At this point it has become harder to find an industry that hasn’t been influenced by the blockchain technology. There are the obvious ones like the financial and the tech industry and then there are those that are less blatant, like the gambling industry in particular. In fact it was the gambling industry that started using Bitcoin, as early as 2010 and 2011, Satoshi Dice blockchain-based betting game. And now in 2018., there is an entire list of gambling, gaming and betting projects that are incorporating the blockchain tech, along with cryptocurrencies.
The distributed ledger technology is doing wonders for the gambling industry by decentralizing it and serving up solutions for the problems that have plagued it for a long time. One such blockchain-powered platform is Edgeless, which is a casino based on the Etehreum blockchain and all the key operations are regulated by the smart contracts, in the light of providing users with full transparency.
The Need For Edgeless
Presently, the online gambling industry is facing two major problems,
- House Edge
- Lack of Transparency
House Edge is a term that refers to the mathematical advantage that any gambling game has over the player as they play over time and since the game has an upper hand, ultimately so does the commercial gambling venue. This advantage results in a guaranteed percentage return to the casino that an individual is playing at over time. This automatically means an assured percentage loss on the bets of that person; the odds are definitely not in the favor of the player.
Now the price of the individual gamble comes from casino rules that are not user-friendly to say the least. Like a large house edge consisting of 1% to 15%, money deposit and withdrawal fees, withdrawal delays which stretch out to days.
Moreover, there is absolutely no way of knowing, what goes inside the casinos servers and the kind of programming has been done on the machines. In order to play people must hand their trust over to the casinos, which isn’t the best idea, especially in the player’s interest as the casino servers and systems can be tampered with. It’s like going in blind.
Then comes the problem pertaining to the transfer of fiat currency between accounts, which involves a fee. And because of the traditional system, also involves third parties and regulators who are, more often than not, on a look out for their cut in this process.
However, with the advent of the Bitcoin and other cryptocurrencies, the gambling price problem was solved. Because naturally digital currencies are cheaper to handle and casinos can thus offer a house edge of as low as 0.01% to 2%. Plus the transactions are also efficient minus the downside of the fees, with the added advantage of maintaining anonymity. However, the problem with transparency prevailed, even through cryptocurrencies. And players still have to have faith in the casino’s system, even though they are not tamper proof. And this is where Edgeless comes in the picture.
The Edgeless Solution
By using Ethereum contracts, Edgeless is further lowering the gambling price and solving the issue of transparency, or lack there of. The Edgeless Casino will use a mixture of client seeds and their own seeds in order to generate true randomness.
The good part about the Edgeless hashed seed, is that users can actually see them before placing a bet and also before generating their own seeds. Through this method, the risk of the platform itself tampering with the outcomes is reduced to zero.
Edgeless literally allows the players to manually type in seeds before each game, which knocks any chance of cheating the client, out of the park. Moreover, different client seeds will automatically be generated for every game with the use of API integration with random.org. To even further the users trust, smart contracts will be available on the blockchain, that too publicly, for everyone to examine and test the randomness procedure.
Edgeless’ Latest Feature- EDG Bankroll Staking
The platform recently rolled out a feature for those who hold its native token, EDG and the feature is EDG bankroll staking. This feature allows the users to participate in Edgeless bankroll funding by staking their EDG tokens.
The amount of Edgeless tokens floating around is limited 132,046,997. That’s all there are, that’s all there ever will be. However, when the Edgeless player’s betting limits increase, there will eventually be a need for a larger number of tokens in order to maintain sustainability of the entire ecosystem. So in order for the bankroll to stay sufficient, the developers of Edgeless devised a mechanism, which enables the community to stake their own tokens.
The gambling community just might get bigger considering platforms like Edgeless, that are making it efficient and enjoyable.