If you love online gaming then you should check out the benefits associated with using blockchain technology. While blockchain will not make your first-person shooters any more exciting it can help you if you are playing games of chance for real money. There are games like ethereum dice that is starting to become very popular with gamers all over the world. In order to fully appreciate the benefits linked to ethereum dice you first need to have a better understanding of blockchain technology.
Blockchain Technology 101
There are people who believe that Bitcoin is blockchain technology which is not entirely correct. Bitcoin uses elements of blockchain technology to exist and function. What this means is you can have blockchain without Bitcoin but you cannot have Bitcoin without blockchain. One of the most popular blockchain platforms is Ethereum which is an open source public software that provides an unalterable hyper-ledger. All of this sounds super technical but in laymen terms what is means to the average person is whatever data appears on the blockchain cannot be altered. This is a desirable feature when you are sending data or funds from one party to another.
There is no one organization or entity that can own the blockchain network which provides users with a greater degree of autonomy. Using the example of a bank, if you wanted to send money from your bank account to someone else you would need to instruct your bank to issue the funds to the receiver’s bank. This transaction would involve several 3rd parties all who charge a fee for their services. With blockchain you could send funds directly from your blockchain account to the recipients. Since there are no intermediaries between you and the recipient the cost to facilitate the transaction is greatly reduced.
The blockchain can also help keep online gaming platforms “honest”. Prior to the implementation of this technology a website owner could rig online games of chance in their favor. With the blockchain gamers can check to see whether the gaming code has been altered which forces the website owner to provide a fair gaming environment. There is nothing wrong with giving the “house” a slight advantage but it should be a fair advantage.
Since blockchain technology keeps online games of chance honest there has been a substantial increase in the total number of people who are interested in playing. Since these games of chance are regulated in certain jurisdictions the ability to send digital currency via the blockchain addresses this barrier. Since every game of chance involves some form of risk you should gamble with what you can afford to lose.
Now that you know about blockchain and how it can enhance your online gaming experience you should install the software and start using the technology. In a matter of a few years this blockchain technology will become a part of your daily life so may as well adopt it now.