Cryptocurrencies like Bitcoin have transformed the online gambling world in recent years. These digital currencies have brought a new gambling era that provides players with more transparent and secure betting. This is thanks, mainly, to a revolutionary technology known as Provably Fair.
We’re going to take a deeper look at the concept of Provably Fair technology. We’ll explore the many benefits it offers to both players and crypto casinos.
Understanding Provably Fair Technology
Provably Fair technology is a cryptographic solution that provides greater levels of fairness and transparency to online gambling platforms. With Provably Fair, players can independently verify the outcome of every game in a crypto casino as random and fair.
How is this level of transparency achieved? Provably Fair uses cryptographic algorithms like SHA-256, combined with the immutable ledger of the blockchain.
Many consider the SHA-256 algorithm to be one of the most secure hashing algorithms in use today. Its major benefit is its ability to prevent the reversal of values back to the original content. Provably Fair itself operates on the same basis as SHA-256 encryption. The algorithm assumes that the casino can’t influence any game’s outcome when placing a bet as the result is already in existence.
How Provably Fair Works
Provably Fair uses three types of technologies. Seed generators, hashing, and RNGs (Random Number Generators). With the aid of these, Provably Fair allows players to check the results of each individual game in real time.
Seed Generators generate numbers that influence the results of the algorithms and hashing converts long strings of data into shorter ones. RNGs determine the outcome of crypto casino games through the generation of millions of numbers every second.
With Provably Fair, a seed number gets encrypted when hashed. Crypto casinos use these unbreakable cryptographic hashes to prevent the alteration of any game. After a game, players can use both the server and client seeds to ensure that the game’s outcome is random and fair. They can hash the seeds and compare the results with the displayed casino outcomes.
Benefits of Provably Fair Technology
The processes and technologies used in Provably Fair casino gaming provide several benefits for players and operators alike:
Transparency and trust
The biggest advantage of Provably Fair technology is the level of transparency it offers to crypto casino players. In traditional online casinos, players have to trust the operator’s word that every game is fair. In Provably Fair casinos, however, players can independently verify every game’s integrity. This openness allows casinos to grow their players’ trust in their platforms.
Enhanced player confidence
Provably Fair affords even the most discerning and skeptical players new levels of gameplay satisfaction. By being able to verify game results, players can be more confident in their betting choices. They have the added assurance that a casino isn’t manipulating results to the house’s advantage. As a result, this encourages more players to join the platform, meaning increased traffic and revenue for the casino.
Reduced house edge
Provably fair technology also benefits crypto casinos as they can reduce the need for an excessive house edge. Traditional casinos often have to build in an advantage that heavily favors the house. With Provably Fair, the technology provides fair gameplay that will attract more players, meaning the house edge can be lower. Despite this, it can still lead to a sustainable and profitable business model for the casino.
Player privacy
Online gamblers recognize that crypto casinos have greater levels of player privacy in comparison to traditional ones. This is due to Provably Fair technology. It enhances player privacy as a player can use their own client seed phrase to keep their betting activities confidential. As such, crypto platforms attract users who value greater levels of privacy and anonymity.
Reduced disputes
In fiat casinos, it is common for disputes to arise between the house and players on the fairness of games. Provably Fair significantly reduces the frequency of these disputes. Its independent verification processes resolve any potential issues in this regard. All that needs doing is to examine the seeds and algorithms used.
Compliance and regulation
Some regions regulate online gambling stringently. In these heavily regulated areas, Provably Fair technology can assist crypto casinos greatly. The technology displays the casino’s commitment to transparency and fair play to regulators. Operators can hence navigate any necessary licensing processes more easily, while also gaining approval from regulatory authorities.
Attracting tech-savvy audiences
Tech-savvy audiences appreciate the cryptographic principles and underlying blockchain technology in Provably Fair casinos. For this reason, crypto casinos are likely to increase their lifetime value. These types of audiences will often be more engaged with the platform, resulting in greater levels of loyalty.
Final Thoughts
The online gambling industry continues to evolve. As this happens, Provably Fair technology is likely to play an increasingly pivotal role. Crypto casinos will become more common and accepted in the gambling world. Provably Fair technology will thus set new standards for fairness, trustworthiness, and transparency in digital betting.
Whether you’re a player or a casino operator, embracing the technology will revolutionize online gambling. It will also lead to a more sustainable model for online casinos. The unprecedented transparency and fairness the technology offers, and its higher levels of user anonymity and privacy, will continue to grow player confidence and loyalty levels.
Provably Fair technology is, without doubt, advantageous to the online gambling industry, and will continue to be for years to come.
