Gambling is fair
In a conversation with Cointelegraph, DAO.Casino CEO Ilya Tarutov listed some of the key issues that Blockchain technology could solve in the online casino industry. According to Juniper Research, online gambling is a growing industry and the number of players is expected to nearly double by 2021. The industry will grow as the number of online gambling sites grows and new payment systems emerge, such as the ability to play with Bitcoin. and other cryptocurrencies.
In fact, the introduction of cryptocurrency in the traditional gambling industry is by far the most common experience with Blockchain systems. However, blockchain technology helps us do so much more. We have seen the emergence of new types of gambling over the past two years, including gaming games inspired by Ethereum. It is now possible to create a protocol that will bring about a real paradigm shift in the online gambling industry, enabling the emergence of new markets and business models. Just as the Internet enabled new markets by removing barriers to data processing and distribution, decentralized systems such as Ethereum enable new business models and disrupt the industry by removing barriers to value transfer – never before possible without trust in a third party. Ilya Tarutov, CEO of DAO.Casino, spoke to the Cointelegraph about how to overcome the biggest obstacles in the gambling industry.
A multifaceted approach is needed.
According to Tarutov, Ethereum-based systems can cause a major paradigm shift in many areas, including online gaming, eliminating the need for third parties. This has several effects, but they all reduce the cost of operating the casino and reduce the likelihood of fraud. However, a single gamble built on Ethereum does not completely solve the problem; a more comprehensive approach is needed. As Tarutov explains, games are just the tip of the iceberg in the gaming industry, including game creators, Referrers, casino owners, software services that create account management software, and other casino bonuses. DAO. Casino recommends a holistic approach to this, covering the entire value chain of the gambling industry, from the well-planned development of gambling to the improvement of value-sharing mechanisms between assistants.