News

Investigation Shows That Gambling Is The New Boom On Blockchain

Sometime before blockchain even started to be programmed in the minds of its developers, the Internet started the information revolution. What we now know as Web 1.0 presented people from all over the world the possibility of communicating with others digitally at great distances; but with this also came things like gaming apps, that in that time dominated the profitability of web pages. Now, according to an autonomous investigation from Bloomberg, it seems that blockchain is following the same trend. The most profitable and used apps in the Ethereum blockchain, a decentralized framework for creating apps, are none other than gambling apps, and according to the numbers they are very profitable.
While most of these apps are not legal in many countries, they present a lot of advantages when compared to their centralized peers. First, gamblers and players don’t have to identify themselves to gamble on this sites, something that is mandatory on centralized gambling sites. And though apps like FOMO 3D, one of the leading gambling apps on the whole cryptocurrency world is not legal per se and their programmers have not been identified yet, the same app manages the payment or not of the gambles and bets made through a feature called smart contracts.
Smart contracts are a type of special order on the blockchain linked to a particular condition. If that condition is met, the contract executes by itself, without depending on the order of any individual. That is why even these questionable organizations are still being favored with trust and preference by the users that fill their gamble rooms.
Also, these apps present new ways of gambling and betting, things that could not be done on regular, legalized platforms. Augur, a betting site called a “prediction” platform lets their users present their own bet, and lets other users participate and put money in the outcome of that bet. This flexibility is unknown in other gambling and betting services.
As blockchain and cryptocurrencies rise in popularity, the use and fame of these kinds of apps will also grow, even leaving behind known centralized betting sites.

Related posts
cryptocurrencyDOGEdogecoinDOGEUSDElon MuskNews

Over $20 Billion Wiped Off Dogecoin Market After Elon Musk’s SNL Performance

The SNL performance featuring Billionaire Elon Musk or as he likes to be called “the DogeFather” kicked off last night. Musk and musical guest Miley Cyrus hit the network, with both their mother’s in honor of Mother’s day and played…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTGary GenslerNewsSECxbtusd

SEC’s Gary Gensler Acknowledges Bitcoin As A “Scarce Store Of Value”

Gary Gensler, the new head of the Securities and Exchange Commission, acknowledged bitcoin as a scarce but highly volatile store of value, calling for more inclusive investor protection by adding more regulations and updating seemingly old rules. SEC Chairman Gary…
EthereumEthereum NewsETHUSDethusdtMarketsNews

Ether Price Continues to Escalate – Are Bears Calling The Shots Soon?

Ether has seen a meteoric rise in its value this year. The digital asset has experienced a 37.5% surge in the past seven days, reaching a record high of $3,981 today and taking its market capitalization to $446 billion. ETHUSD…