Blockchain Gambling: a Win-Win Scenario from Edgeless Casino
People who are pros in gambling can tell you from experience that casino always wins. However, when it comes to decentralization, the rules change rapidly. Thanks to blockchain technologies, online gambling becomes a win-win game for both: casino and its players. To go a bit deeper into the terms and nuances of this exciting topic you are welcome to read Changelly’s fresh interview with Tomas Draksas — co-founder of Edgeless casino. It won’t hurt to mention that EDG, the project’s native token, is available for a seamless exchange on Changelly.
Hello, Tomas, and thanks a lot for interviewing with Changelly. A blockchain-based casino sounds intriguing. Why gambling? Could you tell us more about this niche in general? We’re newbies in this area.
Hey, Changelly! Thanks for having me. Edgeless was born out of a huge desire to do something cool using the latest crypto/blockchain technologies. It is now widely recognized that emerging blockchain technologies have huge limitations related to scalability. As early pioneers in this industry, we had been aware of this issue from the beginning and we were thinking hard about how to work around that.
The online gambling industry was a no-brainer for us. Historically, the gambling industry has always been blighted by player distrust, lack of transparency, money laundering rackets etc.
We believed that blockchain technologies had the potential to solve most of these problems, and we believed that we could create a fully transparent gambling product. And the best part was that blockchain tech offered solutions for the gambling industry’s shortcomings that didn’t require enormous scalability.
Recently Changelly CEO Ilya Bere attended the SIGMA event in Malta. It turns out that blockchain and gaming is the conversation everyone is having. The general consensus is that gaming and gambling are set to be the most promising blockchain niche markets to date. Do you have any idea as to why this is so?
Yes, I can! So right now, in 2019, the gambling industry is the only industry where you can create a workable and fully-functioning marketplace by applying blockchains.
Other industries are lagging in their uptake of blockchain tec because they continue to require much faster blockchain processing power and a scalable blockchain infrastructure. And, unfortunately, increasing capacity will not happen overnight.
One of the most painful issues for the cryptocurrency market is its legitimation. Can you say that this is an even more pressing issue in the gambling sector? Do even harder restrictions subject your niche?
Yep, legitimation is quite an issue, and public concerns have intensified with the rise of many fraudulent ICO projects and huge market speculation. In our case, however, it’s not a huge deal since we already have an operating product that removes any issues of legitimacy within our community. Secondly, our company is considered an “oldie” in the blockchain industry. Our current product status and company history make things a lot easier.
Your site has a page with EDG bankroll staking information. It says that staking in practice is technically sending EDG tokens to a bankroll smart contract, which in turn checks whether a bankroll is in a positive surplus or negative. If the bankroll is in a positive surplus the token holders get a profit. What are the chances of winning in staking? Is there any kind of statistics available? After all, judging from the principles of traditional gambling, the casino always wins.
Since we have launched beta staking not that long ago, we are still collecting data and adjusting parameters. But in answer to your questions, firstly, we use strict bankroll management rules which makes a negative scenario for the staker virtually impossible.
And, secondly, well yes, the casino does win in the long run! The idea with staking is that it is a win-win situation for both the payers and casino. By staking their EDG tokens, our players are helping to sustain the growth of the entire system.
Do you believe blockchain gambling contributes to cryptocurrency mass adoption and why?
Definitely. While everyone waits for a blockchain scaling solution, the gambling industry acts as a “showcase” industry, illustrating how to apply a blockchain. In fact, the gambling industry was one of the few industries accepting bitcoin in the early years, and since then tons of value has been generated. Such a move eliminated many of the processing limitations and delays associated with traditional banking transfers.
Can you share some insights about your further product development?
Well, we are a gambling games developer. While Blockchain is the technology that has been utilized to create a lot of added value, people come to Edgeless primarily to play our games. So, our next major step is to create more games on our platform, ensuring that players have a better gaming experience on the Edgeless casino.
At Changelly we have recently issued an independent review of another promising blockchain niche — charity. What’s your attitude towards blockchain and donations? Do you believe that such different sectors like charity and gambling can go hand in hand to make the world a better place?
For me, charity has always been a strange sector. Yes, you donate to a good cause, but you never know what happens to your donation — you cannot even be sure that your funds have reached the cause you have donated to. So yeah, I do think that blockchain can make that sector more transparent.
Charity is a good match with any industry, I wouldn’t pair it up with gambling exclusively. I think that every industry creates some sort of a ‘bioproduct’ that is not intentionally planned and that has to be dealt with, a byproduct such as the intensive consumption a particular natural material or energy source. Corporate philanthropy acts as a good tool when working to counteract bioproduct-related problems.
Our last question is traditionally about the future of crypto. According to the current market condition, which is much lower than it was a year ago, do you believe that someday the economy will be run only on crypto?
I’m not really sure whether an economy can ever run purely on a decentralized cryptocurrency such as bitcoin. However, I am certain that the current economic model will integrate blockchain into every aspect of the financial sector.
That’s it for today, though there’re many more interviews with prominent crypto enthusiasts to come! Stay tuned for the hottest crypto news with our social media:
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Nice swaps, #Changellions!
