Smart Contract — Decentralizing Online Betting with Full Anonymity and Intraceability
The days are passé when the traditional online casinos used to be centralized and regulated by the casinos operators. Today is the time of blockchain and smart contract technology, which explores all gaming data and allows every user to verify this information. In this article, we will learn about smart contract technology, and how do casinos implement smart contract betting into their platform.
What is a smart contract?
Created in 2015, a smart contract is an outcome of the Ethereum project. It allows users to use decentralization far beyond just financial transactions. Leveraging the advantage of this technology, two or more people can enter into an immutable agreement, according to pre-defined if/when conditions. The forte of this state of the art technology is that its protocol comes installed with oracle technology, which helps it scan thousands of external websites, thus automatically ascertaining the result of the bet. Moreover, once a smart contract has gone through the execution process, it indefinitely remains on the blockchain technology and cannot be amended, altered or changed.
How do casinos implement smart contract betting into their platform?
As you know, the agreement is essentially executed between two persons. And in the casino industry, it is executed between the player and the casino. As there is no provision of private data verification in the traditional casinos, a smart contract runs through the transparent ledger of the Ethereum blockchain, which makes it quite easy to verify each gaming outcome? The only thing you need to do is just make a deposits of the funds on to the smart contract, determine the amount you want to stake, and the if/when condition make the rest possible. If you turn out winner, the funds get automatically transferred to your wallet, or if you lose the game, the funds are transferred to the casino. Remember, all these technological capabilities are applicable to almost any casino game that you might have ever played.
That way, smart contract betting has completely revolutionized and decentralized gambling and gaming industry. Thanks to cutting-edge blockchain technology, a large number of casinos have sprung up and accept the cryptocurrencies like Bitcoin, Ethereum, Dogecoin and more. Moreover, it is only by virtue of the smart contracts and their underlying technology, players can now enjoy playing anonymous casino and make their crypto transfer in discreet and secure way.
So, the key fortes of this technology are:
· Peer-to-peer gambling
· Lower house edge
· Transparency
· Stake sizes
Conclusion
Finally, it can be said that with use of smart contract technology in online casinos, the fear of transactions, traceability and transparency is eliminated. Players now need not worry about the insecurity and trustless environment, which was rampant in the traditional casino industry.