Decentralized cryptocurrency originated in the late 00s of the 21st Century, where they gained importance for being an innovation in the field of e-currency. Soon after Bitcoin was released, it was followed by various versions of cryptocurrency and cryptocurrency wallets; having their own perks and qualities. To this date, there are 1658 cryptocurrencies, amongst which Ethereum has also gained importance, mostly for its Smart Contracts. (Frankel, 2018)

Since its announcement in Miami, Ethereum has been consecrated for its blockchain technology and its practical utilities. Gaming, on the other hand is an industry worth billions which has propagated into several different shapes with the emergence of internet and such facilities. IGaming is one such field where the blockchain technology added extreme value, in both significance and purpose. (DappRadar, 2019) Gambling was assuredly the most grossing game where cryptocurrency was lavishly used; where different cryptocurrencies were then used to develop gaming platforms. Yet, there were reasons that made Ethereum lead for its advantages over currencies like BTC. (Piasecki, 2016)

Bitcoin is considered as a comparably unsafe and dangerous market to invest. Different gaming platforms remained unlicensed for their security provisions. (Jez, 2017) Despite of the fact, a new licensed cryptocurrency casino, a gambling platform named Edgeless was introduced to the market which gained significance for its safety propositions. It was all possible due to the blockchain technology that was induced into its system. For explaining the Ethereum Smart Contracts for iGaming explicitly, we would take the model of ‘Edgeless’ to explain how influential and fruitful it developed to be in comparison to other cryptocurrencies. The Edgeless Casino uses the Ethereum Smart Contracts for validating the transactions that are performed on their platform. This has proved very beneficial and constructive for the players. To describe how this technology proves to be provocative for the players, we need to take another example of a game that completely operates on luck named as “Slots”. This game, though popular in the casino world, holds serious concerns of casino owners running without paying the players out. With the induction of Smart Contracts into this game, it halted this very concern. (ETHEREUM SMART CONTRACTS WILL MAKE ONLINE GAMBLING FAIR, 2019)

Elaborating the technical facets of Smart Contracts in Ethereum, the complete information about the casino along with the payouts is publicized with the Smart Contacts system. Along with that, the casinos are not even authorized to change the data since it is in blockchain. Smart Contracts system works entirely on the “if/then” code which is meant as the player will get what they rightfully deserve, under any case. This technology has enabled the users to gain a great deal of privacy where its data security and management systems have allowed useful utility to be incremented into the available space. These online casino systems are automatic; hence they won’t mess up with the players in any case. The same systems are to be mirrored onto the whole sector of iGaming, which will improve the transparency and data security systems to exponents. (Daniel, 2018) (Ethereum Casino)        

Bibliography

Daniel. (2018). Smart Contract Blockchain Casino. Retrieved from Blockchain Casino Games: https://blockchain-casino-games.com/tag/smart-contract-blockchain-casino/

DappRadar. (2019, December 6). A Guide to iGaming and High-risk Dapps. Retrieved from Crypto News: https://cryptonews.com/news/a-guide-to-igaming-and-high-risk-dapps-5254.htm

Ethereum Casino. (n.d.). Retrieved from eth.casino: https://eth.casino/

ETHEREUM SMART CONTRACTS WILL MAKE ONLINE GAMBLING FAIR. (2019). Retrieved from Bitcoin Play: https://bitcoinplay.net/ethereum-smart-contracts-will-make-online-gambling-fair/#gref

Frankel, M. (2018, March 16). How Many Cryptocurrencies Are There? Retrieved from The Motley Fool: https://www.fool.com/investing/2018/03/16/how-many-cryptocurrencies-are-there.aspx

Jez. (2017, April 20). 1st Demonstration of real-time casino games built with Ethereum Smart Contracts. Retrieved from Medium: https://medium.com/@aerobatic/1st-demonstration-of-real-time-casino-games-built-with-ethereum-smart-contracts-165ba72be02e

Piasecki, P. (2016). Gaming Self-Contained Provably Fair Smart Contract Casinos. Ledger Journal.

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