Practical use of a coin in business: gambling
Advantages of blockchain in the gambling industry
In the gambling industry, no one trusts anyone. Players do not trust casino or the administration of gambling sites. There were many frauds and players have reasons not to trust. And if offline casinos are carefully regulated by government agencies, gambling sites are often not regulated by anyone and the site administration is free to do everything as it likes.
A similar situation is developing with the casinos. All players want to cheat the casino and almost everyone believes that he has found the best way to cheat a particular slot machine or casino in general.
The appearence of blockchain technology has solved the existing trust problems of the gambling industry. All payments in blockchain are transparent. Now players can be sure that casino does not cheat them, that the winnings funds between the participants are distributed fairly according to the terms of the game.
On the other hand, for gambling sites became safer to work. Blockchain technology is safe, hackers cannot steal players’ money, as well as dishonest players will not be able to steal money from the gamble site.
Platforms and cryptocurrencies that use a blockchain in the gambling industry
The most famous and popular cryptocurrency in the gambling industry is Monero. Monero is actively used for anonymous transactions. Anonymity is very appreciated in the gambling industry, because no one wants to ”show“ his winnings and prizes. Along with the benefits of anonymity, Monero has its disadvantages. The disadvantages include problems with scalability, transaction speed, and relatively high fees. Such problems have a cryptocurrencies that use a hashing algorithm PoW.
Higher scalability and transaction speeed have a cryptocurrency that uses the algorithm of mining PoS. The most popular platform used in the gaming industry is TRON. On the basis of the TRON blockchain, there is a large number of gaming and entertainment applications. The huge scalability and ability to use sidechains in TRON allows the existing applications on the TRON blockchain not to interfere with each other. TRON users are attracted by instant payments and no fees (or very low fees).
All this was made possible thanks to the PoS mining algorithm. TRON platform is currently one of the fastest growing platforms in the gaming and entertainment industry. But TRON has one major disadvantage for the gambling industry. There is no anonymous payments.
EDC Blockchain solves the existing problems
EDC uses LPoS mining algorithm. It is a kind of PoS mining. In contrast to the standard PoS mining, where only large token holders can mine the tokens, using LPoS mining all EDC holders can lease their coins to the masternode and make a profit. This type of mining allows to create a large community around the EDC ecosystem.
EDC Blockchain has instantly payments. Each application is located on the sidechain. It does not affect the overall work of blockchain.
Low commissions. The fee for transfers in EDC Blockchain is 0.001 EDC. It is a very low fee.
There is a coin constructor built into the wallet. Applications in the EDC Blockchain can create their own coins, including coins with mining. For easy and secure creation of coins is provided a module system. It simplifies the work to the application developers.
Presence of anonymous transactions. For the gambling industry anonymous transactions are very important. EDC Blockchain provides the possibility of anonymous transactions. Commission for anonymous transaction is 100 EDC. User determines for himself how important anonymity is for him.
Work with cheques. A feature of EDC Blockchain is the work with cheques. You do not need to know the address or name of the payee to make payments using a cheque. Creating a cheque, a unique code is generated. It is transmitted to the recipient of payment. To transfer money to his account, the recipient of the payment activates the code. It is possible to create cheques for several people. It is very convenient for massive payments. No commission is paid for the creation of cheque and its activation.
Conclusion
EDC Blockchain uses all advantage and best sides of all available in the crypto industry blockchains. At the same time it offers its new and promising solutions, such as LPoS mining, the constructor of coins with the possibility of mining, work with cheques.
Links:
Website: https://blockchain.mn
Wallet: https://wallet.blockchain.mn
Blockchain: https://explorer.blockchain.mn/
Leasing program (large coin holders): https://explorer.blockchain.mn/rich-list
Bounty: https://bitcointalk.org/index.php?topic=5143869
Login at Bitcointalk — lylya75
