Online gambling has been a massive industry in many countries around the world for the past decade, especially considering that various large companies have played their part in this expansion with direct investment and marketing initiatives. Recently, however, a new form of online betting has begun to emerge alongside the ever-increasing relevance of cryptocurrency: decentralized gambling.
At its core, decentralized gambling is about reducing the custodial element of online gambling, with shorter waiting times for processes such as registration, deposit and withdrawal of funds, as well as giving the player more control over their own funds when gambling. This makes decentralized gambling more appetible to many users who are passionate about gambling. And that is exactly what Coingames is here to do.
The main differences between decentralized and centralized gambling
As stated above, the main difference is that rather than being stored on a centralized server, decentralized gambling applications are stored on a crypto’s blockchain. But what does that mean for the actual lived experience of the player? First of all, they are not dependent on gambling operators for processes and formalities such as deposits and receiving their winnings, like they would be in a normal online casino.
With crypto gambling, there is no central authority, meaning that players have full liberty on their transactions (deposits, withdrawals and fund distributions) which are, again, recorded, transparent and open to all. Players therefore do not face delays in receiving their winnings, which in decentralized gambling are released immediately by smart contracts. Another key difference is anonymity. In centralized online casinos, players must open accounts by inserting personal details like name, address, as well as usually having to provide photo ID and a copy of credit cards. Such compliances are unnecessary in decentralized gambling as users play through their unique wallet address and only have to provide a name and email address.
CoinGames Decentralized Launch
The CoinGames casino is set to launch its decentralized version in mid January. THis transition will ensure that the platform will offer users all aforementioned benefits when playing on it, enhancing their experience from one of insecurity and unpredictability to a more safe ecosystem where the chances of something going awry are close to 0.
In CoinGames, the lack of a centralized authority or third-party verification enables players to have full liberty over their transactions and, by extension, of their funds, as they are always kept safely in the wallet or deposited in our vault smart contract, which will only release them upon the completion of certain criteria, such as a victory in a game of wagering requirements in a promotion. The transparency of the system will allow users to play with their previous worries of fund restitution or personal data fraud at ease, giving them the best experience possible, only achievable at CoinGames!
