How Blockchain Makes Online Gambling Fair and Transparent
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Blockchain technology brings decentralization to financial transactions, breaking down the closeted procedures embraced by traditional finance. The result is the blossoming of transparent ledgers that store data about financial transactions, enabling anybody from anywhere to view them. Blockchain transparency breeds a fair system where the control remains with users, preventing the occurrence of corrupt practices. Ergo, transactional data published and stored on blockchain ledgers is immune to manipulation. Those looking at them are served information with the utmost integrity.
These benefits can be brought to all financial applications by integrating them with blockchain networks. For example, the use of blockchain technology for online casino platforms brings transparency to the transactions and data relayed between them and their users. The latter can rely on the on-chain data to learn the status of their bets, winnings, game statistics, and so on. Blockchain transparency prevents players from falling prey to dishonest behavior.
The Fairspin online casino brings these benefits to gambling enthusiasts with its blockchain-powered platform. It uses Trueplay’s solution, ensuring data transmission from the platform to the blockchain, where it is verified, and Trueplay Explorer, where it is displayed in real time for everyone to see. Such a solution enables the flow of genuine information, depicting withdrawals and deposits, bets, earnings, and much more.
Crypto and Blockchain Casinos
The contrast between Fairspin and other “crypto” and “blockchain” casinos is its reliance on blockchain technology. Most other online casinos hiding behind those terms simply use cryptocurrency to accept deposits and make payments. All other processes occur opaquely within closed silos, forcing users to trust such platforms blindly. Without transparency in their processes, casinos can resort to dishonesty, manipulate data, and prevent users from walking away with their winnings.
Here is where blockchain-based casinos like Fairspin are revolutionizing the online casino space. The transparency it breeds keeps users away from other online casinos that choose not to reveal their operations. Why risk losing funds to possible bad actors when an entirely see-through platform exists?
Fairspin also leverages blockchain technology to bring users loyalty programs in true blockchain-finance fashion with its TFS Token. The programs are an added layer of incentives, allowing users to earn beyond their gambling efforts. Like gambling on the platform, these loyalty programs are underpinned by absolute transparency.
How Blockchain Usually Works
To understand how casinos are offered transparency by blockchains, it is requisite to know how blockchains function. Essentially, they are databases of financial transactions hosted on a set of nodes distributed worldwide. Every transaction recorded on a blockchain ledger is validated by its nodes and approved through a process of majority consensus. Thus, fraudulent transactions are recognized and weeded out. Legitimate transactions, once approved, make it to blocks. Each block holds a specific amount of data, is cryptographically hashed, and cryptographically linked to the blocks before and after it. Altering any single transaction on any block will change the status of all the blocks after it, notifying everyone on the network and preventing a full-scale takeover.
If a bad actor wants to control a blockchain network, they must possess resources amounting to at least 51% of what is held by all its nodes. However, gaining that amount of resources to hack an entire network is very expensive and near impossible with networks secured by multiple nodes.
How Blockchain and iGaming Intersect on Fairspin
Fairspin utilizes this technology as its base, bringing decentralization to the mix. Data from the casino is displayed to its users upon verification via the Trueplay technology, making its financial records immutable, accurate, and reliable.
While some casinos use fake lucrative winnings to attract users to their platforms, every win on Fairspin is verifiable. One player won 63,302.4 MBTC ($1,226,076.59) in September 2022. Another person won $250,000 in April 2022, and one more gained over $550,000 in February 2022. The massive wins were instantly recorded on Trueplay Explorer, and people can view them right now.
Fairspin’s TFS Token Powers Its Loyalty Programs
Alongside blockchain’s transparency and fairness, Fairspin also uses the technology for novel incentivization measures. The casino brings loyalty programs, rewarding those who use them despite their winning or losing positions. In contrast, other online casinos only incentivize users through rakeback when they place losing bets to keep them from leaving.
Fairspin’s loyalty programs come in two flavors – Play to Earn and Hold to Earn. Play to Earn allows users to earn rakeback in TFS as they play games on the platform. The rewards are offered instantaneously to users’ accounts after they place their bets.
Players can further stake these TFS Tokens via the platform’s Hold to Earn program and earn more returns on the same asset. Users lock their tokens in the holding pool over various periods and draw rewards. The Hold to Earn program is a no-risk initiative, letting users draw up to a whopping 500% APR without worries of losing the TFS they deposit. Even if the program offers no returns, users can always withdraw their deposits in entirety at the end of the holding period.
Summing Up
With the benefits the Fairspin blockchain casino provides, it has become a go-to option for thousands of users worldwide. Those valuing the safety of their assets and fair processes are already exploring all the casino offers, including on-chain data on Trueplay Explorer. With transparent statistics for users to observe, they are finding a better gambling experience on Fairspin.
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