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As the world comes to terms with the incredible potential of blockchain technology, no industry has been left behind – including online casinos.
In fact, most of these platforms are adopting crypto slots, a new way of playing casino slot games that promises to revolutionize the field.
In this article, you’ll learn what a crypto slot is and how it differs from the traditional classic slots. Curious?
Let’s get started!
What are blockchain-based slots?
A blockchain-based crypto slot is a type of online slot machine game that operates on a decentralized network (blockchain), similar to cryptocurrencies.
It relies on a distributed ledger system to promote transparency, fairness, and security for each game. As such, online casinos offering these slot games exclusively accept cryptocurrencies like Bitcoin, Ethereum, Altcoin, etc. as payment.
One of the most popular blockchain-based slots is the Bitcoin slot.
Key features of blockchain based slots vs Classic slots
There are several key features that differentiate block-chain based slots from the classic slots. They include:
· Decentralization
Block-chain based slots operate on a decentralized network. This means that no one entity has control over the outcome of your game. Classic slots, on the other hand, use centralized servers which can be manipulated by the casino.
· Transaction speed
Blockchain-based slots offer players faster peer-to-peer transaction processing speeds for their winnings and deposits. Depending on the cryptocurrency a player chooses, most of them can process their transactions instantly.
· Fairness and Transparency
Unlike the opaque casino-controlled Random Number Generator (RNG) system used in classic slots, blockchain-based slots use transparent and auditable (‘provably fair’) algorithms which allow players to verify the fairness of each match.
· Security
By using a decentralized system, blockchain-based slots make it harder for hackers to infect your network. But with the centralized network used in classic slots, this vulnerability is much higher.
· Anonymity and privacy
When processing your payments or wins, blockchain based slots don’t tie your personal information to the transactions. You also don’t have to provide your information when creating accounts, which is great for privacy.
· User experience and accessibility
Most blockchain based slots also offer players intuitive user interfaces with useful features like a progress tracker and even real-time cryptocurrency exchange rates. Classic casino slots tend to be simple with minimal features for the players.
How blockchain based slots work
To achieve the desired fairness and integrity in every slot game, blockchain based slot games use the following method:
· Random Number generators
These are complex mathematical algorithms which most casinos use to generate completely random outcomes in each slot spin.
Blockchain based slots, however, go a step further and incorporate other cryptographic methods known as provably fair algorithms, making the randomness of each slot outcome verifiable.
Here’s an example of how this process looks like:
Step 1: Before each spin, the slot generates a random number using cryptography.
Step 2: This random number is then used to determine the outcome of the spin.
Step 3: Next, all the information used to generate the random number (like seed values and algorithms) is recorded as a self-executing smart contract on the blockchain which is a public record and verifiable by anyone.
Step 4: By checking the information on the blockchain, players can confirm that the slot wasn't rigged and the outcome was truly random
With the classic slot games, the process ends at step 2. You can’t verify that the outcome of your spins wasn’t manipulated.
How to identify a blockchain based slot with fair gambling systems
It’s clear that blockchain based slots offer unrivaled benefits compared to classic slots. But as usual, you can’t trust every blockchain based slot platform you come across on the internet.
Here are a few tips to identify a trustworthy blockchain based slot platform.
· Look for games using provably fair algorithm
Always choose a slot game that gives you the option to verify the fairness of each spin or outcome. Additionally, ensure the game provides a clear documentation of how their RNG algorithm works and arrives at a random number. This proves the game’s fairness.
· Opt for reputable casinos
Focus on well-established online casinos with a good reputation for fair play. These casinos are less likely to risk their reputation by offering rigged games, even if they're not blockchain-based.
· Verify licensing and regulation
While blockchain-based gambling platforms may operate in a decentralized manner, they are still subject to regulatory requirements in certain jurisdictions. Look for platforms that are licensed and regulated to operate in your area.
· Confirm the audited payout percentages
You should also go for slot games that allow third-party auditing of their payout percentages. Such companies give you a realistic reflection of the actual payouts to expect.
· Positive player reviews
Finally, don’t ignore the reviews from players on social media or review forums. While some of them might be doctored for advertisement, you will learn a lot about the casino’s game fairness, and payout practices from online reviews.
Final Thoughts
As the world slowly evolves from classic slots, blockchain based slot games promise a more transparent and secure future for online gambling.
However, it’s still a growing field that requires time before more people embrace it as an industry standard.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.