Since the launch of Bitcoin, developers have been using decentralized platforms to host their online gaming hubs. Know more about these platforms here.
The launch of Bitcoin in 2009 has changed the way we transact online, and it even affects you as a member of any Bitcoin casino. Thanks to blockchain technology, you can deposit and withdraw your casino funds without compromising your personal and financial information. Even better, these transactions happen within minutes compared with the hours-long waiting time you usually experience on traditional online gaming hubs.
But while there are casinos that accept cryptocurrencies, this does not mean that they are prone to issues, some of which include security of personal and financial info and fairness of game results, among others. Luckily, decentralized platforms solve these issues and make your gaming experience more enjoyable. Read on to know more about decentralized platforms.
4 Important Features of Decentralized Platforms
The space of decentralized platforms continues to grow, so much that different developers have different opinions as to what defines a decentralized platform. But for platforms that focus on profit, here are the features you will usually find:
1 | Open Source
Developers of decentralized platforms usually publish their code on their sites or on websites like GitHub. By doing so, platforms are able to achieve transparency among developers and users. This also gives users the chance to examine the code and to improve it, turning the platform into something that is beneficial for all potential users.
2 | Internal Currency
Decentralized platforms allocate their scarce resources through a native token. Users usually need this coin to use the network and its features. Developers also receive rewards through these tokens.
3 | Peer Consensus
Decision-making on centralized networks mostly come from only one figure. But on decentralized platforms, proposed features receive approval only if stakeholders agree to the change. These platforms usually operate on Ethereum smart contracts, a piece of code on the blockchain network. When a preprogrammed condition is met, that is when the smart contract implements the clause stated in the agreement. This makes the application of transactions faster and more secure.
4 | No Central Point of Failure
The problem with centralized networks is that when the central server shuts down or gets hacked, the rest of the network shuts down as well. This situation cannot happen on decentralized networks as there is no server to take down. If one of the nodes on the platform fails, the others can still operate.
Why Play in Casinos with Decentralized Platforms
Decentralized platforms are now being used in different industries, with some famous networks being peer-to-peer file sharing network BitTorrent and mobile app FireChat. But did you know that some online casinos are built on decentralized platforms as well? These betting sites boast compelling features, some of which are:
Simple Registration Process
The problem you will usually encounter with traditional online casinos is that they require a long registration process. This requires you to fill out your real name and contact details. And to verify your identity, you might have to go through a Know Your Customer procedure, in which you have to submit copies of a government-issued ID and your latest utility bill, among others. This puts your information at risk.
On the other hand, casinos on decentralized platforms will simply require a username, an email address, and a password. You then have to verify your account from your email, but after that, you are ready to play. And to withdraw your funds, you just have to provide your public wallet address.
Random and Verifiable Game Results
Online casinos boast that the random number generator (RNG) they use on their games are fair. However, there are cases in which these betting sites have proven to have tampered these tools, stealing winnings from players.
This will not be the case on decentralized casino platforms as the entire betting process operates on smart contracts. And if you want to challenge the authenticity of the game results, you can check them on the blockchain. Just like in provably fair casinos like Crypto-Games.net, you will see a long string of numbers that serve as the bet ID on the network.
Instant and Convenient Banking
Withdrawals on most online gaming hubs take at least 24 hours to process. Then, it could take another 24 hours for the money to arrive if you cashed out using credit cards like Mastercard or Visa. It might even take days for you to receive your winnings if you chose other withdrawal methods.
On decentralized casino platforms, you simply need a cryptocurrency wallet to make your transactions. To deposit, simply transfer funds to your casino account. Cashing out, meanwhile, requires you to provide your public wallet address. Both deposits and withdrawals are then instant.
What makes decentralized casino platforms stand out is that you, as a player, have a say in how the gaming hub is run. For example, Bet It All gives you the chance to be the house. This allows you to create games and earn a share from the bets made in those games. Meanwhile DAO.Casino lets you “fund” a game and receive a commission for doing so.
With the abovementioned features, you can be sure to enjoy fun, fair, and secure gaming sessions. Even better, you and your fellow players have a say in how the casino can operate. This helps in driving the online gaming hub to be better.