[vcex_spacing][vc_toggle title=”Ethereum – The current state of play” style=”square” color=”white” css=”.vc_custom_1547055963321{padding: 15px !important;background-color: #ffffff !important;}”]Ethereum was the first blockchain protocol to take decentralized technology beyond just financial transactions. Launched in 2015, unlike Bitcoin, Litecoin and other leading cryptocurrencies at the time, Ethereum allows users to create and enter in to binding agreements through its smart contract technology. Essentially, a smart contract is based on pre-defined conditions that are agreed upon by both parties involved. The underlying code cannot be changed or amended, and once the conditions have been met, the technology automatically distributes its native token – ETH.

When sending or receiving funds through the Ethereum blockchain, transaction times average just 16 seconds, which is significantly faster than its Bitcoin counterpart, which usually takes 10 minutes. The technology itself was founded by a young Russian/Canadian developer called Vitalik Buterin. The innovative developer is so well-regarded in the blockchain industry that Bloomberg included Buterin within their list of the ‘Top 50 Most Influential People’, subsequently rubbing shoulders with the likes of Elon Music and Jeff Bezoz.

Although the technology is no doubt revolutionary, it is important to note that Ethereum also has its challenges. One of the key concerns that Buterin and his team of innovative developers are attempting to resolve is that of scalability. The problem at the moment is that the Ethereum blockchain can only process approximately 15 transactions per second. Although superseding Bitcoin, which is limited to just 7, other smart contract blockchain protocols such as EOS are able to achieve more than 10,000 per second, with a target of over a million.

Nevertheless, the Ethereum team have a number of solutions up their sleeves, which we could potentially see in 2019. First and foremost, the team are looking to make a transition from the energy-intensive Proof-of-Work (PoW) consensus mechanism over to that of the more efficient Proof-of-Stake (PoW). Moreover, in what the team call ‘Sharding’ and ‘Plaza’, the two projects will allow the blockchain to facilitate smart contracts off-chain, with the contract staying off the main blockchain until it is executed.

Taking all of this in to account, it is hoped that the aforementioned solutions will result in an Ethereum blockchain that is able to process transactions in the ‘Millions per second’.[/vc_toggle][vc_toggle title=”Why the online casino industry should feel threatened” style=”square” color=”white” css=”.vc_custom_1547113077265{padding-top: 15px !important;padding-right: 15px !important;padding-bottom: 15px !important;padding-left: 15px !important;background-color: #ffffff !important;}”]For those unaware, it is often argued that the one industry that could be disrupted overnight by the growth of cryptocurrencies and blockchain technology is that of the online casino space. In fact, there are already a significant number of casinos that now specialize purely in Ethereum deposits and withdrawals. Interestingly, the technology not only benefits the player, but the casino operator too.

The key reason for this is that the decentralized nature of the Ethereum blockchain allows casino websites to operate in a burden-free environment. Although a good number of operators still choose to become regulated, they are not accustomed to the same level of red-tape as their fiat currency counterparts.

This initially begins with the account opening procedure. Unlike traditional online casinos, Ethereum gambling operators do not ask for a long list of personal information, such as the player’s full name, address, date of birth and nationality. On the contrary, players are most commonly only required to supply their email address.

What this also means is that the dreaded KYC (Know-Your-Customer) process is virtually non-existent in the Ethereum casino arena. Although this might not be the case forever, it remains to be seen if this will change in 2019.

Moreover, a further reason that Ethereum casinos are becoming more and more popular is that the deposit and withdrawal process is practically seamless. Not only are deposit and withdrawal requests free of charge (apart from the blockchain fee, which is minute), but they are also instant too (in-line with average transaction times of 16 seconds).

Ultimately, this means that players cam receive their winnings in seconds, rather than having to go through the long process of submitting identity documents and waiting for the average three-day bank processing timeframe.[/vc_toggle][vcex_spacing]