Ethereum - How it Could Change Online Gambling Forever!
January 26, 2018 (Investorideas.com Newswire) There once was a time when Bitcoin's status as the one and only cryptocurrency for online gambling seemed unmovable. With a rich and eventful history Bitcoin gambling has had an exciting and dramatic history since its creation in 2009. Quickly adopted by online gamblers, online gambling used to account for over half of all transactions on the Bitcoin blockchain! From providing access to restricted markets to allowing truly anonymous gambling experience, Bitcoin seemed to have it all covered.
However, Bitcoin did not solve everyone's problems and while showcasing the benefits of Blockchain, Bitcoin was not providing something that could innovative that could disrupt and change the fundamentals of online gambling. Something special was missing, and that something could potentially be answered by Ethereum.
How Ethereum Could Change the Game
Created in 2014 by a young, and frankly genius developer named Vitalik Buterin, Ethereum is in no way shape or form like Bitcoin other than the fact they are both built on the Blockchain. What Ethereum offers is an open source software platform that allows developers to build applications using the Ethereum software. A best-known feature of Ethereum is what are known as smart contracts. Smart contracts utilize the full power of the blockchain to essentially set rules and outcomes based upon these rules. These rules can just be simple pieces of logic, but the main power behind them is that they cannot be modified or altered by outside parties. Imagine a world where you know for certain if you send someone money they will receive it, without any manipulation from outside parties. Bringing verifiable trust into banking, and many other sectors such as healthcare and political voting.
So based on this information, Ethereum seems great, but how could it change the world of online gambling? Well once again we go back to smart contracts and how they work. But now let's think of them in terms of gambling. A big issue with online casinos and gambling sites is trust. If your casino isn't regulated by a credible operator you have no way of knowing it your games are fair or if you're actually going to get paid out your winnings. Ethereum gambling sites are truly a game changer in this regard because through smart contracts you can set a smart contract to govern almost every type of gambling logic. Player wins jackpot, contract triggers and user is paid immediately. Roulette wheel logic, governed by smart contract with the logic visible for players to inspect. The potential for casinos built on Ethereum are endless.
Licensing authorities and external auditors could be a thing of the past with Ethereum, as everything can be handled through smart contracts. Players won't have to worry about trusting their casino, instead they can focus on having fun, safe in the hands of a casino with technology built on the blockchain - Ethereum!
Name: Jonathan Merry
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