The CoinGames crypto casino platform operates, unlike centralized gaming entities, completely on a smart contract system, that in our case is called The Vault. Our facility relies entirely on these entities because we seek to become the first regulated decentralized crypto casino in circulation, for reasons that can be understood by reading this blog article. Smart contracts are essentially pieces of code, or software programs, that store certain rules within them and can be found on the blockchain. There are a number of benefits that the use of smart contracts can bring about within a decentralized framework like the one CoinGames is building.
In short, smart contracts are immutable, meaning that once a contract has been created, no one can change it. Therefore, a casino cannot change the terms of the game. Unlike a traditional online casino, a smart contract cannot be rigged because it is not governed by a company or by a particular person – it is governed by the blockchain, meaning the decision-making process is left up to the algorithm, not to humans. Essentially, once the smart contract verifies that the user has met the conditions of winning the game, it will provide them with the funds/tokens they have won.
Our Vault smart contract is the means by which the DEGA tokens, the sole currency that will be used upon CoinGames’ decentralized launch, are minted and erogated to users all around the world. Using DEGA will facilitate the user experience on CoinGames, as they won’t have to hassle with different cryptos and will instead have a unique currency that is easily swapped back into their preferred currency. Moreover, our DEGA chip is backed to Bitcoin (BTC) and is totally decentralized and trustless. DEGA is also a better unit of account than other currencies that perhaps would have to be observed in large decimal units, considering that it is pegged to BTC.
Having DEGA backed to Bitcoin is useful in most part because most crypto players own BTC and use it to play once they are registered to a decentralized gambling service provider like ours, and the fact that players use Bitcoin more than other currencies or stable coins also makes the swap system into DEGA much more smooth. On our platform, the swap system from BTC into DEGA and viceversa is almost instantaneous once a user has connected their wallet to the CoinGames website.
