Is SmartRoulette Ethereum Roulette Heaven?
You’ve probably heard of a smart car, a smart watch, and no doubt a smart phone – but what about the latest technological innovation from the cryptographic world – SmartRoulette? Operating on the Ethereum blockchain, SmartRoulette.io allow users to play roulette on an open sourced, decentralized platform, ensuring that each spin is publically auditable on the transparent ledger. Furthermore, by using its own bespoke cryptocurrency token – RLT, players can deposit, stake and withdraw funds anonymously, resulting in ultra-fast transaction speeds. This article will present an overview of the benefits of the crypto-sphere’s latest entrant – SmartRoulette.
Does the industry need a new roulette platform?
The gambling industry is going through a rapid period of transition, not least because of exponential growth of the virtual economy. As such, the market has quickly become saturated with new and exciting gambling opportunities. One of these platforms is SmartRoulette, whose ideology is to facilitate a fair, transparent, convenient, and secure arena in which players from all over the world can gamble in the comfort of their own home. Previous to its formation, customers were limited in choice. This was because traditional fiat casinos completely dominated the online gambling industry, operating on an opaque, centralized network, with no mechanisms for players to verify that the games they were playing were legitimate.
For example, although the pay-out ratio is most commonly presented within the game’s information dialogue, there is no way of auditing this, as all of the data is kept behind closed doors within the casino’s database. Furthermore, because fiat money was the only way to deposit and withdraw funds, players would often have to submit identity documents to appease regulatory demands. Therefore, the end-to-end gambling experience was often an unpleasant one.
What does SmartRoulette offer?
Much to the excitement of recreational casino players, SmartRoulette claims to have solved all of these issues. It is important to note that because the operator accepts cryptocurrency exclusively, they do not fall under the scope of gambling regulations. This means that players can gamble anonymously, which subsequently eliminates any need to submit documentation. Instead, SmartRoulette functions on its own coin, known as a RLT, which is the abbreviated form of roulette token. RLT is a cryptocurrency created on the Ethereum network, which means that its ERC20 status ensures that it remains compatible with the majority of wallets.
The most interesting aspect to SmartRoulette is that the platform never holds any of the players’ funds. On the contrary, the pre-defined smart contract determines the required conditions, and then releases the funds based on the outcome. This is amplified in the following example. After easily purchasing some RLT tokens, the player wants to gamble using SmartRoulette’s inbuilt smart contract. On receipt of the player’s stake, the smart contract will automatically spin the wheel, whereby the outcome is determined by a provably fair random number. In other words, the outcome is cryptographically guaranteed to be random, fair, and most importantly, it can be independently verified on the Ethereum blockchain. Once the outcome is determined, the smart contract automatically releases the funds. If the player wins, the RLT tokens are returned to the players’ wallet, or alternatively, should the player lose, the funds are sent to the wallet of the operator. The result of the Ethereum smart contract acting as a decentralized bookmaker is that the player has the opportunity to gamble in a safe, secure and legitimate environment, whereby they are also presented with industry leading house-edges.
On top of the perils of guaranteed fairness, security, speed and anonymity, players are also eligible to receive ongoing dividends for supporting the eco-system. This is achieved by holding SmartRoulette’s RLT token, and correlates to a reward system to incentivize players who engage with the platform. Furthermore, the token can be exchanged for major cryptocurrencies, such as Bitcoin and Ethereum. As the platform increases its user based, there is potential that the value of RLT will also increase.
Overview: Is SmartRoulette Ethereum Roulette Heaven?
There is no doubt that roulette is a longstanding household product of the gambling industry. However, whether it’s being played in a land-based casino, or through an online operator, the player wants to know that they have a fair chance of winning. This can only be achieved by opting for a cryptographic platform, whereby the gameplay data can be independently audited, validated, and verified, in a transparent manner. SmartRoulette facilitates this solution, as the Ethereum blockchain is publically viewable for all to see. The Ethereum based smart contracts also remove the need for players to identify themselves. There is no longer a need to supply personal details, or provide sensitive documents, as anonymous gambling is now a real possibility. The Ethereum smart contract also ensures that the outcome of each SmartRoulette wheel is provably fair and random, meaning that the presented house-edge is legitimate. Long gone are the days of having to wait weeks for fiat casinos to process a withdrawal. The smart contract operates on pre-defined conditions, meaning that winnings will subsequently be returned directly to the wallet of the player, without having to manually request it. Overall, if you are serious about gambling online, it is well worth considering SmartRoulette.