Gambling is one of the most ancient traditions in the world. The history of humankind knows plenty of various games in different cultures, modern and ancient.
However, ever since the gambling market has emerged, it has barely seen any changes. Basically, there was just a few innovative moments. The first moment has occurred in the 20th century with the development of Internet. Online casinos have become part of the World Wide Web, providing its services to the bigger target audience than their land-based counterparts could ever dream of.
Shortly after that, the global popularity of smartphones has led to even wider demographic coverage. Nowadays, people are able to play whenever and wherever they want. That being said, these changes haven’t introduced anything essentially new to the market.
And yet, the wheels of progress never stop turning. Blockchain technologies can change everything.
What is DAO.Casino and why do we need to use blockchain?
Some online casinos have adopted Bitcoin pretty fast, benefiting from being able to process the payments quickly. Overall, the casinos remain centralized and traditional structures.
Every player who wants to tempt the fortune at an online casino has to develop a certain level of trust for the operator. He wants to know that he will get payed if he wins, and that he can withdraw the money without any difficulties. Players want reassurance that they are playing fair games.
This is when DAO.Casino comes into play. The project is based on mathematical algorithms written in a code. It establishes a certain protocol that consists of multiple smart contracts on the Ethereum blockchain. The system can be used by all the parties involved in the industry: operators, gamblers, game developers etc. One can cheat a person, but it isn’t possible to cheat math.
DAO.Casino itself isn’t aiming to become a casino operator. It’s a protocol that serves to distribute the value within any casino. It can be used by traditonal casinos as well as the decentralized ones. The main purpose of DAO.Casino is to establish complete trust between the player and the casino, without needing to actually feel the trust. The use of blockchain technology assures the players that all games are accountable, transparent and fair.
What does it mean for the industry?
Despite the growing popularity of online casinos, they still only account for about 10% of the whole gambling industry. One of the main reasons behind it is purely psychological: we tend to develop more trust for something we can actually touch. Our mind suggests that land-based casinos are more trustworthy, even though it isn’t true: it is equally easy to tamper with games in virtual and real casinos.
However, the experts believe that, in the long run, online casinos will be playing a very important role. The implementation of blockchain technologies will result in a completely new level of trust for online casinos. The casinos that use decentralized ledgers in order to make their games provably fair might become the new standard for the entire industry.
