How blockchain technology ensures fairness in crypto gambling

Speaking of the gaming world of any domain, the significant characteristic that the players and onlookers expect not to be compromised at any cost is the most precious trait called “fairplay.” Irrespective of any age group, geographical location, language, or gender, Fairplay finds its significance. It is the sheer anticipation of every passionate player to experience fairplay to the utmost, despite various innovations, emerging trends, and transformations. It’s no different when it comes to crypto gambling, either. Those crypto gambling sites which prioritize fairplay have been incredibly successful over some time. As you read through, you’ll see how the blockchain technology on which gambling with cryptocurrency is founded ensures fairness.

Blockchain – the Privacy Factor and Fungibility

A restricted blockchain is a distributed ledger wherein copies of the blockchain are made in full nodes. As long as blockchain doesn’t provide assured and guaranteed privacy procedures as add-ons, every single transaction carried over in the blockchain network is transparent to every person. 

In a UTXO (Unspent Transaction Output) based blockchain such as Bitcoin, the inputs made in a transaction always cite the previous transactions’ outputs. A unique profile, therefore, can be formed for the transactions carried over using the same addresses by tracking the same. If, at any juncture, the identity or the specifications of the individual making use of the specific address is disclosed, it is evident that the privacy of the entire set of addresses associated with the transactions is disrupted.

We call a coin fungible if it is possible to exchange it for another of the same worth. Likewise, merely by observing the blockchain, the origin of a coin can be reached. Moreover, when the inputs to any transaction appear to be malicious, the currency is termed to be blotted or tainted. Therefore, it is accepted by anyone as a payment in days to come becomes impossible. This certainly disturbs a coin’s fungibility, which is essential to any currency.

How Blockchain Ensures Fairplay

When it comes to games that rely on chances, a specific “provably fair algorithm” is incorporated to ensure fairplay. The significance of such an algorithm at best crypto gambling sites is that it comes up with a unique encrypted key and the game’s outcome, shared with every game player under consideration. This unique encrypted key and the secondary key permit the gamblers to ensure fairplay of the game’s outcome. Moreover, this key combination stored on the blockchain can never be changed or modified. This is indeed the reason behind the reliability of gamblers on cryptocurrency gambling.

The Procedure by Which Blockchain Achieves Fairplay

Blockchain ensures fairplay even at the best crypto gambling sites.

  • Before the game commences, the game creates a unique secret key called “hash,” which is nothing but a chain of numbers and letters based on the “provably fair algorithm.” This key identifies the player. Unfortunately, this key is impossible to reverse-engineered, assuring the possibility of discovering the game’s outcome based on this hash.
  • The actual game is played, and the outcome is determined.
  • Upon completion of the game, the result, along with the unique secret key, is revealed to the public, which also appears like a chain of numbers and letters.
  • To compute the game hash, the result of the game and the unique secret key can be plugged in using the hash calculator. If the resulting hash relates to the hash created before the game commenced, the game is assured to be provably fair.

At the best cryptocurrency gambling sites, you’ll find Satoshi Dice, a provably fair game based on Bitcoin-based blockchain. It is a basic example of doing the hash calculation for you rather than you doing it yourself.

Provably Fairness in Esports

Episodes of payments denied to winners and teammates showing injustice in sharing prize money among themselves in eSports tournaments are eradicated in crypto gambling sites. This is achieved by the organizers locking funds into petty contracts in direct association with the structure of the prize pool, which ensures swift payments to the correct winners upon tournament completion.

Future of Cryptocurrency Gambling

The fad for online gambling has been intense since its inception, multiplied exponentially with its transition to the crypto realm operating on the indomitable blockchain technology. Indeed, blockchain’s satisfactory level of fairness will take the crypto-gambling domain to unforeseen dimensions of proliferation and innovation. 

Concluding Words

Of the numerous reasons gamblers feel satisfied with emerging and established cryptocurrency gambling sites, the fairplay they enjoy tops the list. In addition to the other procedures and elements of blockchain technology, the exclusive algorithm that is pivotal in generating the unique key that brings all woes concerning fairplay to an end deserves a pat on the back. Fairplay ensures that fair judgment is made to all players and assures prompt payments to deserving players regarding eSports. With all these positive vibes aboard, the future of crypto gambling is brighter, stronger, and impeccable.

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