Blockchain: conquering the game – The Cryptonomist

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

The use of the most advanced cryptography for encryption and decryption of communications between users and decentralization of databases, thanks to chain links called “peer-to-peer”, where each individual computer represents a “node”, has created blockchain a versatile technology that is particularly suitable for certain sectors and activities online. Specifically, the ability to facilitate secure transactions, ensure shared traceability, but protected by strong cryptographic keysenables this technology to be adapted to spaces that are inherently based on community interactivity, but which in turn require transparency, privacy and special protection of sensitive and personal data.

Blockchain and remote gaming: the partnership

One of these sectors is remote entertainmentwith 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 increase transparency of cryptocurrencies by some of the more cutting-edge ADM dealers.

It is a process that actually follows a path of access to games that has become increasingly virtual, bringing the physical channel of land-based venues into the digital world, with a multi-channel approach that makes the boundary between tangible and intangible increasingly blurred. Now, reliable and secure, and therefore legal, online casinos are actually real micro-worlds, whose gameplay is hyper-realistic reminiscent of live, thanks in part to the innovative pioneering of the most prestigious software houses.

The reality effects rendered are amazing, from the latest generation of dynamic slot machines 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 of this ridiculous microcosmand mistrust regarding the exchange of information, data, passwords, has no longer begun to pose an obstacle to the new digital user, protected by the iron barrel of the most advanced cryptography.

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

Similarly, the digital player is reassured by no need to reveal codes, access passwords and sensitive and personal data or information, takes into account the widespread phenomenon of phishing and illegal activities arising from non-ADM and therefore unauthorized platforms.

Therefore, if already the most important external gaming platforms had already equipped themselves with dematerialized and innovative payment systems ccompared to traditional ones such as bank transfers and credit cards, such as prepaid cards such as Postepay Evolution and e-wallets such as the industry pioneer PayPal, we are also gradually seeing that introduction of deposits and withdrawals with cryptocurrency such as Bitcoin.

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

From ADM dealers to Metaverse

The frontiers of blockchain innovation and virtual payments applied to games have found life not only in remote casinos and virtual games, but also in what is new Metaverse experiencewho have made the immaterial their bulwark and their strong point against 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 Non-fungible tokensor NFTs.

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

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

*This article has been paid for. Cryptonomist did not write the article or test the platform.