Thursday, April 25, 2024

Provably Fair Gambling in EOS: Ensuring Trust and Transparency

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Provably fair technology is among the latest additions to the online gambling market. Some players may need to become more familiar with it since it is primarily used in crypto casinos and games.

It refers to the algorithm that proves that online casino games are fair. Thanks to it, players can verify the games’ fairness after each round, reducing the risk of being scammed by online gambling sites.

Recently, EOS casino sites have appeared on the market. EOS is a promising cryptocurrency that has garnered operators’ attention thanks to its low-cost and super-fast transactions — and, most importantly, provably fair gaming features. By using sophisticated algorithms backed by the blockchain, EOS casinos can verify the fairness of their games and cement their reputation as reliable and trustworthy. 

The following article uncovers the benefits and limitations of provably fair technology in EOS gambling and discusses how it works in online casinos. 

How Provably Fair Works in EOS Gambling Sites

EOS is one of the fastest-growing blockchain platforms, featuring the cryptocurrency of the same name. Many online crypto casinos have started taking an interest in this coin thanks to its decentralised nature, which guarantees protection, transparency, fairness, and almost free transactions. EOS relies on an EOS IO blockchain, which supports smart contracts and DApps (decentralised applications).

Speaking of smart contracts, they have revolutionised various industries, and the gambling sector is no exception. This code exists on an EOSIO blockchain (the technology needed to run smart contracts) and maintains its execution status as an unchangeable part of the blockchain’s history. With the advent of blockchain technology, smart contracts have been customised to deliver gambling services. This mainly refers to offering a decentralised and transparent approach to gambling by implementing provably fair algorithms, which provide game verifiability and transparency to all participants.

Provably fair algorithms rely on cryptographic techniques to ensure that the outcomes of games are truly random and cannot be manipulated. By providing an immutable and auditable record of every transaction and game outcome on the blockchain, smart contracts enable players to verify the system’s integrity. This level of transparency enhances trust between EOS gambling sites and players and reduces the risk of fraudulent activities and cheating.

Benefits and Examples of Provably Fair in EOS Gambling

Provably fair gaming is becoming increasingly popular due to its advantages over traditional online casino gambling. Here are the main benefits of playing on provably fair EOS sites.

  • Trust and transparency for players — The main benefit of provably fair EOS casinos is the transparency they offer to their players. EOS sites build trust and ensure a safe gambling environment by allowing them to see the results of previous games. Some platforms even share every bet placed in real time, bet odds, bet amounts — and even their game source codes. 
  • No risk of manipulation — Before provably fair systems, you only had the operator’s word that the games were tested for fairness. As Wikipedia states, this technology allows players to check the code by themselves, minimising the game manipulation risk. 
  • Verifiable fairness for auditing — Many online casinos undergo audits by testing labs or other third-party organisations. However, provably fair technology has drastically reduced the need for independent authentication and auditing. In EOS crypto casinos with provably fair systems, players are the auditors, guaranteeing the highest level of transparency.
  • Available provably fair games — Although some EOS casinos have a limited number of titles, you’ll still be able to find and enjoy your favourite games. For example, you can play video slots from well-known companies like BGaming and JetGames and enjoy video poker, poker, blackjack, dice games, roulette, lotteries, sports betting, and other casino games. 

Limitations and Challenges of Provably Fair

Despite a plethora of positive features, provably fair technology could be better. Check the following drawbacks and see if they are a dealbreaker for you.

  • External factors and game integrity — Although provably fair games are the key to enhancing transparency in the online casino industry, they are still in their infancy from a business perspective. With only a handful of developers and a limited number of games available in this niche, it may take some time until most players embrace this revolutionary system wholeheartedly.
  • User awareness and understanding — Since this is a new technology, many players don’t fully understand its potential and are often perplexed by the complexity of the provably fair system. Players find it challenging to understand words like “hash values”; as a result, they may be discouraged from checking whether the game is fair. 
  • Regulatory compliance and challenges — Cryptocurrency casinos are not required to hold licenses, another reason players are suspicious. However, to ensure additional protection, you should always seek out a casino licensed by a reputable authority and offering arbitration services. 
  • Inferior graphics — Early providers focused primarily on writing tamper-proof source codes, disregarding the games’ aesthetics. According to EOSIO, things are changing, and developers are striving to create games on par with those offered by fiat casinos. However, don’t be surprised if you stumble upon some provably fair games with poor design. 

Future Trends and Developments

Provably fair games are undoubtedly a game changer — and as such, they are here to stay. Luckily, their future is bright, and experts predict that the online casino industry will be worth around $92.9 billion by the end of 2023, with provably fair games contributing significantly to this growth.

A number of factors have influenced their development, including the growth of mobile apps, rapid internet expansion, the rise of virtual currencies, seamless transactions, and increased security. Plus, since new games are introduced weekly, players have plenty of opportunities to familiarise themselves. 

The focus on fairness and transparency has driven collaboration among developers and operators to establish standards that ensure a trustworthy gambling environment. This, in turn, fosters loyalty between players and operators. In addition, it leads to a more extensive user base and promotes the growth of the entire ecosystem. 

Overall, provably fair games and cryptocurrency technology have become essential to the gaming industry’s evolution. By embracing provably fair systems, EOS gambling sites ensure every player has an equal and fair chance of winning. If the demand for these games continues to rise, they will undoubtedly shape the future of the gambling industry. 

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