every transaction is verifiable by everyone else in the system.

When we want to buy something with a currency supported by blockchain, we place the transaction in the network as a block.. When other participants in the network approve of the transaction, it is connected to all other blocks in a “chain”. Thus, the term blockchain.

Eliminating Fraud

Because every block on the chain is readily visible to everyone in the network, it would be much more difficult to steal people’s money. Online theft is the most sophisticated form of theft and online casinos do everything they can to prevent it with encryption software.

The proponents of blockchain say that it is far better at reducing to the point of eliminating all online thievery.

Dangers Ahead

One reason that people aren’t yet using blockchain as much as its proponents say they will in the end is because the very big financial institutions have not yet figured out how to convert to blockchain without risking their present assets losing much of their value. Nevertheless, many big companies, banks, and even governments are looking at blockchain technology because they all recognize that eventually the bottom will fall out from under currencies that are not backed by anything tangible.

It is still not entirely certain that blockchain is the tangible backing that will support the full weight of the world economy. Today it supports far less than 1% of the world economy.

Online Casino Transparency

Possibly the more salient part of Amit Kanodia’s remarks is that it is well known that the online casino industry lacks transparency. This may be true to a large extent but it is not by any means the case with all online casinos.

Many online casinos are completely open and honest about their rules and regulations. Where online gaming is fully legal, it is also regulated by the government. The dishonest online casinos come up one day, take some money from some unfortunate gamers, and disappear. The reputable online casinos continue on day after day.

Blockchain Courses Online

The so-called lack of transparency is just that far too many players send their money to an online casino without checking it out to see if it is run honestly. There are several ways that players can determine whether an online casino is fair and honest.

• Read casino reviews online with a discerning eye.
• Read the casino’s terms and conditions. If they are vague or simply too obtuse for easy understanding, the casino is likely not safe.
• Write to the casino. This would probably be through email. You could also call them on the phone. Don’t bother with chat, however. If the answer you get or the person who answers the phone give any indication that they are so new to the business that they don’t know the answers to simple questions, move on.

Blockchain Still Unproven

It is also not a given that as blockchain becomes more prevalent that the decentralization of currencies run on blockchain and the currencies themselves will continue to guarantee safety in online transactions. There is still no proof that blockchain is strong enough to bear the weight of tens of trillions of dollars changing hands every year.

Gambling has always been a very profitable venture, provided you are the casino owner, not the gambler. Numerous problems found in traditional gambling businesses vary from causing addiction to trespassing the fine line delimiting grey area from crime. However, with the advent of the internet things have changed.

A regular brick-and-mortar casino cannot risk meddling with the games directly. The stories of magnets placed under roulette table are the fables of distant past: nowadays possible repercussions from being caught cheating massively outweigh the potential benefits for a casino. Instead, big casinos rely on so-called house edge, which basically means that in the long run it’s way more likely for a casino to have more wins than the gambler. In order to keep the gambler involved for a longer while, casinos may even go as far as to offer them free drinks that lower the responsibility threshold.

An online casino can’t make the player drink unless they send everyone a complimentary box of vodka. Unlike regular casinos, online gambling houses have a wider range of cheating options with substantially lower risks of being caught.

Unfair Play

Basically, there are two popular ways to cheat for a casino: they either make it impossible for you to get your winnings, or they may make it impossible for you to win.

A centralized online casino is basically a black box for the user. All operations like dealing cards or rolling the roulette occur on the server, which means that the player can’t even check whether it’s duly randomized. So any game may be fair, but it’s just as likely to be rigged. If the algorithms remain unknown (and unseen) to the user, there’s literally no way for them to know that for sure.

The honest online casinos use licensed software that can be trusted as it has been duly audited. Others use their own software that can do whatever its creators programmed into it.

The other way for an online casino to cheat is to make sure the winner never gets their win. They may just pull an exit scam taking bets and paying out minor wins for a while, and then just disappearing in the mist with all the bets. Alternatively, the casino may quote ceaseless technical difficulties that prevent the user from withdrawing their money. Additionally, the withdrawal fees may be too high.

A more subtle way to withhold any payments for a bad online casino is to rely on the people’s general unwillingness to read complex legal texts. Meanwhile, the user agreement may contain provisions like “we won’t pay you unless you’re 90 or older,” “we won’t pay you if you’re from the Northern hemisphere,” or even “we are not obliged to pay out anything.” Once the user has accepted this bull without even reading it, there’s actually no way for them to get their money unless they somehow manage to be a 91-year old online gambler from Australia, and the casino decides to pay some respect to a potential WWII veteran once in a while.

Those tactics are well known, and they generally undermine the trust towards online casinos. Yet, with the advent of blockchain tech, it has become easier to ensure there is no cheating on the part of the casino, which is one of the reasons why there are so many gambling houses that use decentralized tech.

Theory and Practice of Gambling on Blockchain

The theory is fairly simple: blockchain, being a decentralized and immutable ledger, reflects all transactions and actions by the player and the casino alike. It means that if the player has any doubts, he or she may easily check whether the game had been rigged. The decentralized nature of blockchain would prevent the operator from manipulating the funds.

Another important feature is that such blockchain casinos work with cryptocurrencies (in fairness, it would be difficult for them to be decentralized without it). Cryptocurrency ensures that cross-border transactions are simple and fast and adds an additional layer of anonymity that many gamblers value very high.

The introduction of smart contracts in online gambling has been a true game changer. If a game or a casino is operated by a smart contract, there’s no way for it to cheat as all payments and games occur automatically and in a transparent fashion. Most such casinos use Ethereum blockchain as it was the first to introduce smart contracts.

Blockchain For Online Casino Games No Deposit

However, such casinos rarely comply with the idea of being just a casino. Their owners see the potential of the technology and wish to expand their venture into a real ecosystem. There are several examples of such projects that are not blockchain gambling houses but gambling ecosystems.

Thus, an international project DAO.Casino is an ecosystem that enables game developers, casino operators, and gamblers interact in a trustless environment. The ecosystem’s protocol can be integrated into any online casino in order to guarantee the transparency and fairness of all games. Additionally, the project has introduced “bankroll sponsors” and “random providers” that enable independent game developers make money on the games they had developed without any copyright infringement.

Another project, Xether, has developed an ecosystem driven by smart contracts that fully automatizes the gambling and payment processes while retaining provable fairness. Unlike most casinos, Xether smart contracts manage all payouts, and additionally allow token adopters to gain passive income from casino profits and token turnover. Notably, no registration is required in order to play. The platform works with any web3-compatible ETH wallet. The developers hope other casinos will come onboard as well, “provided they value openness and transparency.”

Best Blockchain Games

One more project aimed at bringing blockchain to the entire online gambling industry is JoyToken, a gambling ecosystem using smart contracts to reward game developers for their game creation efforts, and to guarantee and audit all transactions in the system. Additionally, the developers claim they endorse the features valued by the younger generation of gamblers, namely anonymity, trust, and provable fairness. The company says they have already struck deals with major gambling networks.

Conclusion

While cryptocurrencies offer a greater degree of convenience for online gamblers, transparency and guaranteed fairness arguably remain the greatest feature of blockchain tech when it comes to online casinos. The use of blockchain makes things easier for all involved parties.

Blockchain Online Gambling

Still, blockchain opens the gate for something greater than just fair play: the emergence of ecosystem projects might herald the advent of a new architecture of online gambling where trust doesn’t have to be earned but is ensured automatically. For now, there are not too many projects like that, yet their number is slowly growing. Their very existence is the ultimate proof that a casino can and should work honestly.