Blockchain-based Online Casinos
Will They Overtake Online Gambling Industry
The gambling industry is one of the largest industries in the world. It gets more and more popular among people especially with the development of the online gambling sector. The development of the online gambling industry is a great technological advancement. The online gambling industry is the new level of technology. The industry gives exactly the same experience as the land-based venue, though without leaving the comfortable atmosphere of the home. Though, the online casino is not the last stop for the gambling industry.
With the introduction of blockchain technology, many sectors have changed their approaches and technologies. The gambling industry is one of them as well. Even five years ago it would have been slightly irrational to think of the online casinos based on the blockchain technology. Though the new decade of the 21st century has come and some of the leading developers have introduced online casinos based on blockchain technology. This should not have been extremely new either, as the crypto payments are already available with quite a few online casinos.
Many online casinos have adapted to the changes and support technological advancements. Some of the online casinos for Norwegian gamblers have introduced cryptocurrency payment methods to the customers, which makes it a lot easier to play and to use funds the player has in the e-wallet account. Though, the payment method is not the only thing that online casinos offer players. Some of the casinos introduced blockchain-based online casinos to customers. This is a brand new project, but has successfully passed the testing period and is ready to be launched. While the number of blockchain-based casinos is not big yet, one of the leaders in the industry is the Fairspins.
Fairspin is a blockchain-based online casino. While we think of changes and upgrades, we must think of China and especially Macau as the capital of the gambling industry and the founder of many technologically advanced online casinos. Fairspin operates under the Curacao gaming license. The casino is in partnership with several leading gaming providers to create the best gaming atmosphere. The game providers such as NetEnt, Microgaming and more work to create the best online blockchain-based casino.
In October 2019, the online gaming casino has upgraded its platform to include new gaming features. The company also decided to change the name from FairPlay to Fairspins and since then began rebranding. In 2019, the innovative casino was nominated for two of the most significant awards in the online gaming industry: EGR Operator Awards 2019 and SBC Awards 2019.
Blockchain-Based Online Casino
The talks regarding blockchain technology being implemented to the gambling sector have been actively been heard within the past time. Though, after the months of trial and checking the availability process, the technology has been implemented in the gambling sector. The blockchain technology has also completely changed the whole sector. The technology is one of the safest and reliable technologies to use in any sector. It has become more popular, while more people have switched to the cryptocurrency payments.
Online casino games built on blockchain technology to ensure transparency and that the casino does not influence betting outcomes. Blockchain-based casinos were mainly designed to eliminate any kind of fraud, and essentially providing players a decentralised provable online gaming platform.
Why Blockchain-based online casinos
The main difference between the traditional and the blockchain-based online casinos is that the blockchain technology-based casinos are way safer and offer players fair games. This is because of blockchain technology and its abilities. Every bet is recorded on the blockchain and can be verified by the user at any willing moment. Among very few online casinos that offer players a provable betting platform by using the TruePlay blockchain network, Fairspins is one of the leaders. Every transaction made on the platform is recorded through a smart contract and can be easily tracked. The tracking process is available on the Etherscan. All user’s winnings and payouts are displayed on the platform’s blockchain in de-identified form.
As the payment methods player are able to use Bitcoin and Etherium. Those currencies can be used as a funding method, which then will be converted to the TPLAY tokens. Those tokens are used in the games connected to the TruePlay platform. The TPLAY token is an ERC-20 token designed for gaming transactions. For proper measurement, 1000 TPLAY tokens are equal to 1 ETH and whenever a player reaches 1000 TPLAY tokens, the user can immediately withdraw 1 ETH.
The Main Benefits
While the Fairspins is the first-ever online gaming casino that offers users the combination of a provable blockchain-based betting platform and classic casino games, it definitely has some benefits to offer.
- All bets are recorded in the blockchain
- All of the funds and data are secured on the platform
- There is an available provable betting system
- The winnings can be instantly withdrawn to a digital crypto wallet
- There is no commission on the withdrawals
- The balance of the casino is available and transparent to the users
- There are some big deposit bonuses for players
The Fairspins is not only an innovation in the gambling industry but also offers players very high-quality games. If you think that the game variety might be less than in ordinary online casinos, you are quite wrong. There is a great variety of games available for the blockchain-based online casinos. There are all types of games, including slots, roulette, card games, video poker, lottery and some more. While having quite a lot of benefits and advantages over ordinary online casinos, many of them will soon transfer to the blockchain-based platforms, just like the Fairspins.