But all these problems can be addressed by blockchain. The transparency and controllability that the network provides will make online gambling more trustworthy. Furthermore, gambling websites on blockchain technology are not something new anymore. Crypto gambling Winorama offers control over game fairness through blockchain. Slots, roulette, lotteries, and card games with English, Italian and French interfaces can be found at Winorama — all transactions are protected via encryption and a dedicated blockchain network, plus it’s possible to gamble with BTC and ETH. 

Blockchain Casinos & Regular Online Casinos

Blockchain has become an important part of the global financial market. In December 2021, the crypto market capitalization already reached $3.3 billion — and the blockchain has risen alongside the tokens. According to CoinGecko, this growth will not stop. 

Advantages of Blockchain Technology for Online Casinos

Blockchain casinos and regular ones don’t have any visible differences. However, the possibility to pay with cryptocurrency and use blockchain technology has many advantages. First and foremost, crypto means more user-friendly payments:

• Crypto is cheaper. Bitcoin transactions are not processed by the bank. The only charge is the miner’s fee (up to two percent), which is still cheaper for both receiver and sender, especially considering that most online casinos do not monetize through commissions at all.
• Crypto is faster. Without banks, transactions also become faster, which is good for both crypto casinos and customers as well. No verification is required for making a deposit or withdrawal (except casino verification). Both transaction types are processed within no more than two minutes.
• Crypto is borderless. Another great advantage for players is that your location does not matter. All you need is internet access and a crypto wallet. But that doesn’t make casinos illegal: that just means you can play from wherever you are. 

Blockchain as the technology itself has already been applied in different spheres. But, it makes playing in online casinos easier and more convenient.

Provides a System of Trust 

Blockchain technology is commonly used in many different spheres besides cryptocurrencies. It consists of blocks and chains, where a block is encrypted information and a chain is a link from one block to another. There is no central body that administers the information in blocks — it’s done by the whole community of blockchain users (but: they cannot access the info in blocks; only people who own the info can.) Decentralization and distribution of data across the network guarantee the users a system of trust. Every change in the network is recorded in the next block; fraud and attempts to change anything in transactions become immediately apparent when transaction records are decrypted.

The trust in blockchain-based transactions in online casinos appears not from the relationship between the player and the casino. It is stimulated by the technology itself; blockchain technology is very challenging to hack. If a casino would want to change the outcomes of the game, making players lose, they would know about it as soon as the first outcome is revealed. Online casinos are more trustworthy than regular ones.       

Security

Another issue every gambler faces before registering in the ordinary online casino is security. Even if the company provides encryption, security still concerns many players. But security is essential for crypto casinos, and it’s maintained well. What’s recorded on blockchain virtually cannot be manipulated. That guarantees the safety of your data.

Along with security problems comes a lack of transparency in the traditional online casinos. Gamblers who frequent them complain about losing their bets because of an unfair system. Such problems can be avoided if playing in the crypto casino, given the level of transparency of the network. Not a single step of the player will be lost by the system — and not a single step of the system will go unnoticed by players. 

User Anonymity

In some BTC casinos, you can play without even disclosing your real name or any other personal information. Crypto casinos offer the possibility to make anonymous deposits using cryptocurrency. Most likely, your transfer will be converted to BTC or native casino tokens. Here’s how you can make anonymous deposits:

• Go to the casino website and press the “Login” button.
• Select the “Make a deposit” option.
• Choose a method of payment (for example, Bitcoin).
• Fill out a form with the information of your crypto wallet.
• Wait for the transfer confirmation.
• Start playing.

Once you have registered an account in the crypto casino, blockchain will keep your information private. It means that even the number of your wallet will be anonymous — good protection from hackers. 

Bear in mind, though, that not every casino allows you to play anonymously because of strict anti-fraud policies in some jurisdictions. Also, some countries forbid owning a cryptocurrency at all.

Ease of Transactions

Cryptocurrencies provide not only fast and low-cost transactions but convenience and ease within financial operations. Betting on fiat always takes verification from the bank, and the situation is even worse for withdrawals — often, you need approval from both the casino and the bank. This problem disappears if you use Bitcoin or Ethereum or other cryptocurrencies.   

All you need is to have a crypto wallet and a smartphone app for it. From this point on you can buy, send, receive and even gamble with whatever coin you prefer. The whole process of installation and connecting profile to casino takes a few minutes.

Summary

Every year, the growing cryptocurrency market attracts more investors. Hence, the crypto industry grows and improves. It is becoming more secure, convenient, easy, and reliable. In 2022, more than 300 million people own a cryptocurrency worldwide. Around 18 thousand businesses, including online casinos, have already started accepting crypto payments. 

Crypto investment is not riskier than investment in fiat currencies. That is why crypto casinos are not riskier than regular online casinos — only more secure and convenient. 

The post Blockchain in Gambling: Features and Benefits for Online Casinos appeared first on Opiria Blockchain .

Of course, the miner can try to cheat the system by colluding with me. But an attempt to spend the same bitcoins twice will be immediately exposed, and other miners will refuse to update the blockchain. Thus, a malicious miner will spend resources on solving the problem, but will not receive a reward. Due to the complexity of the problem, the costs of solving it are high enough for that, so it is much more profitable for miners to adhere to the rules.

Alas, this mechanism is highly ineffective. And it would be much easier if data management could be entrusted to a third party (for example, a bank). But this is exactly what Satoshi Nakamoto, the notorious inventor of bitcoin, wanted to avoid. He considered banks to be a universal evil. After all, they can freeze or withdraw money from your account at any time. This is why he came up with Bitcoin.

