How Blockchain technology is taking the betting industry to a new level
Blockchain technology has been gradually entering our lives, and today its presence can feel like never before, with Google's search trends showing new records and the capitalization of the collective cryptocurrency market at its highest level.
However, there are certain industries with which Blockchain technology and cryptocurrencies have been able to connect to a deeper level, and the betting game is one of the industries.
The symbiosis between the crypto and the game does not seem to be weaker and weaker. Malta, a country that is known as a pioneer in the gaming industry, is planning to legalize the use of Bitcoin and other cryptocurrencies in online casinos, and is currently exploring the best options to do so. Yes, the future looks bright for these two, so let's look at how Blockchain technology is changing the gaming industry today.
Private, cheap, legal and accessible
The use of cryptocurrencies for the game has become a very popular solution for casinos, either as a main payment system or as an alternative to those based on fiat money. The advantages are many and well documented. The use of cryptocurrencies allows the user to play anonymously, without the need to deliver copies of documents or even create an account, depending on the platform.
Smaller rates and almost instantaneous deposit times have also made cryptocurrencies ideal for gaming, especially when it comes to small or medium movements.
Finally, cryptocurrencies have also been able to make online gambling accessible again, providing a low entry barrier for new players and allowing them to circumvent the gaming regulations that apply to the fiduciary only.
We all know that the house always wins. That's why people build casinos in the first place, right? It's all about making long-term profits, while the customer comes to enjoy and sometimes win big. Over time, however, the casino is always sure to make a profit and the players have grown to accept this.
The problems arise, however, with the lack of transparency that is prone to online casinos. If the player can not be sure that the casino is in accordance with the rules, he may not want to enter the game at all. However, the cryptocurrency has made it possible for game platforms to prove that they are really honest.
Although this concept was not possible thanks to Blockchain technology, but by cryptography, Blockchain technology and intelligent contracts have taken it to the next level, allowing more complex systems.
Although Bitcoin is not the first cryptocurrency in history, it was the first to provide a decentralized structure. This model allows not only immutability and security, but also a democratization of the creation of value. In Bitcoin, anyone can become a miner, taking advantage of newly issued coins, something that only bankers knew before Satoshi's masterpiece.
Blockchain technology brings this same feature to the game, allowing anyone to be a member of the casino itself. Although some Bitcoin casinos allow users to finance casinos and take advantage of a part of the house edge, this concept has been taken to the next level by cryptographic platforms such as Ethereum, where projects like vSlice and many others have created a system where headlines of tokens receive automatic dividends from the benefits generated by the platform.
Wager, on the other hand, uses its own Blockchain chain to provide a decentralized sports betting platform in which the results of the event are reported by a network of oracle masternodes.
The wisdom of the crowds
The wisdom of the crowds is a concept that is currently under the reflector in the cryptosphere. Several projects take advantage of Blockchain technology to create decentralized prediction markets in which users can bet on the outcome of an event and have data of the event's results entered reliably. Although the prediction markets were around before Blockchain, its centralized structure was too problematic.
Not only do these markets allow users to bet on virtually anything, from the weather to sporting events and elections, the data generated by group bets can also create a fairly accurate forecast of the outcome of that event. Magicians, a complex prediction model, takes advantage of neural network technology to extract this data and filter it, creating highly accurate forecasts and positive returns for tok holders.