Poker and Crypto— a Match Made in Heaven
…that finally opens possibilities for truly provable fairplay.
Undoubtedly, poker is one of the most well-known games in the world and is one of the main contributors in the world’s billion-dollar gaming industry. The industry boomed even more when online poker garnered massive popularity in the previous decade, having recreational and competitive players alike playing in various online poker platforms.
However, due to the problems that online poker has faced such as regulation problems, over-saturation of platforms in the market, spread of frauds and scams, and flaws in their systems and game technology, the industry declined over time, leaving the remaining online poker platforms almost exclusive to invested and competitive players.
With positive legislative reforms favouring established and emerging markets, online poker is once again making its buy-in into the game — this time making a big comeback with the power of blockchain-based technology, opening online poker for all players once more.
Meet CoinPoker and it’s cryptocurrency ‘chips’ called CHP.
CoinPoker is the very first online poker platform to use blockchain-based technology in its game technology and deposit-withdrawal processes, and it has its very own token ‘chips’ called CHIP (CHP). This allows for a slick online poker experience while at the same time enjoying the trademark convenience and uncompromisable security that the blockchain protocol is known for.
The game of poker is all about chances and stakes, but that should not be the case when it comes to securing your funds.
Deposits and withdrawals are assured to be safe and instant by abolishing the problematic centralized processing which has been practiced by online poker platforms in the past. Instead, all funds are in cryptocurrency form (CHP) and thus are secured in a decentralized blockchain that can always be tracked and will — and will always — remain immutable.
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Furthermore, CoinPoker uses Ethereum blockchain which makes smart contracts possible. Now players can make agreements that are guaranteed to take full effect with full compliance in terms and conditions, and all this is done in the transparent process of Ethereum smart contracts.
Blockchain’s reputation for decentralization, transparency and security will rejuvenate the dignity of online poker.
With the credibility of the blockchain protocol, adopting it to online poker platforms may be the key to relieve the heat it receives from legislative regulatory policies and skeptics. It is expected that with current thriving market conditions and positive reforms, online poker will be legalized in over 20 states in the US in a few years. Online poker is also expected to gain popularity in Asia and Latin America, following the recent change to a more efficient payment processing system.
Cryptocurrency might just be the key to finally solving the online poker dilemma.
In their whitepaper, CoinPoker has listed the problems that online poker has encountered throughout history which eventually led to its decline, and how a cryptocurrency-based platform such as itself is able to resolve the online poker dilemma.
One of the main problems of online poker was that a centralized system does not provide its customers full control of their funds. Instead, the processing system is in full charge of all the deposits and withdrawals that go in and out of the system. Since there is no transparency, players have no way to track their funds, which leaves them susceptible to loss and fraudulent attacks. Furthermore, these centralized systems, relying on a single server, are slow, thus making transactions take a long time. All these are no longer problems with cryptocurrency transactions.
The lack of transparency in game technology is also one of the reasons why online poker platforms have garnered a large amount of suspicion. Since poker relies heavily on chance, a single flaw in game logic can result in biased games. Even worse, these flaws in game logic may be rigged in favor of certain players. Blockchain technology is seen as the key to resolve this problem, although a completely blockchain-based game logic is still unacheivable since it proved to be slow and costly.
CoinPoker takes advantage of the blockchain technology by integrating it with traditional Random Number Generator (RNG) techniques to compensate for speed. This is the first step in developing a fully blockchain-based RNG that would eliminate the most common flaws in game logic, not only improving online poker, but other online chance-based games as well.
Lastly, traditional online poker platforms are unable to assure transparency and anonymity to its customers. Furthermore, since all transactions are based on trust on a central processing, distribution of revenues and its records are susceptible to manipulation.
This final problem is resolved by Ethereum smart contracts which follows exactly how a cryptocurrency-based platform distributes its revenue. Since these transactions go straight to the blockchain, the records of these transactions are immutable and unalterable. To add even further, since everyone has a copy of the said blockchain, mutual transparency is achieved without forfeiting anonymity.
Trading, just like poker, is a game of skill patience and knowing when to take your chance.
Now that cryptocurrency has entered the world of online poker, it means that online poker has also entered the world of cryptocurrency, and with this comes countless more possibilities for benefits and trading.
Following their successful launch, CoinPoker gives back to its supporters by holding their first of many Crypto Series of Poker (CSOP) events with 10,000,000 CHP at stake, starting May 27 to June 3. This opens CHP and their online poker platform to poker enthusiasts and cryptocurrency traders alike. This not only revolutionizes online poker, but also gives players other crypto-trading opportunities outside CHP.
CoinPoker aims to be in the center of cryptocurrency developments in online poker platforms and have its coin, CHP, be adopted in other online crypto-poker platforms that would emerge in the future.
With this innovative use of blockchain technology, online poker might just be able to quickly work its way back into the ranks, win back the trust of the public, and become one of the leaders in global online gaming and cryptocurrency trade. Looks like the ante has just been raised.
Recognising the above factors, I believe CoinPoker’s CHP may quickly double in value this year. After all, the most successful projects from the Dot Com era were the companies that made people’s already existing pleasures more accessible. What’s more, not only can CHP offer you market value returns — you can earn even a lot more on your investment, if you’re a poker player.
To stay up to date with more interesting projects and developments in cryptocurrencies and blockchain technology:
The Future of Cryptocurrency Exchanges in Light of Advancing Blockchain Technology
De-Centralising Cryptocurrency Exchanges with Aphelion
Full disclosure: Nele Maria Palipea is an advisor for CLOAK, a privacy focused cryptocurrency from 2014. This is not investment advice nor is it an official representation of the projects mentioned. It’s an opinion piece. So please consult official sources and contact the projects for fact verification.