DO THE GODS DREAM OF ETHEREUM GAMBLING?
In ancient Greek mythology, “ether” was defined as the part of the celestial spheres inhabited by thunderstorms, heavenly blacksmiths, sun messengers and other joyful beings. It’s not known if there is any connection, but in 2017 the course of ether reached an unprecedented height – higher than the sky, gods and meteors burning in the atmosphere.
It cannot be said, however, that this cryptocurrency became recognizable only because of the increase in its value. The community learned about the Ethereum network long before it was launched in 2015. The point is that the technology offered a new, amazing idea of intelligent contracts. Basically, it was a method of automatically fulfilling the terms of the contract, which almost completely excluded risk and dishonesty.
The gambling industry couldn’t pass indifferently by such a promising technology. His interest was primarily in enabling gambling using ether, which was an internal currency, also known as the ‘fuel’ of the Ethereum network. Since Bitcoin games were already widespread, casinos began to work on ways to enable players to use ethereum gambling.
THE HISTORY OF ETHEREUM
The world first heard about Ethereum at the end of 2013, when Vitalik Buterin, a young programmer, described the concept of this platform. Nobody would have been able to predict that by 2014 the first decentralised application would be created. And that’s not all: half a year later, the sale of ether reached an incredible 14 million dollars.
In the summer of 2015, an early version of the network was launched under the name of “Frontier”. The next stage was full of improvements and even more improvements.
However, the real explosion brought the collection of 150 million dollars at the end of spring 2016 by a widely commented decentralized autonomous organization (or simply DAO). Many major media reported on a project that was implemented on the basis of the Ethereum blockchain. Many people rushed to set up personal portfolios of Ethereum. The success of the platform was astonishing, although it didn’t last that long.
June 18, 2016 – it was an unlucky day for the Ethereum community. It was the day when unknown hackers broke into the DAO, stealing huge amounts of ether – about 53 million dollars. In a short period of time this led to the division of the blockchain into Ethereum (ETH) and Ethereum Classic (ETC).
“DAO-related “wounds” began to heal and the media reported further updates and improvements. However, no one expected the price of ether to increase by 5000% between January and June 2017.
One common opinion says that although Bitcoin should break the hurdles of online banking and destroy the services such as PayPal, the real aim of Ethereum is to drive third parties out of the Internet. Storage of data, management of complex financial tools and many other things should be free of third party services. It’s believed that smart Ethereum agreements are able to help.
We hope so.
THE BENEFITS OF ETHEREUM GAMBLING
Ethereum stands out for its two features in the gambling theme. The first is the use of ETH as a gambling currency, which offers many advantages:
- ETH allows you to gamble anonymously. So your personal data will not be disclosed to anyone, even the casinos.
- ETH transfers are faster than the traditional ways of transferring money.
- Withdrawal percentages are usually higher in casinos accepting ether.
- Your money is not controlled by government or any financial institutions.
- ETH transfers are much cheaper than traditional money transfers due to the small fee for miners.
- Gambling is more fair in provably fair casinos because the player can check every result.
Secondly, it’s a way to improve crypto gambling in general. Read more about this topic below.
THE FUTURE OF GAMBLING IS ETHEREUM
Intelligent ether contracts work in such a way that once they have been signed, the parties should no longer worry about whether the other party will not keep its commitments. This one feature of ethereum gambling offers many opportunities for innovation.
For example, if you place a bet with Ethereum, the payment will be made automatically at the end of the session. There is no other way: the event taking place must last until the very end. A player who has agreed to take part in it cannot quietly withdraw at an unfavourable moment.
The deposit will actually be an intelligent agreement between the user and the virtual casino. This will significantly increase the level of trust – every player will be sure that the casino will not stop the etherer against his will.
There is also a solution for those who want to keep their gambling “hunger” under control. The contract can be programmed to set a stake limit so that the system will not allow the player to gamble using Ethereum and place bets for, for example, three hours.
Blockchain sports betting has already benefited from these ideas and these are just a few opportunities to improve not only sports betting but also gambling for the Ethereum community. Luckily, this technology makes it possible to improve them even further and develop new solutions.
ARE THERE FREE WAYS TO EARN ETHEREUM?
Both the platform itself and the cryptocurrency are very popular. Hence many free platforms are available to make small amounts of ETHs for a stay on their websites. This includes:
- Ethereum Gratis
Because of the large number of them, it is worth choosing only the best one.
To sum up: Unfortunately, we will never know what the gods dream of. We hope, however, that one of the goddesses – called Fortune – will give you luck as often as possible, allowing you to derive full satisfaction from Ethereum gambling. You certainly deserve it!