Crypto gambling was always an inevitability. Gambling has existed for as long as recorded history. From ancient playing cards to dice games, to betting on animal fights and even gladiatorial arena matches in ancient Greece and Rome, this ancient vice as persisted throughout our history.
It is no wonder we see it emerge in modern form along with the advent of today’s financial transaction methods technology, blockchain.
Online gambling has grown significantly since the internet’s inception, and this trend is predicted to continue as mobile access expands globally. With the launch of multiple new gambling-focused decentralized applications (dApps), blockchain technology has only accelerated this momentum.
Crypto Gambling and Blockchain Technology
The bulk of dApps are present on the Ethereum blockchain, despite the fact that the current dApp ecosystem spans a number of alternative blockchain networks. Because of its powerful development tools, sizable community, and comprehensive documentation, developers continue to embrace Ethereum. Due to all of these aspects, dApp development and deployment have historically been more effective and less expensive than on other blockchain networks.
However, a recent decline in the number of active gaming wallets on Ethereum raises concerns about the network’s continuous congestion for this user base. Congestion reduces user experience by raising network transaction costs, sometimes referred to as “gas” on the Ethereum network. Many gamblers are switching to dApps made on less crowded alternative networks like TRON and EOSIO as a result of this problem.
Most gambling dApp users and value transfers are made by TRON and EOSIO together. With the launch of Earnbet and RocketGame, respectively, new networks like WAX and Binance Smart Chain (BSC) have also gained significant popularity.
Advantages of Crypto Gambling
- Flexibility: Instead of using fiat money, gambling dApps use crypto tokens. Instead of giving personal financial information like a credit card number, users may fund their accounts and get rewards using a bitcoin wallet. Rapid payments can be made possible by digital tokens because to their nearly immediate settlement times. Additionally, employing digital currency makes it easier to access crypto marketplaces globally, across national barriers
- Transparency: Greater transparency is brought to the online gaming sector by blockchain betting platforms. Users must have faith that traditional online gambling service providers are operating fairly, but gambling dApps can indisputably demonstrate this. Blockchain networks serve as a public ledger that records all gaming activity in a transparent and unchangeable manner, including rewards, wins, and losses. Because each user’s record and transaction history are unchangeable and made public, this dynamic completely eliminates the possibility of fraud and guarantees fairness. By doing away with third-party middlemen, the use of smart contract betting to streamline this procedure also improves the data integrity of the blockchain platform.
- Accessibility: While making gambling more accessibility to gambling is not exactly a good thing, it is an advantage that crypto gambling has over traditional. Gambling must navigate legislative barriers in many locations throughout the world, and internet gambling is still not available in many nations and areas. However, because gambling dApps run on decentralized networks, which are immune to a single point of failure or forced shutdown, they are naturally censorship-resistant. Before using any blockchain-based gambling dApp, it’s crucial to research the legal framework in your country or area.
- Anonymity: The same rules that apply to setting up an account and cashing out wins at traditional casinos also apply to many online gambling sites. Contrarily, gambling dApps protect your privacy by linking your network activity to a transaction address that consists of a random alphanumeric string. Users may conduct transactions on these dApps without disclosing their identities thanks to the increased level of anonymity.
Through dApps, blockchain technology is allowing the next wave of gaming. The gaming sector now benefits from improved openness, security, and accessibility thanks to blockchain technology. Gaming dApps may very likely produce greater value and spur future innovation inside the gambling industry and beyond as more individuals become aware of these advantages throughout the wider market.
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