Recognizing the benefits of blockchain, two decentralized platforms has been conceptualized to bringing the new technology into the online gaming sector.
The blockchain revolution has reached the online gaming world.
Since the pseudonymous developer Satoshi Nakamoto conceptualized this kind of distributed ledger technology, blockchain has been applied to many aspects of human lives. This movement owes its thanks to developers and other individuals that have recognized the benefits blockchain could bring to many sectors, one of which is the iGaming sector.
The decentralized and immutable features of blockchains are beneficial to online casinos. For one, the absence of middlemen allows for faster and cheaper deposits and withdrawals of player funds. In addition, results of blockchain-based games are more transparent, as players can double check on the public ledger the accuracy of the results.
The following two decentralized platforms cater to two different, yet connected, sections of the same online gaming world. Learn more about the two projects below
Qalba, P2P Binary Options Platform
A revolutionary betting platform, Qalba pits online bettors not against the platform but against their fellow players.
Qalba is a peer-to-peer decentralized binary options platform that uses smart contracts on the Ethereum network. On this platform, according to its website, users can bet Ether (ETH) on the fluctuations on cryptocurrency prices at set intervals.
Wagers are all stored on the blockchain, which can be verified by anyone and can be reversed by no one. This makes all bets made fair and protected from any form of cheating.
Once the results are verified—and after eight percent of the entire betting pool are claimed by the platform as commission—the combined bets will be divided equally and awarded to the winning bettors. Because of blockchain and smart contracts, payouts are instantaneously credited to the winners’ crypto addresses.
Kheper, Tokens for Online and Offline Gaming Hubs
Meanwhile, the Kheper Project aims to lower the barrier of entry into the crypto world for online casino players and operators.
Through its blockchain platform, Kheper will introduce its Ethereum-based token—the Kheper Token (KHP)—usable in both online and brick-and-mortar casinos, which the project claims to be the first of its kind.
On casinos using the Kheper gaming platform, players who want to enjoy classic and crypto games can easily convert their fiat currencies into KHP, which then acts as credits. The tokens can be stored in e-wallets that can be used in both online software and land-based games.
With the Bitcoin (BTC) price—and the overall crypto market—dropping in valuation, as well as regulators looking to supervise the industry, most investors and members of the online community have looked at every emerging blockchain project with more inquisitive eyes than ever.
However, if these two projects manage to deliver their promises to the expectant iGaming world, then the sky is the limit.