Gambling, in one form or another, has been around for almost as long as civilization. It is a pastime, and a lucrative business, that has been able to grow and evolve. And now, in the 21st century, it is bigger than ever thanks to the internet and online gambling.
However, this $44 bln industry of online gambling alone, which shows no signs of stopping, is still evolving, and with the power of blockchain technology sweeping the different ecosystems, online gambling is looking to be a part of it.
Current state of blockchain casinos
Despite the promise that blockchain technology has, regardless of the environment it is implemented in, there are still plenty of teething problems as companies and sectors try and utilize the powerful tech
Blockchain casino already exist, and they too are a growing force, but they are facing problems which many in the Blockchain space are facing —such as slow transaction and high costs.
The 💜 of EU tech
The latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!
Because of this, and a few other reasons slowing their adoption down, Blockchain casinos have only managed to complement the traditional online gambling space. Many are impressed with the offer of true fairness and zero-house edge, but they struggle with the network limitations.
When it comes to the settling of values, the decentralized nature of the blockchain means there are both cost and delays. Micro transactions, such as these settlements, have become more and more problematic on some of the major Blockchains.
A new hub for blockchain gambling
It is because of these issues that Sp8de has decided to develop a base Blockchain gaming ecosystem on which online gambling operators can build their games upon. This ecosystem offers the immutable fairness of the blockchain, but also eliminates the settlement times of busy blockchain.
Sp8de is built on Ouroboros, the POS protocol underlying Cardano, with Cardano being a competitor of Ethereum, also boasting the necessary smart contracts, Sp8de has taken the scalability issue head-on.
This allows casino operators to utilize feature-rich gambling applications with zero-house edge, as well as near to zero fees. The power of Ouroboros means that the platforms are secure, fair, and anonymous.
However, it is also an extremely scalable platform that will not slow or get more expensive as tens of thousands of transactions are possible every second.
Hitting the jackpot
Sp8de have stuck to their gambling theme with an innovative take on their token sale. Contributors towards the project, in the taken presale stage, are automatically entered into the Jackpot stages where additional tokens are randomly air dropped.
Thus, like a lottery ticket, the more tokens the contributor holds, the higher their chance of getting a larger share of the airdrop.
Functional fairness
The fact that blockchain technology can put the rest the minds of gamblers, that they are not getting swindled in online games that can be controlled by centralized forces is great, however, it needs to be functional too.
Under this ecosystem of a scalable blockchain, the games that are built now become both fair, and capable of working regardless of the number of users or the size of the transactions.
Being both fair and functional can really help the blockchain gambling movement disrupt the traditional market.
Get the TNW newsletter
Get the most important tech news in your inbox each week.
This post is brought to you by The Cointelegraph and is not an offering of securities or a solicitation to invest in securities. Yes, TNW sells ads. But we sell ads that don’t suck.
