Betting on the blockchain: tips, tricks and reviews on Provably.com
Full guide on how betting on the blockchain works
The world of gambling is expanding at a rapid pace. In a few years, online gambling will surpass $80 billion as a market. This is why developers of games and people that invest in the market are always on the lookout for new, better opportunities for them and their clients.
A new technology called the blockchain is disrupting the way people present their games online, the way gamblers perceive what is fair and what is not and the simple act of betting in a game of poker.
The new technology allows gaming developers to revolutionise the industry, as well as allowing players to feel more secure and have a much larger spectre into the internal mechanisms of a fully transparent industry that’s been nothing but black boxes until now.
The price of betting on the blockchain
Some traders are not very happy with the volatility of the bitcoin. The price is always dropping and then coming back up again, unexpectedly. Different from traditional money, it’s very hard to put a price on the bitcoin that will last more than a week. It’s very hard to predict the way it’s about to behave in the near future. Still, people who are willing to take a calculated risk and are believers in the blockchain will be more intrigued than ever before.
Why? Because these people are starting to turn their blockchain dreams, which seemed nearly impossible a few years back, into reality. And what better place to start for these blockchain enthusiasts than online betting and prediction markets? Why would people bet on the blockchain? Because the immutable, transparent and decentralized ledger are the perfect common ground for people to get to believe in the online betting markets of today, which are not really top tier when it comes to fairness and openness.
In order to better understand how betting on the blockchain is superior to the nowadays systems, we’ll take a closer look at Waykichain, a company that’s creating an infrastructure for blockchain 3.0 and is betting its finances on an app called the dApp, capable of betting and prediction services for the blockchain.
The ecosystem of the blockchain
The people at Waykichain have a very simple purpose in mind: creating an infrastructure for developers who are interested in making easy-to-use and real-life apps for users. The unique feature of the apps designed through Waykichain are the sidechains, as each app comes with a sidechain to the decentralised and secure public one. This ensures total decentralization, verifiable transparency and fairness with every app that comes out on the ledger.
Because they do mean business, not just talk about it, Waykichain have already used their own backbone creation and installed WaykiBet, an online smart contract based dApp that can be used by anybody who’s on the lookout for setting up an online prediction market. To put it more bluntly: developers can erect full online casinos based on the blockchain with the app, which could be fully functional and available to users in a secure, trustworthy environment. If betting on the blockchain was just an idea a few years back, now it is simply a reality.
Traditional online betting vs. betting on the blockchain
The list of differences between your traditional online casino betting system and the one implemented through the blockchain is long, but the essentials are countable by the fingers in one hand. The main pieces of information that matter here are, number 1, how are the games funded, and number 2, how much transparency is it between the gaming institution and its players.
With the help of mediums such as WaykiBet, developers can create decentralized betting games, which have a much more fair and verifiable levels of transparency than your traditional online casinos of today. You can go back on the blockchain and verify the game records whenever you want to make sure that you haven’t been cheated.
Regardless if you’ve won or lost, you can see it with your own eyes if it’s been a fair game or not. Moreover, there’s an automated calculator that delivers the payouts to the winners at the end of each game, without the need for banks, moderators or other third-party people. Outside of the blockchain, you’ll sometimes have to wait for weeks for your money to show up in your bank account. It’s true what they say, casinos have a hard time departing from their money, even if you’d won them fair and square.
Case study: Bethereum
Another success story about betting on the blockchain is Bethereum. According to their main page, Bethereum is an innovative social betting solution built on blockchain technology. Designed to tackle the key challenges of conventional betting, it delivers a host of unique features and improvements
Starting with sports betting, their vision is to develop a wider ecosystem and establish the Bether token as the betting market standard. Bethereum harnesses the power of the blockchain in order to deliver a platform players can fully trust. But it’s the exclusive combination of features, social elements, design, and unique technical solutions that sets Bethereum apart from the competition. In short, Bethereum is a fully functional online betting source based on the blockchain.
On June 9th, 2019, the people at Bethereum have published their first impressive numbers regarding the way things are going inside the company. They’ve managed to gather a record number of over 700.000 bets placed within their games, scoring a total of over 24.000 players on their platform. Players love betting on sports such as soccer or tennis, but also play against each other in different games on the platform.
What makes services such as Bethereum so different and attractive, what makes betting on the blockchain so much more exciting is the provably fair algorithm. It all starts with the algorithm, which ensures every single time you place your bet, you’re on your way towards a better chance of winning and you are 100% sure you have been treated fair amongst all other players. With a solution such as the revolutionary provably fair algorithm, players can benefit from maximum levels of transparency, security and fairness available just from a fully decentralised service. This is something you will never be able to find in a traditional online casino.
The future of betting and online gambling
Millions of people across the glob play the lottery, bet on their favourite teams and play poker or roulette for hours every day. Some do it for fun, while others have developed full-time careers out of it. It’s still a game of chance, in the end, but it’s that very chance that will make a difference in the end. If you play your cards right, you should be at least considered for a fair chance.
Unfortunately, today’s industry is completely blackened by a veil of uncertainty and untrustworthiness. People are having doubts about whether the games that they’re playing are truly what the say they are. Because they have no control whatsoever on the outcome of the games, nor they can verify if the outcome has been fairly put out, players are searching into new methods of betting that will make them feel better about themselves, regardless if they’re winning or losing.
The solution is in the blockchain technology. By applying it and allowing the benefits of a decentralized network to revolutionize the sports betting industry, all players will soon be able to enjoy a fully fair betting industry.