Building Casino 2.0
Online casino is now over USD 50 Billion industry (as of 2019) and is expected to grow at 11.5% CAGR yearly. It is also becoming more relevant than ever with social distancing and limited access to off-line casinos due to COVID-19. Online casinos have been especially popular due to its availability and flexibility of location and time, but also due to its privacy. Obviously, there are many who still prefer the sound, look, and feel of playing at an offline casino with human interaction that creates a whole experience of a casino over gambling, but moreover, some are turned off from an online casino due to more fundamental reason of trust.
The main problems of online casinoes were that players did not have an existing trust with those who run the system and often were scammed of their winnings and deposits. Another major factor of distrust came from the true randomness of the game outcomes. Like all things with the internet, there are vicious websites that are designed to rig the winnings and minimize losses at all costs.
In 2012 a new type of online gambling appeared that changed the concept of online gambling and became the cornerstone for what we now know as crypto casinos. A popular site with a blockchain-based dice game, a game of guessing the outcome to be higher or lower than the result of the dice roll, was revolutionary in 2 major ways, fairness and no deposits. Provably fair is a verifiable fairness algorithm used in online gambling, and the implementation of blockchain and the hash result of its seed value made it random, retraceable, and irreversible. There was also no commitment to the website such as signups and deposits to be made, and players could easily go onto the website, choose the amount they want to bet, and send it through a QR code. Their winnings were instantly sent into their crypto wallet with zero confirmation, so they had no risk of not receiving their winnings no matter how large the amount. This service was so revolutionary, especially to the crypto community at the time, that the address for their transaction was one of the addresses with most transactions on the Bitcoin blockchain for quite a long time.
In recent years, some began to question the provable fairness of the popular dice game site as Bitcoin went through numerous hard forks. Some began to speculate that the random seed value was no longer being used to generate the random outcome of the dice which defiles the provable fairness of the service as a whole. Questions were asked directly to the service operators, yet it is believed there is no clear answer to the speculation on the site’s behalf. As the game’s popularity became prominent, there have been numerous similar games out there, but the crypto-based online casinos and games all require deposits and payouts and have not been able to replicate the original experience.
Peergame aims to bring back this original experience and further enhance it into an evolved form. Our top priority is to provide our gamers with easy, fast, and fair gaming experiences, and we achieve this through what we call Casino 2.0. Easy and fast is achieved by having all the games on-chain, which allows gamers to bet and receive payouts via their private wallets. The bet amount is instantly deducted, and the payout is instantly added. This removes the hassle of depositing funds into the casino, and the unnecessarily hard steps and long waits to withdraw payouts. Fairness is achieved through the use of blockchain and implementing our own tools in every game that allows all gamers to easily search and review the details of their bets and results using TxID. Such transparency eliminates the discrimination of gamers who are not very familiar with blockchain and cryptocurrency, providing a safe environment with open fairness to all. With the goal of delivering the best possible gaming experience to our gamers always first in our minds, we will continue our journey to provide Casino 2.0 to all.