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Provably Fair Gambling with Cryptocurrencies

Jan 15, 2018 Admin Gambling 5 Comments
Country
USA
Organization
Massachusets State Technical University

Provably fair gaming is a concept associated with cryptocurrency betting. Provably fair gaming is a complete departure from legacy online gaming that relies solely on trust and the gaming site’s reputation. Online gaming provability is made possible with the gradual adoption of Blockchain and smart contracts in gambling.

But first, before going head-long into the exciting proposition this new concept has on online gaming, let’s explain what this idea means:

What is provably fair gambling?

A betting activity is said to be provably fair when there is sufficient mechanism in place that allows both the player and operator to verify the fairness of a gaming process. The concept is uniquely tied to the emergence of Bitcoin gambling which runs on a cryptographic algorithm, hence with the use of hash functions; it became incredibly difficult for external interference – that is all things being equal.

Now, you have an idea of the concept means, and I can imagine you’d want to know ...

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