Blockchain-powered Gaming That Has Been Proven to Be Fair 

Blockchain-powered Gaming That Has Been Proven to Be Fair 

Do you understand the concept of online casinos? They have a lot on their plate, believe me. In fact, revenue from e-gaming increased from $465.76 billion in 2020 to $516.03 billion in 2021. Furthermore, the business shows no signs of slowing down, and it is expected to grow to $674.7 billion by 2025. 

Players who choose to gamble at online casinos never need to leave the convenience of their own homes because they have access to a wide variety of games that can be either interactive or virtual. Therefore, everything is functioning properly. Is that what you mean?

Playing casino games at online establishments comes with a number of drawbacks. Just ask somebody who has experience with them. Have you ever had the thought that if you use your bonus credit, there is no way that you could make a mistake? If I understand this correctly, your good luck will end the moment you start spending your own cash, right? Even under the most ideal conditions, the method of pricing that is utilized by casinos is an unsatisfactory method of conducting business.

Furthermore, in order to begin playing at online casinos, you must first create an account. This requires your email address, password, payment information, and personal user information. All of this information is stored on the operator’s servers. A popular target for cybercriminals. And that’s it; you’ve just given the casinos access to all of your personal information, which they can use however they see fit. They have the ability to sell your data to third parties and can effectively drive you insane by contacting you on a regular basis to request that you redeposit money. 

Take a step forward Casinos Accepting Bitcoin 

The company’s standard operating procedure allows users to conduct financially risk-free transactions while remaining completely anonymous. The primary distinction between traditional casinos and Bitcoin casinos is that the former typically use blockchain technology, whereas the latter use crypto-based payment methods.

 FortuneJack is an example of a Bitcoin casino that bases its business model on the principles of honesty and safety in all of its dealings. They, like their competitors, make the promise of secure financial systems paired with demonstrable fairness, which will eliminate any seeds of doubt that may exist in the minds of players. And do you know why they don’t sell your data? Because they don’t keep it on hand. 

Casinos like these combine all of the best features of online casinos with crypto-powered gambling, the best features of which are transaction security and complete anonymity for users, who, rather than registering their details, simply supply the casino with their wallet address. Casinos like these combine all of the best features of online casinos with crypto-powered gambling. 

Transparency Through an Open Ledger 

Because the blockchain is an open ledger, it ensures the authenticity of every transaction that occurs on its network. This cannot be tampered with by the casino or any third party, and it is indefensible to computer hackers. This is common sense, and it is why Bitcoin casinos such as FortuneJack guarantee “mostly fair gameplay.” 

What exactly is “Provably Fair Gaming”? 

Instead of relying on the honesty of the casino, when you gamble with Bitcoin, you don’t have to worry about betraying their trust. No, the entire transaction is not based on trust, which means that both the game and the results can be scrutinized objectively. This is due to the fact that Bitcoin casinos use encryption in such a way that transactions take place on an open ledger and can be confirmed in real time by you. This is the reason for the situation. 

There are three ways to accomplish this: 

  • Generators of Random Numbers 
  • Seed Generators perform hashing. 
  • Random number generators generate millions of numbers every second to determine the outcomes of games in a random manner. 

When using Bitcoin to gamble, the outcome is not in the casino’s control; rather, seed generators are responsible for producing the numbers that are then input into algorithms. 

Finally, hashing is the process of encrypting a number, such as the seed number, to make it impossible to decipher or control in any way.

The Blockchain Value Proposition in the Context of Gaming Ecosystems

1. Gaming that is not centralized

Prior to the advent of blockchain technology, video games were always built on centralized infrastructures, putting players at risk by allowing a single entity to exert control over the entire gaming environment. The adoption of blockchain technology is causing a shift in the gaming industry, with developers increasingly preferring to build games on decentralized networks. Ethereum and EOS are two well-known blockchain networks that software engineers in the game development industry are using.

Because decentralized ecosystems bring verifiable scarcity, true ownership, and decentralized governance, the gaming industry stands to benefit significantly from their introduction. In an ideal world, games built on public blockchain networks that do not require user permission will allow stakeholders to verify the legitimacy of the games and use a decentralized autonomous organization, or DAO. This eliminates the need for centralized parties, resulting in a decentralized gaming environment.

2. Gaming Platforms Using Non-Fungible Tokens (NFT)

Non-fungible tokens, or NFTs, have received a great deal of attention in the cryptocurrency community over the last year. Because of the nature of this type of crypto token, it is impossible to distinguish one NFT from another, implying that each NFT is inherently unique. Non-fungible tokens (NFTs) have become an essential component of blockchain games as a result of this functionality. NFTs allow players to trade in-game items such as skins, avatars, and other collectibles.

NFT platforms, such as the Hoard Marketplace, are now available, allowing users to buy, sell, rent, or borrow non-fungible tokens (NFTs), such as in-game items, domain names, and digital artwork. This platform’s goal is to give developers tools for incorporating Ethereum into their projects. Hoard will thus introduce its users to the DeFi market. Users will be able to use their NFTs to lend, borrow, or stake for network rewards on this market.

The Hoard Marketplace is an example of how non-fungible tokens (NFTs) are gradually being integrated into the gaming industry. Because gamers can now use this ecosystem to rent one-of-a-kind skins or avatars for special events, they are no longer required to compete with other players for in-game items, which opens up new opportunities for NFT lenders.

3. DeFi Investing

The total value locked (TVL) in DeFi protocols is currently $57.9 billion, indicating that this crypto market segment is expanding rapidly. This emerging ecosystem relies on the participation of a large number of individuals who, in essence, run nodes or stake their cryptocurrency assets in order to keep DeFi networks distributed. Stakeholders are rewarded with native tokens in exchange for their contributions, in addition to other benefits provided by a variety of projects.

DeFi adds value to the gaming industry by offering multiple wagering options through which NFT owners can generate passive income. Returning to the Hoard Marketplace example, the platform includes a native token known as “HRD.” Users can use this token to provide liquidity across multiple decentralized exchanges. Furthermore, HRD token holders can stake their digital assets to earn rewards from the Hoard network.

4. Online Gambling/eSports Betting

As veterans and new entrants consider the possibility of participating in decentralized online gambling ecosystems, the eSports betting industry is also feeling the blockchain wave. One example of a development in this sector is the use of provably fair algorithms, which eliminate the need for third parties or the house. Instead, the outcomes of the wagers can be verified on the blockchain to show that there was no attempt at manipulation.

Online casinos that use blockchain technology and provide a wide range of gaming categories that can be proven to be fair. Randomly fair games, steady games, and orbital games are among the gaming categories. Each of these games allows users to wager using a variety of cryptocurrencies, including Bitcoin (BTC).

5. Earn-to-Play Gaming Models (also known as P2E)

Furthermore, blockchain technology is making it easier to implement new gaming models in which players are incentivized with the possibility of receiving rewards. The rewards will almost always be in the form of native tokens. These tokens can be exchanged for other in-game items or sold as non-fungible tokens (NFTs) on the current marketplaces.

Axie Infinity, one of the most well-known play-to-earn blockchain games available, is currently using this model. This game, like Crypto Kitties, allows players to breed a new generation of digital collectibles known as Axies. Axie Infinity players are encouraged to participate in adventure game modes and PVP in order to earn SLP tokens, which can then be used to breed their own Axies.