Las Vegas 3.0
Play your cards right
Technology changes everything, online casino vertical being no exception to the rule. Given its complex nature, online gambling earned a bad reputation for myriad of reasons. Key players’ mergers and acquisitions, together with oligopol structure of the market, tighten settings upon which casinos and sportsbooks operate. In addition, there is enough of other platforms, which just want to take advantage of every single game and bet made, whether through exorbitant fees or fraudulent behaviour. This structuring lead to unappealing gaming conditions, unfair practices and hidden monetization models, which in turn exploit players and bettors rather than serve them.
History shows that only big breakthroughs posed large-scale leveling within different industries. Emergence of Bitcoin proved that it can influence economy on global scale, change the general opinion on the concept of money and shape the vision of the future means of payment. Millions of people became conscious about opportunities that blockchain and cryptocurrency bring to business and social scales. Global awareness about incorruptibility, decentralisation and transparency was raised further allowing these features to extrapolate on different fields and environments.
Similarities in online casino vertical and cryptocurrencies are striking, as if they were designed for each other. We believe that properly planned execution of this consolidation can stir up the industry. Bitwin, a next level digital entertainment platform, could be one of the biggest beneficiaries of this revolution, taking online gambling and betting concept to a whole new level.
Ante up- Bitwin 2.0
We couldn’t get better name for the exceptional casino involving cryptocurrency than Bitwin, we believe that not much naming alternatives exist to better represent the purpose of our project. It captures the essence of what our portal attempts to achieve and straightforwardly reveals the casino mission and vision. It also suggests, how we can shape the industry, begin market forward movement and possibly kickoff a debate that aims to cease existing circumstances in gambling and betting.
The first part of the name could be interpreted as ‘bit’, which is the fundamental of computing, storing and processing information, showing strong correlation to platform’s online environment, technology and security (bit encryption). Furthermore, it reflects the interconnectedness of concepts that our casino tries to put together. Bitwin prefix can be also interpreted as bitcoin, showing strong support for cryptocurrency motion, and project’s own involvement in decentralisation, cryptography and privacy that tokenisation brings to mainstream audience.
‘Win’, in case of our project, reflects progress and chance to lead the movement in online casino space that is brought about with blockchain and cryptocurrency innovation. For us, winning means finding an ultimate recipe for users experience, satisfaction, entertainment with best security measures, anonymity and honesty. We give the community the way to win on better and more accessible terms than the rest of the outdated casino industry, which is guaranteed by disruptive nature of high-tech tools used.
Blockchain- safe bet
Thanks to genius and heritage of Satoshi Nakamoto, Vitalik Buterin and their co-workers, the convergence of distributed ledger, smart contracts and ERC-20 tokens enables all of the Bitwin casino products to follow the exact same game logic as they are designed to, leaving no room to tamper with it in any way, by anyone, be it the casino or the players. Sealed set of internal instructions and casino mechanics based on blockchain is a guarantee of immutability providing each and every player with a set of honest and evident rules.
Without blockchain and smart contracts Bitwin would not be able to be honest about platform computations, especially those that play a role in generating random numbers, which are the most essential puzzle in providing a scalable and fair casino products. Any casino, which does not show RNG evaluation method, can tamper with the results in its favour. What is more, the technology involved allows our casino to show an auditable method of random number generation, that every player and casino customer can check and verify.
Blockchains, being the hope of many fields, can also be a bit problematic. They have limited capacity, long confirmation times and lack desired scalability. To further enhance existing Bitwin blockchain efficiency we decided to use Raiden Network. It will utilize mesh payment channels, which write only the first and final result onto the casino public ledger, limiting on-chain activity to a minimum. This way we will able to bypass Ethereum global consensus algorithm, which means that the decentralized net of computers will not have to give you consent each time you pull the handle, push a button or hit the card. Therefore, Bitwin being the newest kid on the block(chain), equipped with the best recent technological advancements, will not be bothered by any of the obstacles that occur with brilliant, but slow, Ethereum blockchain that recently provides 10–12 transactions per second for the whole ecosystem (on a global scale), and starts to be too expensive, especially for online casino purposes.
RNGs aren’t the only problem haunting a contemporary galaxy of gambling. Players can be cheated in an innumerable ways. Owners or employees of gambling projects can have access to administrator rights, allowing them to see players hands in card games. Online casino superiors can rig odds of any game in their favour or deliberately miscalculate prizes, occasionally or constantly. Customers accounts can be terminated by platforms sole discretion, providing no or made-up reasons for cessation plus, there exist thousands of known ways to delay or freeze payouts. On top of that, some platforms do not even honor players with positive multi-annual withdrawal history. The icing on this shady cake belongs to banks, which after gambling restriction in given areas, can block accounts and confiscate players winnings.
With credible rules overwritten on blockchain neither Bitwin, nor anyone else can do any kind of fraud and mishandle the funds. Platform infrastructure is sealed and immutable, which can be verified by any smart contract audit. Players are awarded with winnings in exact amounts, facilitating a user-friendly ecosystem they deserve. Our effort allows us to offer the most updated and fair gaming environment possible, with 100 percent accuracy and fairness verifiability from the interested parties. While the general opinion about online gambling is that games are very much rigged, Bitwin found a way to prove a crystal-clear transparency, which could also become an open standard for the industry.
*If you have any questions, please feel free to email us: [email protected] or ask directly in our announcement thread at Bitcointalk forum: https://bitcointalk.org/index.php?topic=5081449
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