A couple of days ago, we talked about the first licensed cryptocurrency casino called Edgeless. This news came as a surprise because bitcoin gambling is still considered as a relatively unsafe and unexplored market. However, Edgeless managed to receive a license, and it’s all thanks to its blockchain technology.
You see, Edgeless Casino is using something called Ethereum Smart Contracts to validate transactions on their website. This technology is especially beneficial for players. Ethereum Smart Contracts don’t need a third-party to authorize transactions. Instead, the cryptocurrency algorithm can verify and audit the transactions with 100% transparency and no chance of frauds.
How does it all work?
To create a better picture of how this technology works, let’s take a look at online slots. Slots are an insanely popular casino game, and they work almost entirely on luck. However, the biggest concern for players is casino owners running away with players’ money without paying them out.
Smart contracts won’t allow this!
All information about the casino and their payouts are publicly available thanks to Ethereum smart contracts. The best part, casinos can’t change the data because it is entirely in the blockchain.
Furthermore, smart contracts work strictly on “if/then” code. For example, if you bet on a certain roulette number and you win, then Ethereum Smart Contracts will automatically forward the winnings to your private wallet. This system is automatic, and casinos won’t be able to mess with it in any way.
As you can see, smart contracts bring much-needed transparency to online casinos. So, don’t be surprised if they become the future of online gambling. Sure, online casinos can’t benefit much from them other than gaining the trust of players. However, if an online casino is running a fair and legitimate business, then they have nothing to lose as well.