Blockchain
The Promise of Blockchain Technology for iGaming
Over the past several years, cryptocurrencies and blockchain casinos have exploded into mainstream consciousness. Speculation of cryptocurrencies is rampant, and it seems that every month a new blockchain launches, promising to unseat the current kings of the industry.
This has led to almost a sole focus on the price of various tokens such as BTC and ETH. However, when the speculation fizzles out and reality returns, as it did in the 2001 dot com bubble, and as it will in this industry, some truly world-changing technology will emerge, and it will have a big impact on online gambling. Leo Twin from casino portal gamblerspro.com shared his thoughts on the matter with us.
Self-Custody of Funds
Casino operators, affiliates, and players will know that one of the largest pain points in the industry is deposits and payouts. Some players are hesitant to deposit to new brands, and there’s almost always friction when it comes to payouts.
Because some cryptocurrencies make lightning-fast micropayments possible, it’s possible for players to keep custody of their funds in their wallets and for bets to be settled on a per-bet basis. An example of this is Peer Game on the BSV blockchain. With fees of $0.00001 on average, players can make bets of any size and pay the fee on every bet, with settlement occurring in real-time.
Self-custody of funds has the potential to revolutionize the industry. It would eliminate rogue operators who steal funds and could reduce overheads for casinos and gaming operators. It would mean goodbye to 24-48 hour payouts and the very concept of minimum deposits and withdrawals, with each bet being paid on the spot instead.
Provably Fair Games
Provably Fair casino games are already available at some online casinos. However, with the widespread adoption of scalable blockchain technology, they can become the norm.
Using a blockchain-related technology called hashing, Provably Fair games allow players to generate a random seed number and feed it into the game algorithm between spins, hands, or rolls of the dice.
The ability to insert your own random number into the mix means the casino operator does not have control of the game outcome and, therefore, can’t rig the games. This is amplified by the fact that each wager could have a time-stamped entry on the blockchain, allowing for auditing of game payouts by external third parties. Since there’s no way to change on-chain data without the majority consensus of all nodes, manipulating the data is impossible, and any shenanigans would almost certainly be detected.
Compliance & Regulations
One of the most misunderstood elements of blockchain technology is what it means for data management. Essentially, a public blockchain is a massive decentralized database that can’t be easily altered or manipulated.
This could make compliance with regulations much easier. If a regulator comes along and asks for data proving an operator is taking measures to prevent problem gambling, it can all be pulled from the blockchain with time-stamped proof of the measures taken.
Whereas these days, operators are relying on fragmented databases, data is often lost or stored in email attachments or on old servers; if all of the data is available on a public blockchain, it makes the lives of operators and regulators much easier. In time, with pattern-recognition AI and other machine learning tools, compliance violations can be detected and dealt with in real-time.
It’s Time to Embrace Blockchain Technology for Gaming
Just as the internet revolutionized the world, so too will blockchain technology. As the gaming industry was one of the first to embrace the world wide web, it should be among the first to embrace blockchain.
It’s time to look past the crazy valuations of tokens in the blockchain economy and focus on the disruptive technology at the heart of it. Everyone will be better off when this happens.
Blockchain
JuicyBet Launches Its Innovative GambleFi Platform
JuicyBet, a Web3 startup, announced the launch of its GambleFi platform. This platform combines finance technology and gambling via blockchain to create unique opportunities and experiences for users. The company strives to revolutionize the principles of the online betting industry and the interaction between platforms and users in this market.
What is GambleFi?
GambleFi uses blockchain technology to ensure the fairness and transparency of games and betting outcomes and for players to get their share of the platform’s earnings and participate in its governance and day-to-day by holding its tokens.
How JuicyBet works
JuicyBet fully utilizes blockchain technology to establish a new ecosystem that has never been seen in the gambling industry. It is centered around user participation and transparency while providing gambling thrills and quality entertainment.
