Gambling online can be very unsafe when you use traditional online casinos, but decentralized gambling using smart contracts gives you a safer way to gamble online according to Trust Roll.
This article will explain why decentralized gambling using smart contracts is more secure than traditional online gambling and how it works. You will be able to understand this even if you have no prior knowledge of blockchain or smart contracts.
Decentralized gambling takes away control from casinos and gives the control to a software managed by clear and transparent rules that cannot be manipulated by anyone once deployed. When you engage in decentralized gambling, unlike traditional casinos, you and the decentralized casino have equal power, knowledge, and control. This why the Trust Roll team believes they can provide a superior gambling platform.
In this article, 3 major points are covered:
Why and how you can easily be scammed if you gamble your money in a conventional online casino.
How smart contracts work (in a way that anybody can understand).
Why decentralized online casinos are fundamentally more trustworthy than traditional online casinos.
Risks of Traditional Online Gambling
There are many risks associated with using a traditional online casino to gamble. These risks include:
You don’t know how the game works or if it even works because the game’s inner workings are kept private.
You can never be sure if your money will be paid out or not.
Because of a lack of transparency, you never know if the game you are playing is fair or not.
All these risks are mitigated when you use a decentralized casino to gamble because they are governed by smart contracts rather than by people or companies who may have an interest in scamming you of your hard-earned cash.
In a traditional online casino, the casino is a host and a decision-maker. In a decentralized online casino the casino is only a host. It is not a decision-maker. The only decision-maker is the smart contract.
You have no real guarantee that a conventional online casino will not run off with your money. Even a great reputation is not an absolute guarantee. Smart contracts provide near-absolute guarantees.
By using decentralized gambling apps like Trust Roll, you are ensuring:
Trust: Trust the system because it is governed by smart contracts.
Security: Your money is secured by the blockchain. Blockchain is one of the most secure technologies we have to date.
Transparency and Fairness: The transaction is available for anyone to verify; therefore, there is transparency and fairness.
How Do Smart Contracts Work?
In order to understand how a smart contract works in an online casino, you must first understand how a smart contract works in general. Essentially, smart contracts are pieces of code. They are software programs. A smart contract is a program stored on the blockchain.
Think of a smart contract like a vending machine. Just like vending machines, smart contracts are programs that have three main functions:
They store certain rules.
They verify the conditions of the rules.
They self-execute without human involvement.
This may seem confusing and abstract at first, so let’s paint a fuller picture. Most people are familiar with how a vending machine works:
You insert coins into a vending machine and select the item you wish to purchase.
The vending machine verifies that you inserted the correct amount of money for the item you wish to purchase.
If the amount of money you inserted in the vending machine is correct, it gives you the item you requested. No humans involved.
At the most basic level, this is how a smart contract works. A smart contract stores certain rules. If a certain event happens, then a different event is triggered. These are called if-then rules. In the case of a vending machine this is: if you insert the correct amount of money, then the vending machine will dispense the item you selected.
Now, replace “vending machine” with “smart contract”. In the case of a smart contract in a decentralized online casino like Trust Roll: if you win a certain game, then the smart contract will release your winning funds.
A smart contract verifies that an event that is supposed to happen actually did (or did not) happen. In the case of a vending machine this is: if the vending machine item you selected is priced at $2, the vending machine will check whether you inserted $2 or not. If you inserted $2, then the machine will give you what you asked for. If you inserted $1 then the machine will not execute your request. If you insert $3 the machine will give you what you asked for then provide you with your change.
Now, again, replace “vending machine” with “smart contract”. In the case of a smart contract in a decentralized online casino like Trust Roll this is: you are playing a game of Dice. If you are supposed to roll dice at 3-3-3 to win $100, the smart contract will check whether or not you have rolled 3-3-3. If you have rolled 3-3-3, then the smart contract will provide you with the funds you won. If you did not roll 3-3-3, then the smart contract will not provide you with earnings.
A smart contract is self-executable. It does not need human involvement to work.
In the case of a vending machine this is: Once the vending machine verifies that you have inserted the amount of money you need to purchase the item that you selected, it gives you the item you selected. There is no human inside the vending machine executing the commands. The machine executes the rules without human involvement.
In the case of a smart contract in a decentralized online casino like Trust Roll this is: Once the smart contract verifies that you have met the conditions of winning the game, it will provide you with the funds you have won. There is no human needed to approve or disapprove the contract. The contract executes itself without any human involvement. That being said, a smart contract is considerably safer and more trustworthy than a vending machine.
Decentralization and Trust
Now that you understand the basics of how a smart contract works you might be thinking, “But, a vending machine can be rigged”. A vending machine is usually owned by a company who may have an interest in rigging it. The same logic can be used to think of traditional online casinos that are not on the blockchain.
A traditional online casino can be rigged because they are governed by companies and people who may have an interest in rigging the casino in various ways. When decision-making is left up to humans, things can go wrong in multiple ways.
Unlike a vending machine or a traditional online casino, a smart contract cannot be rigged because it is not governed by a company or by a particular person – it is governed by the blockchain. Decision making in a smart contract is not left up to humans, the software decides everything.
Smart contracts, just like cryptocurrency, have two main characteristics:
Smart contracts are immutable: that means they cannot be changed. Once a contract has been created, nobody can change it. So, a casino cannot change the terms of the game.
If you play Dice and the rules of the game are roll 3-3-3 to win $100, then nobody can change those rules. Nobody can manipulate the game. If you roll 3-3-3 no company or person (no matter how big or powerful they are) can stop you from earning the money you won.
Smart contracts are made up of pieces of code and these pieces of code cannot be changed by anyone whatsoever.
In a traditional casino, you never actually know what happens behind the scene. In a decentralized blockchain-based casino everything is in the light.
Verifiable by Anyone
Smart contracts are distributed and decentralized. The content of the contract and the legitimacy of the contract can be verified by everyone and anyone on the network.
In a conventional online casino, all your dealings are just with the casino. Nobody knows what really happens behind the scenes. The casino has more knowledge than you. Therefore, the casino has more control and power than you do.
In a decentralized blockchain casino, nothing is behind the scenes. You are protected because everybody on the blockchain network is looking out for you. The casino is not in control. You and the casino have the same amount of knowledge, control, and power. Everybody on the blockchain can view and verify the contract, not just the casino.
Trust Roll uses Binance Smart Chain (BSC). Anybody anywhere can verify smart contracts issued and executed on BSC. For example, you can use BscScan to verify the integrity of Trust Roll games.
You can also read more about how Trust Roll works using BSC.
Benefits of Decentralized Gambling Using Smart Contracts
Now that smart contracts have been introduced to the gambling world, there is minimal reasoning to risk your cash with a traditional online casino where processes are opaque.
You always want to be knowledgeable and feel safe when you are putting your hard earned cash on the line. Here are some of the benefits of gambling using smart contracts:
They cannot be manipulated by any one or any company once they have begun.
They put you and the casino on equal footing, you hold the same amount of control, knowledge, and power as the casino.
They are fully automated and are able to hold funds. No human can interfere in the process or hold your earnings (or losses) away from you, everything is fully automated by the software (smart contract).
You can guarantee that you are not being scammed as everything is transparent and out in the open.
You can remain anonymous.
Everything is decentralized, no person, company, or government can interfere with the execution of the smart contract.
Unlock all of these benefits and gamble with peace of mind by playing games on Trust Roll – a decentralized gambling application on BSC. Tst out how decentralized gaming works on Trust Roll for free here.
For more information about Trust Roll, visit the following links:
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.