iGaming industry emerged as a demand for something newer, more accessible, advanced and online-based grew exponentially in the eyes of its users. It took trade away from bricks and mortar casinos in a jiffy. Nowadays, the mobile-savvy gamblers request even more accessible and user-friendly platforms, so that they can very easily deposit the funds and enjoy the game on the move.
As the players went online and indulged themselves into the iGaming world, many challenges occurred halfway through. Operators struggled with the security as the platforms were an easy prey for hackers. On top of that, it took days or even weeks for the players to withdraw money from their online casinos to their bank accounts. Privacy policy and rules were also constantly changing without the users even being aware of them. Many operators found themselves difficult to cope with the legislation and regulations in various jurisdictions. The industry was suffering and was in a dire need for a permanent solution.
The Holy Grail — Cryptocurrency
The correlation between the two (iGaming and Crypto) was inevitable. The application of cryptocurrency was a long-awaited silver bullet spearheading the industry to a total success. Many operators are doing everything in their power to get a grasp of the blockchain technology and incorporate it into their platform.
Attending Sigma, one of the biggest iGaming event worldwide, has confirmed this. We have witnessed how many operators already adopted the technology, and the rest are trying to follow their steps.
Perhaps the most innovative and disruptive decentralized platform whose business model far outdone the competition is DAO casino. DAO, which stands for developers, affiliates, and operators, is a platform maintaining a decentralized protocol for gambling on Ethereum blockchain. Three types of mentioned entities can benefit from the protocol. Affiliates generate revenue for every new user referred by them. Developers code, design and deploy decentralized games and earn revenue from them. And, ultimately, Operators can access new market and adopt new games. The ultimate goal of the platform is to create an environment beneficial for all the participants.
DAO casino’s supremacy already consists of various merits:
· United gambling marketplace
· Transparent, verifiable and fair transactions
· All participants have access to proficient analytics showing player’s insights, transactions on the distributed ledger and games’ performance in real-time.
· All of the payments within the platform are automated and secured by blockchain technology.
· No need for any third parties nor external sources for communication and collaboration.
Similar to this project, Kheper is yet another project aimed at lowering the barrier of entry for regular players to play within the cryptocurrency world, in addition to assisting casino owners enjoy all the benefits of the skyrocketing crypto market within the iGaming world. Users can go on their favorite licensed online casino and convert the fiat currency into Kheper token and play any game they’d like in a few easy steps. In any moment, users can also exchange the tokens back to fiat currency directly via the platform. The platform saves users the trouble of going to an external exchange platform in order to convert the coins back to fiat by offering an integrated hassle-free exchange.
Kheper envisioned the importance of collaboration between these entities, and provide them with copious advantages:
· Players can play both online and offline with the same e-wallet.
· Kheper platforms are made in compliance with current gambling regulations.
· Thanks to the blockchain, transactions are transparent and traceable.
· Facilitation of regular players in entering the crypto world, and at the same time keeping them safe through all the current norms and regulations.
Unique perceived benefit of these platforms is the independence and transparency. Users are mutually linked and are earning as much as they contribute. They can communicate between each other and check statistical analysis of the constituents they employed. The code and changes the website make will be communicated to its members and their identities will be kept private.
Decentralized OS reinforcing the technology — EOS
The very objective of the EOS is very simple. It emerged as a demand that neither Bitcoin nor Ethereum could fulfill. Its purpose is to provide a decentralized platform for hosting applications, implementing smart contracts and use blockchain for businesses while solving scalability challenges faced by Bitcoin and Ethereum. Eliminating unnecessary fees which users pay for each transaction has been resolved by EOS implementation. Thanks to delegated Proof-of-Stake (DPoS) consensus protocol these actions are executable.
iGaming industry, that is, online casinos seized the chance to exploit EOS due to its ability to compute high traffic of transactions per second which DPoS empowers. Still many online casinos are being skeptic about the cryptos in general; the bold few who integrated it now have gained the upper hand.
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