The lack of transparency in online gambling has been a perpetual hindrance to the industry. For a system that is supposed to thrive on probabilities, being confined to the possible influence of third parties has damaged trust in the system. Look no further than the ever growing blacklist of online casinos for an indication of the widespread unfairness within the industry.
Innovative platforms are emerging to tackle this mistrust. The advent of provably fair gaming platforms allow participants to have confidence in the fairness of the games that they’re using.
In the latest version of The Punters Pick, we highlight the emergence of provably fair gaming platforms. We also detail how cryptocurrency casinos are addressing the lack of transparency in legacy online gaming.
But before that, we present our weekly CryptoPunt development roundup!
CryptoPunt Development Roundup 1 — Jackpot game deployed on a private blockchain
The functionality of the Jackpot game has been finalized and the game has been deployed on a private blockchain for testing. The ability to create and join a game has been integrated into the frontend with a cutting-edge experience for game users. Moving into next week, further testing will be carried out on the game to ensure a bug-free gaming experience.
CryptoPunt Development Roundup 2 — CoinFlip development accelerates
The design for the CoinFlip is making significant progress and it is lining up to be another sublime gaming experience for CryptoPunt users. Over the next week, we will be working on the functionality and logic behind the game while also experimenting with oracles to integrate into the game.
Blockchain makes gaming processes verifiable
In its simplest form, provable fairness involves the ability of online gamers and gamblers to verify the processes on gaming and gambling platforms. This exercise enables such gamers and gamblers to ascertain the reliability of gaming and gambling processes to ensure that the system is not manipulated by any party within the gaming ecosystem.
Provable fairness became possible through the implementation of blockchain technology, which offers a greater degree of transparency compared to private centralized databases. When deployed in gaming and gambling, blockchain enables all of the parties involved to monitor and verify that the outcome of events is based on fair rules.
Before the emergence of blockchain technology, such provenance was almost impossible, leading to some salient scandals in the online gambling industry. A $300 Million fraud by Full Tilt Poker that was reported in 2011 ranks among such scandals. Accusations against AbsolutePoker and Ultimate Bet also sowed mistrust in the online gambling industry. Both platforms were accused of allowing their superusers to see the cards of other players on their site.
Online gambling becomes more attractive with provable fairness
With blockchain algorithms, the widespread mistrust in online gambling is being addressed and online gambling is becoming more attractive as a result. The permissionless nature of blockchain technology is also eradicating the barriers that were previously preventing some netizens from accessing online gambling platforms.
In the world of gambling, consistency of rules is key, and having confidence in the rules is what every gambler desires. This has been made possible by the introduction of blockchain technology into online gaming. Moving in this direction suggests a future for online gaming that is free of manipulative entities.
As a result of provable fairness, the online gaming industry has experienced a surge in traffic and revenue. Currently, the industry is worth over $67 Billion, with a projection of climbing to over $92.9 Billion by 2023.
This estimated growth is a result of the emergence of more blockchain gaming and gambling platforms like CryptoPunt that allow users to explore the benefits of provable fairness. With CryptoPunt, users can easily access provably fair games without needing any registration or KYC process.
CryptoPunt is a next-generation gaming and gambling Dapp. Underpinned by the Ethereum blockchain, CryptoPunt is positioning itself to be the leading blockchain-based gaming application. Users can start gaming in less than one minute with no KYC or registration process. CryptoPunt will offer a broad suite of games, including an option that has a virtual world and in-game economy.
Stay tuned, and learn more!