The Trend Of Decentralized Betting
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If you look back at less than a decade ago, you will see that online betting was still a novel phenomenon that was disregarded by many as too impersonal and automated. Now, if you fast-forward to today, you realize that “traditional” online betting is becoming obsolete, and a new trend called decentralized betting is in town.
From Online Betting to Decentralized Betting
Traditionally, online betting has always been linked to centralized models. In fairness, the majority of money-related matters have been linked to these models for as long as anyone can remember.
We are now in a digital society, and everything is moving to the digital space, including payments and transactions. In this space comes the currency commonly known as cryptocurrency.
This decentralized currency opened the gate for the so-called “trustless betting,” which is also known as decentralized betting. Conventional online casinos usually demand a certain level of trust for payments and transactions from a central authority, often in the form of a bank or a currency circuit. Now, thanks to cryptocurrencies, trustless betting operates using blockchain technology which does not need an external authority to execute its processes. Betting on blockchain is becoming a popular practice online, and researchers have shown that this practice has resulted in a 30% reduction in fraud-related incidents, and a wide increase in user confidence due to the overall transparency of the blockchain medium. Simply put, decentralized betting is more transparent, secure, and easy to carry out.
Smart Contracts
The truth is that decentralized betting is only an application of what is a much wider system for carrying out transactions, and the creation of working contracts. Smart contracts – as these contracts are called – are self-executing pieces of code that are created to automate and enforce the terms of an agreement. This is extremely useful in today’s working market, as many employers feel like the terms of an agreement are not as respected as they should be.
This matter, even if not directly related to decentralized betting, is a great case study that shows the potential for blockchain technology to improve several areas of our lives. It also works as a way to empower online casino users regarding their privacy.
Conventional online casinos and sports betting platforms require users to furnish their personal details when signing up or betting. But today, decentralized betting has become a great alternative, as it helps players maintain their privacy while still making the most out of their betting time on platforms that employ blockchain technology in running their operations.
If you look back at less than a decade ago, you will see that online betting was still a novel phenomenon that was disregarded by many as too impersonal and automated. Now, if you fast-forward to today, you realize that “traditional” online betting is becoming obsolete, and a new trend called decentralized betting is in town.