Draft:Decentralized Casino

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Declined by DoubleGrazing 2 months ago. Last edited by 0dd b1t 37 days ago. Reviewer: Inform author.

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Decentralized casino^[1] (or Decentralized gambling) refers to online casino games, sports betting, and other gambling activities that are built Web3 on decentralized blockchain networks rather than being hosted by a centralized service. By using blockchain technology, decentralized casinos aim to provide a transparent, secure and provably fair system for gambling without relying on centralized operators or third-parties.

Overview[edit]

Traditional online casinos are operated by centralized companies that control the game software, manage user funds, and process payouts. This centralized model means users must trust the casino operator and there are potential issues around transparency, fair gaming mechanics, and secure storage of funds.^[2]

Decentralized casinos attempt to solve these issues by building their platform on blockchain technology, typically using smart contracts on networks like Ethereum. The game logic is encoded into the smart contracts as immutable code, ensuring the rules and randomness of games like dice, roulette, blackjack etc. cannot be tampered with by any single entity.

User funds are held in secure cryptocurrency wallets, often managed by proxy smart contracts rather than any central company. Bets are settled automatically by the smart contracts based on game outcomes, removing the need for a centralized casino operator.

Key Features[edit]

Some of the key tenets and features of decentralized casino platforms include:

Provably Fair - The deterministic rules of games are transparently coded into blockchain smart contracts, ensuring their integrity cannot be compromised.^[3]

Decentralized - With no single company controlling the platform, the system is resilient and cannot be shut down.

Anonymous - Users can participate pseudonymously using only a cryptocurrency wallet address.

Transparent - All transactions, game records and smart contract code are publicly auditable on the blockchain.

Automated - Games run automatically using smart contracts with no human intervention needed for payouts.

Open Source - Many decentralized casino platforms operate using open source codebases.

Challenges[edit]

Despite their benefits, decentralized casinos face challenges around regulatory compliance, blockchain scalability, ease-of-use, and liquidity issues from dealing solely in cryptocurrency payments. There are also potential weaknesses that could compromise the supposed impartiality if bugs or flaws exist in the smart contract code.^{[citation needed]}

Overall, decentralized gambling platforms aim to create a fair, transparent and automated alternative to traditional online casinos by leveraging blockchain networks and smart contract technology.^{[citation needed]}

References[edit]

^ Scholten, Oliver J.; Zendle, David; Walker, James A. (2020-10-28). "Inside the decentralised casino: A longitudinal study of actual cryptocurrency gambling transactions". PLOS ONE. 15 (10): e0240693. Bibcode:2020PLoSO..1540693S. doi:10.1371/journal.pone.0240693. ISSN 1932-6203. PMC 7592737. PMID 33112917.
^ Gainsbury, Sally (2012-03-02). Internet Gambling: Current Research Findings and Implications. Springer Science & Business Media. ISBN 978-1-4614-3389-7.
^ Habib, Gousia; Sharma, Sparsh; Ibrahim, Sara; Ahmad, Imtiaz; Qureshi, Shaima; Ishfaq, Malik (November 2022). "Blockchain Technology: Benefits, Challenges, Applications, and Integration of Blockchain Technology with Cloud Computing". Future Internet. 14 (11): 341. doi:10.3390/fi14110341. ISSN 1999-5903.

[1] Scholten, Oliver J.; Zendle, David; Walker, James A. (2020-10-28). "Inside the decentralised casino: A longitudinal study of actual cryptocurrency gambling transactions". PLOS ONE. 15 (10): e0240693. Bibcode:2020PLoSO..1540693S. doi:10.1371/journal.pone.0240693. ISSN 1932-6203. PMC 7592737. PMID 33112917.

[2] Gainsbury, Sally (2012-03-02). Internet Gambling: Current Research Findings and Implications. Springer Science & Business Media. ISBN 978-1-4614-3389-7.

[3] Habib, Gousia; Sharma, Sparsh; Ibrahim, Sara; Ahmad, Imtiaz; Qureshi, Shaima; Ishfaq, Malik (November 2022). "Blockchain Technology: Benefits, Challenges, Applications, and Integration of Blockchain Technology with Cloud Computing". Future Internet. 14 (11): 341. doi:10.3390/fi14110341. ISSN 1999-5903.

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