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Decentralized Casinos & Gambling DApps
The modern world is powered by innovative technologies that are changing the landscape of how we live, work, and interact. One of those is the blockchain.
While cryptocurrencies may be the most popular use case of the blockchain, this technology has the potential to revolutionize multiple sectors through its decentralization protocol. And tapping into the blockchain potential, the gambling sector has emerged with what is known as Decentralized Casinos.
These casinos offer many benefits, including instant payouts, anonymity, provably fair games, and dividends. All this is thanks to their inherent protocol and the use of smart contracts.
In this article, we explain the concept of decentralized casinos and the best dApp casinos. We’ll also look at what it entails playing at these decentralized casinos, the advantages, drawbacks, and how they compare to regular online casino sites.
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What are Gambling DApps?
Decentralized applications, also referred to as dApps, are open-source applications developed on the blockchain network. Like any regular app, they are software programs designed for end-users. However, they aren’t controlled by a central authority. Instead, information is stored on the blockchain, and they are programmed using smart contracts, which allow the mediation of agreements and transactions through code.
What are decentralized casinos and how they work?
Decentralized casinos are a new type of online casino that operates on blockchain technology. Unlike traditional online casinos, decentralized casinos do not rely on a centralized authority to facilitate transactions or ensure fair play. Instead, they use smart contracts and cryptographic algorithms to ensure that games are fair and transparent.
Decentralized casinos work by using a blockchain-based protocol to manage transactions and game outcomes. When players place bets, their funds are transferred into a smart contract, which holds the funds until the outcome of the game is determined. Once the game is over, the smart contract automatically distributes winnings to the winning player(s). This ensures that games are fair and transparent, as there is no possibility for cheating or manipulation.
These decentralized casinos offer a wide variety of traditional games like Blackjack, Roulette, Slots, Craps, Baccarat, and Poker. Unique game options include Dice, Plinko, and Crash. Sports betting fans can also enjoy plenty of sports and horse racing products.
How Gambling DApps Work – The Concept of Smart Contracts
The interactions within a dApp are automated through smart contracts. A smart contract is a technological innovation in the blockchain and decentralized application ecosystem. These contracts are written in the form of codes and are automatically executed whenever a pre-defined condition is triggered.
In a normal casino app or website, a central provider controls game results and player’s funds. This means, the operator could very well make away with players’ money if they were fraudulent.
In decentralized casinos, however, no central authority or third party controls players’ funds. Instead, all the transactions are processed through a smart contract code that runs on the decentralized application. Any exchange of money between the game and the player is directly through the dApp.
Ethereum, EOS, and TRON Casino dApps
As mentioned earlier, developers leverage the open-source network of a blockchain gambling platform to build dApps and smart contracts. Ethereum is the most popular platform for decentralized applications within all sectors. In 2019 alone, almost half of the dApps built on the Ethereum blockchain were for gaming applications.
Over the years, EOS and TRON have been the most used networks for building gambling dApps, with the latter experiencing the most growth. Also in 2019, daily gambling activity on TRON rose 121% to 14,133 daily active unique wallets. It continued rising up 14% month-on-month during January 2020.
Ethereum remains the leading decentralized gambling platform for live casino dApps.
Top 3 Crypto Casinos
Advantages of Decentralized Casinos
Here are the advantages of playing at dApp casinos:
Accepts Most Cryptocurrencies
Cryptocurrencies are the standard payment method at decentralized casinos. You’ll usually find a host of the most popular tokens available, ranging from Bitcoin to Ethereum, Litecoin, Dogecoin, Tronix, etc.
Anonymity
In many countries to date, online gaming is yet to be legalized. In some cases, even banks do not support transactions that are to and from gambling sites. A blockchain-based casino provides an alternative to all these cases.
Cryptocurrency tokens like Bitcoin facilitate transactions. As transactions made from bitcoin are anonymous, players can freely gamble with bitcoin on decentralized casinos without the fear of the government overlooking or waiting for bank approvals.
Privacy
Unlike traditional online gambling platforms, there are no KYC requirements for verifying your identity. Many of these sites will allow you to play anonymously, so you generally enjoy a high level of privacy at these gambling websites.
Negligible Fees
Another significant advantage of online gambling with dApp casinos is that fees on transactions are negligible. Fortunately, at the dApp online casino, there is no middle man, and all transactions are peer-to-peer. Hence, costs are reduced and so is traffic, which leads us to the next advantage of dApps.
Instant Payouts
Withdrawals in online gambling can be frustrating as it may take days or even weeks to clear. However, cryptocurrencies allow instant payment confirmation as well as instant payouts into coin wallets.
Dividends
One smart engagement technique at dApp casinos is rewarding players with dividends via staking mechanics. For instance, casinos running on TRON offer dividend income to players to own the native TRONIX tokens. Bets are rewarded with token dividends, and the more coins you own, the more you earn. While welcome bonuses are the incentives to look forward to at regular casinos, decentralized casinos offer massive cashback, as well as a chance to earn passive income.
Provably Fair Games
The current fiat-based online gambling is highly complex and opaque. Players need to trust the service providers to practice fair play. However, with the onset of Provably Fair, you don’t have to trust the operator’s good faith anymore.
Provably fair games work with blockchain-enabled cryptographic hash functions and seeds. Using these keys, players can verify the result of every round on their own. Essentially, the technology makes it impossible for anyone to manipulate game outcomes.
Information about the bet, results, and outcomes are stored on the blockchain’s transparent public ledger. As such, the provably fair method is unique to decentralized casinos.
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Dapp Casino FAQ
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What Are Dapps?
Decentralized applications, also referred to as dApps, are open-source applications developed on the blockchain network
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What Are Gambling Dapps?
Decentralized applications, also referred to as dApps, are open-source applications developed on the blockchain network
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How Gambling Dapps Work?
Decentralized applications, also referred to as dApps, are open-source applications developed on the blockchain network
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Are Gambling Dapps Legit?
Decentralized applications, also referred to as dApps, are open-source applications developed on the blockchain network