Blockchain: conquering the game – The Cryptonomist

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Blockchain technology has introduced major changes in the field of economic transactions and the secure exchange of information and data between users connected to the Network.                                                                           

The use of the most advanced cryptography for encrypting and decrypting communications between users and the decentralization of databases, thanks to chain links called “peer-to-peer,” in which each individual computer represents a “node,” has made blockchain a versatile technology that is particularly suitable for certain sectors and activities on the Web. Specifically, the ability to facilitate secure transactions, ensuring shared traceability but protected by powerful cryptographic keys, allows this technology to be adapted to compartments that are based by their nature on community interactivity, but which in turn require transparency, privacy protection and special protection of sensitive and personal data.

Blockchain and remote gaming: the partnership

One of these sectors is remote entertainment, with more specific reference to legal and licensed gaming, also taking into account the fact that the process of dematerialization has had a particular impact in the world of online casinos, thanks to the use of new digital payment systems such as wallets, but also with the increasing openness to cryptocurrencies by some of the more cutting-edge ADM dealers. 

It is a process that actually follows a path of access to gaming that has become increasingly virtual, which has brought the physical channel of land-based venues into the digital world, with a multichannel approach that makes the line between tangible and intangible increasingly blurred. By now, reliable and secure, and therefore legal, online casinos are in fact true micro-worlds, whose games are hyper-realistically reminiscent of live ones, thanks in part to the innovative cutting-edge of the most prestigious software houses.

The reality effects rendered are amazing, from the latest generation dynamic slots to the figure of live dealers, passing through virtual games in three dimensions.

Secure transactions and data protection

Moreover, from the point of view of transactions and deposits and withdrawals, virtual credit has gradually taken hold within this ludic microcosm, and mistrust with respect to exchanges of information, data, passwords, has begun to no longer constitute an obstacle for the new digital user, protected by the iron barrel of the most advanced cryptography. 

Risk reduction and fraud protection are thus largely guaranteed by the system of data registration in the blockchain information blocks, and there is therefore no dreaded danger of misunderstandings or irregularities in deposit and withdrawal payments, with absolute protection of the gaming account.

Similarly, the digital player is reassured by the non-need to divulge codes, access passwords and sensitive and personal data or information, taking into account the rampant phenomenon of phishing and illicit activities arising from non-ADM and therefore unauthorized platforms.  

Therefore, if already the main remote gaming platforms had already equipped themselves with dematerialized and innovative payment systems compared to traditional ones such as bank transfers and credit cards, such as prepaid cards like Postepay Evolution and e-wallets like the industry trailblazer PayPal, progressively we are also seeing the introduction of deposits and withdrawals with cryptocurrencies such as Bitcoin. 

The guarantee of security is reinforced by the fact that the intermediaries for these transactions are often electronic money transfer services such as Neteller, itself already popular in other activities such as forex trading, and thus a guarantor of security and reliability at source. 

From ADM dealers to the Metaverse 

The frontiers of innovation of blockchain and virtual payments applied to gaming have found life not only in remote casinos and virtual gaming, but also in what is the new Metaverse experience, which has made the intangible its bulwark and its strong point toward a future as real as ever in its immateriality.  

The most significant case from this point of view comes from “DecentraLand,” a platform that has seen the birth and growth of the Ice Poker casino, which has debuted immediately with a wide response from the community: in fact, in the first three months of activity alone, no less than 7.5 billion dollars have been played, with an average of almost 6 thousand daily users. The system on which Decentraland’s gaming activities and transactions are based is that of Non Fungible Tokens, or NFTs. 

In practice, entry to games is free, but a special invitation is required, represented precisely by an authenticated, non-transferable NFT certificate. 

Decentraland’s currency is Ethereum, and dollar amounts can be converted into that cryptocurrency. Decentraland’s experience has been followed by current competitor The Sandbox, and to date, these Metaverse activities have reached a turnover of about 1.3 billion, with obvious and important economic repercussions in the real world. 

*This article was paid for. The Cryptonomist did not write the article or test the platform.