Decentralized Casinos — Going Against the Wave of Unfair Gambling Practices; Insights into CryptoPunt

By June 17, 2021Polygon
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Decentralized Casinos — Going Against the Wave of Unfair Gambling Practices; Insights into CryptoPunt

The gambling industry reaps the rewards of blockchain technology's transparent and decentralized nature, creating a fairer and more appealing gambling ecosystem for users worldwide. Despite the rising success of traditional cryptocurrency casinos, it remains essential to keep pushing the industry's boundaries by building entertaining and more inclusive experiences.

Why Blockchain Matters In Gambling

When conducting a gambling session online, the player is expected to believe the results of centralized casinos and other service providers are fair. However, there is no way for players to verify these details, creating a significant trust issue. Additionally, these traditional providers can make it difficult for users to deposit or withdraw funds and may force thorough KYC and AML procedures upon customers, a practice that often occurs upon winning a significant sum. More so, it often happens that centralized casinos that do not rely on blockchain technology may claim term breaches when users obtain large wins, eroding trust in the industry as a whole.

A possible solution to these unpleasant facets is blockchain-based gambling, a market that’s rapidly gaining steam.

Leveraging the power of blockchain technology can help alleviate all of these aspects. The technology provides transparency and immutability at all times, allowing for provably fair gambling operations. Additionally, depositing and withdrawing funds occurs over the network directly and requires no third parties, thereby retaining a DeFi-like non-custodial experience for fund management. With the help of smart contracts, these processes become fully autonomous, requiring no intermediaries.

It is essential to establish a direct connection between the player and the game they are playing. Whether it is Blackjack, Baccarat, Keno, Poker, or any other solution, verifying outcomes and not relying on third parties empowers the players. As DAppRadar confirms, numerous successful gambling dApps are on the market today due to their ease of access and suitable user interfaces. More competition in this market will always prove beneficial to the users, especially as new industry players further revolutionize the state of the market.

Evolving Beyond Traditional Casino Play

With the use of blockchain technology and smart contracts, it becomes possible to evolve beyond the traditional casino approach and turn into full-fledged gambling and gaming platforms like CryptoPunt. By providing access to the popular game types - including BlackJack, Jackpot, Coinflip, Crash and others, anyone can begin exploring the benefits of blockchain technology. It is often easier to introduce more games after building the correct infrastructure than the other way around.

An extra benefit of decentralization is how users can forego traditional account signups and identity verification processes. As illustrated by CryptoPunt, players can begin the gaming experience within one minute. All it requires is connecting through a compatible Web3 wallet like MetaMask, creating a seamless onboarding process and providing a viable user interface. Speaking of on-chain gambling, CryptoPunt has decided to build on the Polygon (Matic) ecosystem, a booming layer-2 solution that assures almost-instantaneous transactions at a fraction of the costs to those incurred on traditional blockchains.

By removing the intermediaries from the equation, platforms like CryptoPunt can pride themselves upon offering instant deposits and withdrawals to players globally. By crediting winnings to the user's wallet used for depositing funds, there are no waiting queues or approval processes to go through. Combined with consolation prizes for players that are on a losing streak or offering random bonus lottos, will further strengthen the position users find themselves in within the on-chain gambling realm.

Closing Thoughts

Thanks to this useful and unique technology called blockchain, the concept of traditional casinos will eventually evolve into more decentralized solutions. There is no need for intermediaries, lengthy signup and verification processes, or being unable to verify the outcome of wagers.

With a strong utility token to tie the entire ecosystem together, CryptoPunt is shaping up to become an industry leader in no time. Whilst this particular platform is not yet launched, the first games will likely be available within a couple of weeks, shortly after the $PUN token is listed on Uniswap and PancakeSwap.

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