Sites like https://vulkanvegas.com/ro are on the move to use cryptocurrencies on their gambling sites. There is a revolution happening in the gambling industry today — the use of blockchain gaming is becoming imminent, and it is just apt that we begin to learn more about it.
What Is Blockchain-Based Gambling
Blockchain gaming means that the games will not be built with the typical HTML 5 code but inside the blockchain. The games will be part of a network where people can own non-fungible tokens (NFTs) or cryptocurrencies. These types of games also include those that are happening in the metaverse where one has to buy a token or coin to be able to participate.
Because of this, blockchain games will be a bit different from traditional video games for gambling. Below are some of the differences:
- Decentralized gaming.
- Interoperability of games.
- Portability of user data.
- Ownership of games.
One thing that must be highlighted here is that in a blockchain game, players can own a piece of the game or own coins and NFTs that may increase in value after some time.
The Impact of Blockchain-Based Gambling on the Industry
Is it even worth it? What will happen to the industry once this technology goes full blast? Below are some of the impacts of blockchain in gaming.
- Faster Transactions – there will no longer be a need for bank transfers or credit cards. The blockchain gambling facilities will have their own cryptocurrency coins as standards for facilitating transactions. In addition, the transactions for deposits and withdrawals will also be cheaper.
- Decentralization – the games and financial operations will no longer be centralized by one company. These games are likely to be facilitated and operated by the players, with their computers acting as servers and validators of the transactions.
- Better Security – decentralized platforms like blockchain technology are much harder to hack. Because of this, it is not likely for the users to be victims of hacking.
Overall, blockchain gambling will certainly have a massive impact on the industry. Games will be much more accessible than ever before.
Benefits of Blockchain-Based Gambling
Below are the benefits of blockchain gambling:
- Transparency,
- Privacy,
- Rewards,
- Scalability.
As far as transparency goes, the technology will operate under the eye of the users. In this case, the users will have visibility on what is happening on the platform. Currently, it is typical for casinos to only offer their bonuses as they deem fit — they do not even share details on how these processes work. With blockchain, the users will have enough transparency to say that the casino is not manipulating game results.
As far as privacy goes, better protection of user information or data can be expected because it is difficult to hack into this kind of system. Traditional online casinos have user information in servers that can be penetrated.
In addition, one can expect all data to be processed at tremendous because the blockchain system does not rely on the power of the servers of the online casino. Instead, there are many individual user computers that all share resources to process the transactions.
Players will also enjoy the benefits of the rewards system. In a blockchain gaming site, the player must buy a token to be able to play. This token is exclusive to the site and can grow in value as the token gets in demand.
Furthermore, the players can win NFTs like artwork. In time, only the players can decide if this NFT will go in value or not, making it possible for the players to treat the NFT as an investment. Those who buy coins or cryptocurrencies will, of course, experience fluctuations. It is a bit risky, but then it is part of the blockchain environment.
Finally, the technology will make it easier for online casinos to scale. Typically, casinos need to buy servers or have their games hosted on the servers of providers. This process will still be a standard for blockchain gaming, but then the casino operators can now have shared servers or resources, making it easier to scale the business.
Once the casinos offer more games, the players will have more games to choose from. As such, players no longer have to jump from one casino to another just to be able to play the games they like. These games will be accessible in one location, such as the Metaverse platform.
This new technology is surely going to change how players experience games. Casino operators will also have to go through significant changes in their processes, and this also affects game developers.
The beauty of it all is that gambling is no longer confined to cash or cryptocurrency. The prizes that a player can win will eventually go up in value. Sure, there is a risk, but isn’t that what gambling is all about?
