The first generation Ethereum slots
One of the most prominent sectors to benefit from the cryptocurrency phenomenon has been the online casino industry. Now that the regulatory shackles have been loosened, gaming developers have been rewarded with the opportunity to innovate, subsequently benefiting both the player and casino alike. However, due to the instant successes of SatoshiDICE – a cryptocurrency casino game where players gamble on the outcome of a rolled dice, it appeared that consumer choice would be limited in scope. Nevertheless, since the recent technical development of cryptographically generated ethereum slots machines operating on the Ethereum network, the possibilities are now endless.
Why are traditional casino slots outdated?
The most important aspect to online gambling is that the player trusts that the casino game they are playing is true and fair. In an attempt to address these concerns, established operators offer provably fair guarantees, which means gaming outcomes can be internally verified, to ensure that they are legitimate. However, the key issue here is that any audit on historical gameplay is subsequently limited in the sense that the data is kept on the casinos centralized database. As result, the aforementioned guarantees are not publicly transparent, meaning that should a casino attempt to engage in dishonesty, they are not accountable to any independent scrutiny.
Consequently, this has created an opportunity for Ethereum casinos to introduce slot games into their growing range of cryptographic gambling products. Not only has this to alleviated the threats of skullduggery, but it has also created an element of trust between the player and casino. So how does it work?
How do Ethereum slots work?
Much like the framework of previously established cryptocurrency games, Ethereum slots are powered by a pre-defined smart contract. Essentially, due to the capabilities of the cryptographic network, Ethereum smart contracts can be utilized to create an agreement between two or more parties, whereby the terms cannot be altered or amended in any way.
Moreover, once the pre-defined conditions have been met, an action is then automatically initiated. In layman terms, the smart contract allows an Ethereum slot to generate a provably fair random outcome, based upon specificities such as a pre-set probability. Therefore, not only is the outcome of each independent spin guaranteed to produce legitimate randomness, data is automatically posted to the Ethereum blockchain.
This means that any slot game operating in this manner can have its historical gameplay data independently verified by anyone who chooses to do so, as the blockchain is transparently and publically available to view online. What other benefits can such a framework offer keen slot machine players?
What benefits do Ethereum slots offer?
The benefits of trust, fairness and reliability are paramount to the success of an online casino operator. For those opting to implement the mechanisms of an Ethereum smart contract, the opportunities are endless. Traditional gambling operators that facilitate fiat money transactions are bound by countless amounts of regulatory red tape, which as a result, requires them to implement vast amounts of safeguards and controls to ensure they remain compliant with national legislators. This includes a requirement to install anti-money laundering and fraud departments, identifying and verifying players, and ensuring that they appease their respective license holder. On the contrary, Ethereum casinos allow anyone with an internet connection – no matter where they are located in the world, to gamble safely and securely without having to provide the operator with sensitive documents such as a passport or driving license. This is because governments do not classify cryptocurrency as real-world money, so Ethereum casinos do not fall within the remit of gambling regulations. Consequently, players can instantly gamble anonymously – document free.
A further benefit of using Ethereum slot machines is that the process – including payment, is fully automated. Imagine every time you won, the winnings were systematically sent straight to you Ethereum wallet? Well this is exactly what technical innovators such as Better Gaming plan to do, with the eagerly anticipated launch of their very own range of Ethereum slots. No ID, no phone calls, no document checks – just automatic payouts straight to your wallet. In contrast, traditional fiat casinos require winnings to be manually requested from the player. Due to anti-money laundering regulations, they dictate that a player must provide copies of identification before this can be processed, which means that a waiting period of days, sometimes weeks, can occur
Conclusion: Are Ethereum slots the future?
This article has clearly demonstrated that the traditional online casino industry has been taking advantage of its centralized framework for far too long. Not only are players expected to trust that their online slots are legitimate and fair, they are also required to provide a plethora of highly sensitive documents, just to be able to receive their rightful winnings. The innovation of Ethereum slots has ensured that these concerns are now completely obsolete, resulting in a smooth end-to-end process for those wishing to gamble in the comfort of their own home. All that is required is an Ethereum address – the rest is taken care of. Players can gamble securely, anonymously and quickly – creating a significantly healthier relationship between the player and the casino.