Provably Fair Gaming, Powered by The Blockchain
Likely you have heard of online casinos? Well let me tell you, they are busy. In fact, eGaming income has climbed from $465.76 billion in 2020, to $516.03 billion in 2021, and the market shows no signs of slowing with the expectation of a jump to $674.7 billion in 2025.
Online casinos allow players to access a huge range of games, both interactive and virtual from the comfort of their own homes. So all is well. Or is it?
Online casinos come with many downfalls. Just ask their users. Ever had the feeling that when using your bonus credit, you can’t help but win? And then once you switch to your own money, your luck runs out? The pricing mechanism behind Casinos are questionable at the best of times.
But not only that, with online casinos, you need to register to start playing. That requires your email, password, payment details, and personal user data. All of which is stored on the operator’s servers. A prime target for cyberhackers. And that’s it, you’ve given up your personal data to be further monetized by the casinos as they see fit. They can sell your data to third parties, and pretty much drive you mad by non-stop contacting you to redeposit.
Step up Bitcoin Casinos
Their modus operandi is to offer secure financial transactions and complete anonymity to the users. The difference with Bitcoin casinos is that they are usually based on the blockchain and their payment systems are crypto-based. One example of a Bitcoin casino is FortuneJack whose proposition revolves around the pillars of Fairness and Security. They, like their counterparts, promise secure financing systems, coupled with the provable fairness that will eliminate any seeds of mistrust out of the minds of players. And they don’t sell your data, know why? Because they don’t store it.
Casinos like these, bring all the best elements of online casinos and then blend those with crypto-powered gambling, whose best features lie in safety of transactions, and complete anonymity for users, who rather than registering their details, simply have to supply the casino with their wallet address.
Open Ledger For Transparency
The open ledger nature of the blockchain means all transactions are entirely authenticated on the blockchain. This is not subject to tampering by either the casino themselves or outside forces and is unimpeachable to the hackers
This is just good common sense and why Bitcoin casinos like FortuneJack ensure “probably fair gaming”
What is Provably Fair Gaming?
As you would expect, when using Bitcoin to gamble with you, you don’t work on trust with your casino. No, the entire transaction is trustless, meaning the game and outcomes are transparent. This is because of the way Bitcoin casinos use cryptography where transactions occur on the open ledger and can be verified by you in real-time.
This is done in 3 ways:
- Random Number Generators
- Seed Generators
Random number generators generate millions of numbers each second to decide game outcomes randomly.
With Bitcoin gaming the casino is not in charge of the outcome, instead Seed generators will create the numbers which are fed into algorithms.
Finally, Hashing is the way a long string of data is transformed into a shorter one encrypting the number such as the seed number, meaning it is uncrackable and untameable.
The Steps for Provably Fair Gaming
Here are the steps every bet goes through to ensure it is provably fair as verifiable by the player.
- A seed number is generated by the site, this is hashed and sent to the player
- The player adds his or her own seed
- The bet plays out.
- Then the player gets the seed used in the bet
- He can verify the bet and If any interference has taken place, the hash function would not be verified, and the player would know.