All game records on the platform are kept in a public blockchain, while a set of smart contracts automates gaming outcomes and payouts and provides for the platform governance via the DAO model. This reduces fraud risks and operational costs, making JuicyBet a more efficient platform.
However, the platform’s main feature is the unprecedented level of user engagement via the platform’s native tokens.
- First, the tokens provide access to betting.
- Second, token holders get their share of the platform’s profit.
- Third, token holders can vote on key decisions on the platform’s development in JuicyBet DAO.
- And finally, DAO participants can also perform the role of oracles for bets and earn rewards.
In other words, JuicyBet doesn’t try to be just another gambling platform. It establishes a new ecosystem where users are in control of the platform and bets and are the beneficiaries of the platform.
In addition, JuicyBet offers additional earning opportunities, such as Double Farming and staking for token holders.
JuicyBet has already been noticed by users and investors – the platform’s 3-month turnover has exceeded $1,5 million, according to on-chain data available via Dune, and multiple centralized exchanges and launchpads have listed it.
Blockchain
Kore Digital Mining Ltd Announces Additional 14 PH/s Bitcoin Mining Capacity
Kore Digital Mining Ltd, a UK based Bitcoin mining company, announces that effective 1st May 2024, an additional 14 PH/s mining capacity will be added to its existing infrastructure.
This additional capacity will be provided by a major Bitcoin mining corporation and will be operational until 30th June 2024.
Derek Nisbet, Kore’s Founder & CEO, said – “We are pleased to work with a leading Bitcoin Miner in securing a large amount of mining capacity, for a 2 month trial period. We look forward to hopefully extending this period and engaging more with major mining corporations offering Bitcoin hashing opportunities, in the future.”
This additional 14PH/s Bitcoin mining capacity adds to the existing 2 PH/s currently operational with Kore’s own infrastructure and an additional 4 PH/s is due to be added over the next quarter, totalling 20 PH/s.
The post Kore Digital Mining Ltd Announces Additional 14 PH/s Bitcoin Mining Capacity appeared first on European Gaming Industry News.
Blockchain
HIPTHER Announces Major Expansion into Fintech, Blockchain, and AI, Reinforcing Its Position as a Diverse Industry News Leader
Building on its established success in the gambling and iGaming sectors, HIPTHER Agency is excited to announce a significant expansion of its editorial focus into three dynamic industries: fintech, blockchain, and artificial intelligence. This strategic move is part of HIPTHER’s ongoing commitment to providing comprehensive, in-depth coverage across a spectrum of industries, including virtual reality, esports, and official global government releases.
Focused Expansion for a Diverse Audience
The expansion into fintech, blockchain, and AI represents HIPTHER’s dedication to staying at the forefront of technological and financial advancements. By integrating these sectors into the HIPTHER .com platform, the agency offers its audience a rich, diverse content experience, positioning itself as a one-stop destination for insights across these cutting-edge fields.
Enhanced Digital Presence and Accessibility
Complementing this expansion, HIPTHER continues to enhance its digital footprint. The agency’s Android app has already established a strong user base, and with the anticipation of an iOS app in 2024, HIPTHER is set to broaden its reach and accessibility. The agency’s social media channels are also being rebranded to reflect this expanded focus, ensuring a cohesive and comprehensive digital experience.
Unwavering Commitment to Quality and Insight
HIPTHER, known for its high-quality content in the gambling industry, extends this commitment to its new sectors. The agency’s team of experts and seasoned journalists is dedicated to delivering insightful, accurate, and timely information, catering to the needs of a diverse, global audience.
Zoltan Tundik, Co-Founder and Head of Business at HIPTHER, states, “Our expansion into fintech, blockchain, and AI is a natural progression of our mission to provide diverse, in-depth industry news. We’re excited to bring our expertise and quality content to these vibrant sectors, while continuing to serve our existing audiences with the coverage they trust.”
For more information, please visit HIPTHER.com
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