Blockchain casinos are becoming increasingly popular on the internet and, if you’ve just discovered the term, here’s a quick crash course in what blockchains are and how blockchain casinos work.
What are Blockchain Casinos and How Do They Work?
The first thing that you need to understand, is what blockchains actually are. Essentially, a blockchain is a digital ledger that is used to record online transactions that use cryptocurrencies. The transactions are recorded sequentially and are available publicly.
Taking this principle and process a step further, we can apply them to online casino gambling. This gives you the emergence of so-called blockchain casinos, which essentially applies blockchain technology to online gambling. The result of this is that it gives online gambling an entirely new level of transparency as well as credibility.
Potential Problems that Blockchain Technology Can Solve for Online Casinos
To recap, blockchain technology is built out of neutral entities known as blocks. Each block is interconnected in a network which is known as a blockchain. The way in which blockchains are set up, any record (transaction) that passes through the chain, needs to have the correct value in each block. This results in a much higher level of fairness (neutrality) and accuracy, as well as transparency.
One of the biggest problems associated with conventional online casinos is the fact that not all of them are on the level. In other words, there are many online casinos where data, such as winnings, gaming results, payouts, and so on, are deliberately hidden or partially obscured from public scrutiny. However, blockchain casinos are a completely new breed of online casino and are completely decentralized, with no need for an intermediary to verify transactions. This provides the ultimate fair and transparent system for the online casino industry.
Many gamblers do not realize the fact that playing at a casino is a major mathematical disadvantage and they literally have no chance of winning against the casino in the long run. The term “house edge” describes the fixed percentage of money that casino takes from its players, on average. So as long as there is a house edge and players keep playing, they will never go out as winners in the long run. The house edge is in every form of commercial gambling and means that the more you play over time, the more you will lose. You may get lucky in the short term, but the variance will soon do its job to return what “belongs” to the house.
How Zeroedge Online Casino Gaming Works
ZeroEdge is a new cryptocurrency-based online casino with a difference. The unique platform utilizes its very own cryptocurrency known as ZeroCoin, the only way to play the best casino games available at ZeroEdge Casino. The most unique (and one of its biggest selling points) is that ZeroEdge Casino is offering all players a true 0% house edge gaming experience.
This essentially means that all casino games such as roulette, blackjack, and slots, available at ZeroEdge Casino will have no advantage to the house, unlike conventional online casinos. With most conventional online casinos, players often face up to 10% house edge in many casino games. The reason for this is that this is the only way that a conventional online casino can turn a profit, by stacking the odds in their favor.
ZeroEdge does away with the dreaded house edge because they do not take their profit from the losses of their players. Instead, ZeroEdge is focusing on generating a profit from rising value of ZeroCoin which increases due to the demand for 0% edge games. Simply put, the ultimate solution to the problem is creating a platform where playing games is “free”.
Players are not required to pay any fixed amount to be able to play at the casino. This can only be achieved by creating a closed loop-economy with its native token. Making the supply of token limited, its value is directly proportional to demand. This model allows to offer 0% house edge games and be a viable business model.
Details on Pre-ICO and ICO Dates
The Pre-ICO is set to start on the 28th of February 2018, closing out on the 15th of March 2018. While there is no soft cap set during the Pre-ICO stage, the hard cap is set at 1,000 ETH. https://tokensale.zeroedge.bet
Images courtesy of ZeroEdge
The post How Blockchain Can Solve Problems for Online Gambling Sites appeared first on Bitcoinist.com.