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future-gambling-cards

Crypto to Have More Impact on the Future of Online Gambling

Over the past decade, cryptocurrencies have, without a doubt, been one of the most influential technologies on the planet. Even though most people may only be aware of a couple of cryptocurrencies and a few rather mainstream applications, there is much more that underlies the industry. These are mostly in niche sectors but they have been significantly impacted nonetheless.

One of the growing numbers of areas where digital currencies and the blockchain are making a wave is in the gambling sector. This is especially true for the online gambling sector. For this piece, we are interested in breaking down some recent developments involving two digital currencies.

BlockchainTRON (TRX) Revolutionary Technology

On online gambling websites, bitcoin still reigns supreme but it has been receiving massive competition from BlockchainTRON (TRX) which is viewed by many to be a viable alternative. That said, as hard it may seem, there is a chance that the digital currency could potentially match up to or even dethrone bitcoin in the online gambling space.

Right off the bat, the TRX project is mainly aimed at ensuring the provision of a decentralized global digital gambling and entertainment system. In its quest to achieve that, it has managed to outshine bitcoin and some other digital currencies in a number of ways including its ability to provide simple and cost-effective sharing of digital content.

Perhaps the biggest advantage that TRX has is the fact that the platform already boasts of having a number of decentralized apps (dApps) on its network. Most of these ones are online casinos with a plethora of casino games that players can dive into.

As such, the future of online gambling will certainly be tied to crypto and blockchain technologies in one way or the other. TRX will definitely be a part of that thanks to its decentralized TRON blockchain platform.

The Rise of Tether

A year ago, Tether was not a very recognizable name, especially among mainstream users. However, things have changed dramatically with some digital currency payment processors revealing that they were recording up to 30 times the number Tether transactions they were processing last year.

Despite the controversies surrounding its use – there are speculations that it is being used to manipulate the prices of other digital assets – Tether actually has so much to offer. Its main selling point is its stability, that is, it was built on the principle of stability with its price being kept at a 1 to 1 ratio with the US Dollar. This is achieved through the use of reserves. It is this feature that has made it so popular among hundreds of merchants including a number of popular online gambling platforms.

In fact, it is being used in place of many other cryptocurrencies which is definitely proof that it might just be here to stay.

quantum

Crypto Industry Preparing for Google’s “Quantum Supremacy”

Recent reports have suggested that Google appears to have reached an impressive milestone that is known as “quantum supremacy.” This basically means that the company has managed to use a quantum computer to perform calculations that are practically impossible for classical computers to solve. Referred to as Sycamore, Google’s quantum computer was able to perform the fete with only 54 qubits – one of which reportedly failed to work. This is quite impressive especially considering the fact that for quantum computers to really come into their own, they will need up to thousands more qubits.

While this is certainly great news for tech enthusiasts who are interested in quantum computing, it has sent the crypto and blockchain communities into a frenzy. For a very long time, members of the crypto community and cryptography experts have debated endlessly about the potential impact of quantum computing on digital currencies.

In fact, since the first digital currency came to be, researchers, technologists, and governments have developed deep interests in building software that is aimed at mitigating the threat of quantum computing. While still largely theoretical, quantum computers such as Google’s Sycamore, are considered to be able to vastly speed up the process of solving complex computations. This poses a huge threat to existing cryptographic technologies such as cryptocurrencies and the blockchain.

David Chaum Calls for Quantum Resistant Technology

After news of Google’s massive breakthrough hit the airwaves, David Chaum who is considered to be the “godfather of crypto”, weighed in on the issue by calling on the blockchain industry to focus on quantum-resistant technology. According to the cryptographer, the threat may already be quite real since there is no sure way of telling how long various nations have been working on the development of quantum computers. In retrospective, a number of governments have in the past been in possession of advanced cryptographic capabilities for extended periods of time without anyone knowing.

“The news that Google has achieved quantum supremacy strengthens my belief that quantum computing is coming and as a consequence, I believe we should all use approaches that are quantum-resistant,” he said.

Chaum further took the opportunity to share some details about his own digital currency which itself is supported by Praxxis, a quantum-resistant blockchain.  The Praxxis protocol utilizes quantum-resistant signatures based on large random numbers while simultaneously overcoming the challenges faced by legacy blockchains. These include such things as scalability, privacy as well as security. Praxxis was developed by a team of cryptographers and developers under Chaum’s leadership and it features a new approach to consensus.

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China’s Digital Currency to Launch Soon

The central bank of China is reportedly ready to launch its state-backed digital currency and once launched, it will be initially issued to seven institutions over the next months. According Paul Schulte, an independent researcher and formers employee of one of the institutions, the Industrial and Commercial Bank of China, the Bank of China, the Agricultural Bank of China; two of China’s largest financial technology companies, Alibaba and Tencent; and Union Pay, an association of Chinese banks, will receive the cryptocurrency. There are also reports that there is an eighth institution that will receive the central bank’s currency when it finally launches.

