It’s no secret that the gambling industry has seen a surge in gambling-related scams over the last two years, with problematic behavior, especially online casinos. For this reason, many bettors are uncertain whether they can trust their casino.
Transparency is a big issue in the betting industry. However, with the advent of blockchain-based casinos, the trend seems to be changing. Today we will look at why casinos seem to be moving to blockchain technology, the benefits of blockchain-based casinos, and one of the promising casinos in this area.
What are the advantages of blockchain-based casinos?
In the code we trust
The first and greatest advantage of blockchain-based casinos is usually the use of open source code. This means you can trust the casino games and odds because you can always look at the code to find out the chances of winning in a particular game.
In addition, if there is a problem in the casino or in the bank and the payment is disputed, all winnings will be recorded on the blockchain. This means complete transparency about who won, how much they won when it happened, and whether the winner got the money.
They are safer
With the rise of casino fraud, many gamblers are concerned about the security of their funds on traditional platforms. Blockchain guarantees secure transactions and essentially prevents data from being modified or deleted. This means that all records of winnings are permanent, protected and immutable.
Investing in the same place as gambling
Some DeFi (Decentralized Finance) casinos are operated by allowing you to invest in the home itself. This may mean betting casino-related tokens or becoming a liquidity provider. In turn, when the casino makes money, you win a small amount.
Streamlined deposits and withdrawals
Blockchain-based casinos allow you to deposit and withdraw cryptocurrencies, as opposed to fiat money. This is usually associated with a faster withdrawal process and can process deposits in currencies not supported by most traditional casinos.
Is DeFi Casino just a fad?
there are a lot of Gambling related dAPP (Decentralized applications); However, many are still cautious about whether these apps are reliable or work properly.
There are many ways to apply blockchain technology to gambling. for example, LunaFi Is a decentralized betting protocol that allows gamblers to be home in a way. Casino developers, liquidity providers and gamblers can all interact through this protocol in an unreliable way protected by the warranty of smart contracts.
LunaBets This is the first app built on the LunaFi protocol. This is an unmanaged betting application that leverages LunaFi’s smart contracts and liquidity pools to ensure a secure environment where everyone is guaranteed to expire.
These two are some of the first applications of DeFi and blockchain technology in the gambling industry. They rely on robust open source smart contracts that are accessible to everyone, outlining how rewards are distributed, everytime There are enough tokens in the pool to pay everyone’s prizes.
The hugely successful DeFi Casino has accumulated over the last few years. It is almost impossible to dismiss them as “just a fad”. In particular, it’s not just doing traditional casinos in a safer and more reliable way, it’s bringing the following unique innovations …
How LunaFi and LunaBets Combine Gambling and Investment
LunaFi and LunaBets have a native utility token called $ LFI. This token is at the heart of the LunaFi ecosystem and can only be rewarded based on the amount of bets. However, you can receive $ vLFI in the Governance Pool by betting $ LFI. This allows you to receive commissions from the house pool through a financial contract.
You can also become a liquidity provider and deposit Bitcoin / Ethereum / USDC in the house pool to get some of the profits collected from your activities on the platform. This allows you to become a home in a way and invest in the platform itself.
Another major advantage of the LunaFi approach is that holders of the governance pool $ vLFI can actually vote for key decisions or proposed changes regarding the platform. This directly affects how the platform itself is developed and allows you to vote for the changes you want to implement on the platform. This DAO approach sets LunaFi and LunaBets apart from other DeFi gambling spaces.
The platform also provides users with anonymity. Anyone who has been involved in traditional online casinos these days is familiar with all the forms that must be completed in order to gamble or withdraw. This data could be leaked or compromised by a malicious attacker. However, most DeFi platforms, including LunaBets, do not require this type of personal information.
With the rise of gambling scams, many casinos are looking to blockchain as a way to gain credibility. Blockchain-based casinos are usually completely transparent about smart contracts used to facilitate every part of the gambling process. They also guarantee your anonymity and streamline your deposit and withdrawal process.
Some casinos like LunaBets take this one step further. They allow you to make money by investing in your home, betting tokens, or becoming a liquidity provider. You can also participate directly in your organization’s decision-making process. With everything in mind, DeFi Casino stays here and welcomes the innovation and security that accompanies it.