As the Internet and cloud technologies continue to evolve, online gaming is evolving, too. Provably fair algorithms are offering unique opportunities for online casinos, including Bitcoin casinos and cryptocurrency operators, to show players that they are dedicated to keeping their fingers off of the scale, and that there is not some hidden machine making sure that the house always wins.
With that in mind, here are some of the ways that provably fair Bitcoin casinos are upping the ante in terms of security and transparency outcomes.
The Blockchain Phenomenon: Easy Digital Finances
In general, blockchain technology was really a solution for its time.
People were decrying the faithlessness of how people viewed online and digital operations. It seemed all too easy for shady parties to conduct all kinds of fraud and unscrupulous activity through the abstraction of money into digital data.
The blockchain, since Satoshi mined the original Genesis block, was hailed as an “immutable ledger,” and its “provability” characteristics were perfect for the practice of online gaming. So while early online casinos had some rudimentary practices in terms of checking random number generators, provably fair Bitcoin casinos use the transparency of blockchain to their advantage.
Hashing Provably Fair Algorithms
Hashing is also an excellent cybersecurity practice that is useful for provably fair gaming.
In some of these systems, random number results get tagged with a hash, and the ability to check hash algorithms is how security professionals understand that data hasn’t been tampered with. This is another aspect of the algorithms that power provably fair online gaming operators.
Sometimes when we’re talking about blockchain outcomes, especially in online gaming, we’re really talking about the consensus-based verification that’s built into decentralized finance assets.
In other words, if you’re gambling with Bitcoin, your ownership is proven by the consensus of other Bitcoin holders. It’s sort of a double-edged sword, as experts admit – on one hand, a 51% attack leaves the blockchain open to all kinds of manipulation. But that’s easily fixed with a broader community of holders, in which case no one will ever realistically get to 51%.
The positive side of consensus-based verification is that it’s inherent. That means provably fair Bitcoin casinos don’t need to use traditional bank verifications or anything else like that. Some experts refer to this as the idea of “frictionless transactions” – the idea that a lot of the proof of the pudding is built into the blockchain itself. This in turn has freed up all kinds of digital transactions, including those behind the fancy fronts of a digital casino.
These are exciting days for provably fair Bitcoin casinos. Players no longer have to wonder what’s at the heart of the gaming engine that they are participating in. They can also enjoy all sorts of accessible digital rewards and grow their stakes over time. If you take a few minutes to get better acquainted with some of the top provably fair Bitcoin casinos around, it’s easy to see how these operators are building new player-centric models that will have a powerful appeal in tomorrow’s “defi” world.