And bitcoin works. The cryptocurrency ecosystem is growing and developing: according to the latest count, the number of digital currencies has exceeded 1,855 (as of February 2020, there are already more than 5,000 of them – approx. Transl.).

But at the same time, it cannot be said that bitcoin is a runaway success. Only a small percentage of stores accept digital currency, and for good reason. First of all, the payments themselves are very slow (sometimes the payment takes 9 minutes, but there were times when the transaction lasted 9 days!). The payment mechanism is very expensive (try it yourself – it is much easier to open a hard blister with scissors). And finally, the price of bitcoin itself is extremely volatile (it rose to € 17,000, fell to € 3000, then jumped to € 10,000 again …).

But worst of all, we are still far from the decentralized utopia that Nakamoto so dreamed of, namely the elimination of unnecessary “trusted” intermediaries. Ironically, there are only three mining pools (a mining pool is a large-scale concentration of mining computers located somewhere in Alaska or elsewhere far beyond the Arctic Circle), which are responsible for generating more than half of new bitcoins * (and, accordingly , for checking transactions).

The post What is this task? appeared first on Opiria Blockchain .

At its core, blockchain is a well-known spreadsheet (imagine Excel with a single spreadsheet). In other words, this is a new way of storing data. Traditional databases usually have one user responsible for it. It is he who decides who has access to the data and who can enter, edit and delete it. With blockchain, everything is different. No one is responsible for anything, and no one can change or delete data. They can only be entered and viewed.

Bitcoin is the first, most famous and perhaps the only use of blockchain. This digital currency allows you to transfer money from point A to point B without the participation of a bank.

How does he work? Imagine that you need to transfer some amount of money from Jesse to James. Banks are good at this. For example, I ask the bank to send money to James. The bank starts the necessary checks: is there enough money in the account? Is there an account with the specified number? And in his own database he writes something like “transfer money from Jesse to James.”

In the case of Bitcoin, things are a little more complicated. You publicly declare in a kind of giant chat: “Transfer one bitcoin from Jesse to James!” Then there are users (miners) who collect transactions into small blocks.

To add these blocks with transactions to a public blockchain ledger, miners have to solve a difficult problem (they need to guess a very large number from a very extensive list of numbers). This task usually takes about 10 minutes to complete. If the time to search for an answer is steadily decreasing (for example, miners are switching to more powerful hardware), the complexity of the task automatically increases.

Once the answer is found, the miner adds transactions to the latest version of the blockchain – the one that is stored locally with him. And the message goes to the chat: “I solved the problem, look!”. Anyone can check and make sure that the solution is correct. After that, everyone updates their local versions of the blockchain. Voila! The transaction is complete. The miner receives bitcoins as a reward for his work.

The post How does he work? appeared first on Opiria Blockchain .

“Seven hundred blockchains! He shouts to his listeners. Pointing to people in the room: – Machine learning … – and then loudly: – Energetic turn! Healthcare! Public safety and law enforcement! The future of the pension system! “

Congratulations, we are at Blockchaingers Hackathon 2018 in Groningen, The Netherlands (thankfully, a video has survived). If the speakers are to be believed, history is made here. Earlier, the voice from the accompanying video asked the audience: can they imagine that right here, right now, in this room, they will find a solution that will change “billions of lives”? And with these words, the Earth on the screen explodes with a beam of light rays.

Then the Dutch interior minister Raymond Knops appears, dressed in the latest techie fashion – a black sweatshirt. He is here in the role of “super-accelerator” (whatever that means). “Everyone feels that blockchain is going to revolutionize governance,” says Knops.

In recent years, I have been hearing about blockchain all the time. However, like all of us. Because he is everywhere.

And I’m clearly not the only one wondering: who will explain to me what it is all about? And what is its “revolutionary spirit”? What problem does it solve?

Actually, that’s why I decided to write this article. I can tell right away: this is a strange journey to nowhere. I have never in my life come across such an abundance of jargon that describes so little. I have never seen such an amount of bombast that was blown away so quickly upon closer examination. And I have never seen so many people looking for a problem for their “solution”.

The post Blockchain is awesome, but for what? appeared first on Opiria Blockchain .

“All we knew was that the blockchain was on its way and global changes awaited us,” one of the city officials said in an interview with the news weekly. “We had a choice: sit back or act.”

The residents of Zuidhorn decided to act. It was decided to “transfer to blockchain” the municipal program to help children from low-income families. To do this, the municipality attracted a student and blockchain enthusiast Maarten Veldhuijs for an internship.

His first task was to explain what blockchain is. When I asked him a similar question, he said that this is “a kind of system that cannot be stopped”, “a force of nature”, if you will, or rather, “a decentralized consensus algorithm.” “Okay, it’s hard to explain,” he finally admitted. “I told the authorities: ‘I’d rather make an application for you, and then everything will become clear.’

No sooner said than done.

The assistance program allows low-income families to rent a bicycle, go to the theater or cinema at the expense of the city, etc. In the past, they had to collect a bunch of papers and receipts. But Velthuijs’ app changed everything: now it is enough to scan the code – you get a bike, and the business owner gets money.

Suddenly, the tiny town became one of the “centers of the global blockchain revolution.” Media attention and even accolades followed: the city won the City Innovation Award and was nominated for Best IT Project and Best Civil Service.

The post “Agents of Change” in a provincial Dutch town appeared first on Opiria Blockchain .