BitDice is looking to “prove the fairness” in crypto-gambling as the Blockchain gambling platform differentiates itself from the competition who are being questioned about their own fairness in results.
By diversifying their technology, and even opening themselves up to the use of fiat currencies, BitDice will meld the cryptocurrency betting world, which already makes up roughly five percent of the entire online gambling industry, with fiat gambling by alleviating fears of the “Black Box” phenomenon.
Beyond a single technology
Besides allowing the user to choose if they want to play with fiat currency or digital, BitDice is even offering players the choice in technology. In other crypto-gambling platforms, the single technology is essentially a clone of a simple dice game that is run on the Ethereum network and its smart contracts – this comes with its limitations.
The Smart Contracts can be cumbersome, especially in a gambling environment, as the speed and transaction fees can infuriate and frustrate players.
Ethereum networks impose higher latency speed for validating wager results and on top of that comes a transaction fee a user must pay with each wager.
By diversifying its technology, BitDice can run its games free of charge on the server with publicly observable and provably fair algorithms that include different types of cryptocurrencies and are capable of processing up to 20 wagers a client per second.
Providing absolute fairness
Of course, when gambling online, the biggest fear is that the games are rigged, and there is no fairness involved. This is especially an issue with crypto-gambling as the Random Number Generation (RNG) algorithm cannot be invoked within the Blockchain.
It leads to outsourcing to other parties, which in themselves, are also outsourcing, which clearly leaves plenty of gaps for tinkering with results. Each layer of data transmission can be intruded upon an affected to the benefit of the casino.
This is where BitDice has stepped up the game by successfully implemented the “provably fairness” concept that serves its purpose and eliminates risks of cheating without outreaching any third-party provider.
A client-seed, generated and known by the user, is linked with the server-seed to create an unhackable random outcome which can be verified immediately after the bet is made, but cannot be known in advance by any party.
Standing out from the crowd
Traditional casinos, of course, have their limitations, as do Smart Contract casinos, but BitDice has addressed many of these shortcomings in order to put themselves head and shoulders above the competition.
Yes1 – One should apply a top-skill technical expertise to understand and interpret the code of the smart-contract. Smart-contracts can be easily twisted without being noticed by an average user.
No2 – To accommodate high-roller players the funds shall be readily available and kept in hot wallets (online), which is a very insecure way of holding crypto assets. Last examples – Edgeless and Dao.Casino wallets were drained because of mistakes in the code.