While the institutions have not officially released any information pertaining to the plans for the digital currency, the country’s government has previously confirmed that the technology that will be powering the currency has been ready since 2018 and it could launch as soon as November 11.

Once it is launched, the institutions that will be issued with the digital currency will be responsible for dispersing it to China’s 1.3 billion citizens as well as to people doing business using China’s fiat currency. Furthermore, the Chinese central bank has hopes that the currency will eventually be availed to users in other parts of the world through relationships with corresponding banks in those jurisdictions – the United State is one of the prime candidates for these plans.

Why Is China Launching Its Own Digital Currency?

China has one of the biggest informal or black economies on the planet and this makes the collection of taxes very difficult.

“The major business for most underground banks is now contra payments, leading to huge capital outflows and great damage to society. It’s the major target of our crackdown,” reveals a recent notice issued by China’s Supreme People’s Procuratorate.

The People’s Bank of China (PBOC) believes that the introduction of a state-backed digital currency will help it take back control of certain aspects of the economy and crack-down on the black economy. The currency is intended to offer “controllable privacy” which will allow users to transact without having to give away personal information. To achieve this, the currency will be “loosely coupled’ with an account. However, for the sake of mitigating against tax evasion and other illegal activities, the People’s Bank of China will be able to view the transactions.

“…there will be variable transaction fees, as well as daily and annual transaction limits to give the central bank more tools to control the velocity of money and its supply when interest rates cease to be a viable channel for intervention,” the Vice Governor of the bank said.

Lowering the cost of transactions is another aspect that the bank hopes to achieve in its bid to make financial services more widely available. Needless to say, this will be a huge development for the country since a significant portion of the population is unbanked.

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Casino Web Scripts Releases Three New Crypto-Themed Games

Following the success of Bitcoin Billion, the crypto-themed slot game that it released in 2018, Casino Web Scripts has taken yet another leap by adding three more games to its portfolio. The three new games that the game developer currently has under its belt include a dice game and two tile-guessing games – the latter are very similar to the insanely popular Minesweeper game.

The Dice Game

Casino Web Scripts new dice game is referred to as Crypto Diceometer and it is a provably fair casino game that boasts of a number of mind-blowing features. The game has some pretty simple rules and includes some very smooth and exciting animations which make the gaming experience truly exceptional.

When it comes to gameplay, all that players need to do is guess the correct sum on the dices that pop up on their screens. This sum has to fall within an interval which the player must select before the dice ate thrown. Very simple, isn’t it? For this reason, the game is a great pastime option for just about any kind of player since no gambling skills are required.

The Tile-Guessing Games

The first of the two new tile-guessing games is Rock Paper Scissors Tile-Adventures. In this game, the player is required to select Rock, Paper or Scissors after which they will reveal a tile that they can beat with the selections. Here, the goal is essential to reveal as many winning tiles as possible.

Next, we have the Crypto Persian Prince tile-guessing game. As its name suggests, this unique game comes with an Arabian nights theme that will certainly appeal to any player who looks good-looking titles. The amazing tile-guessing game is all about testing one’s luck – the players are tasked with revealing as many magic lamps as possible without coming across as a thief. If you are lucky enough you might even get to land the game’s huge jackpot.

More to Come

Casino Web Scripts reportedly has plans for even more crypto-themed games especially now that the cryptocurrency market has regained its high value. That said, we can look forward to many new card games as well as a new version of slot tournaments.

This is, of course, going to be made easier due to the fact that Casino Web Scripts has already established itself as a reputable market leader when it comes to the creation of high quality and popular games and software. Its products and services are used by several popular online and mobile gaming companies.

libra

Facebook’s Libra and the Future of Digital Currencies

A few weeks ago, Facebook Inc. announced it plans to launch Libra, a blockchain-based payment system that the company has described as a new “global currency”. This term may seem very familiar and this is because it has been thrown around especially when describing other digital currencies. However, unlike most, if not all other cryptocurrencies, Libra is actually backed by real assets and is pegged to stable government securities.

As a matter of fact, the project has already partnered with several corporate partners who include global financial companies such as PayPal, MasterCard, Visa and Coinbase among others – each of these companies has contributed at least $10 million for the initiative and Facebook plans to partner with as many as 100 companies and accumulate $1 billion in assets by the time Libra goes live in the first half of 2020.

The Goal

Needless to say, Facebook’s announcement was not like any other digital currency unveiling. This was not just another blockchain and there is a very good reason why. So, unlike other digital currency offerings, Facebook’s new venture aims to bank the unbanked population (1.7 billion people) and this is what makes it such a big deal.

Obviously, providing financial services to such as a scale using relatively new financial technology is definitely no easy task but this is where Facebook’s resources and the members of the Libra Association come in. Putting those into consideration, it is pretty clear that the project was well thought out which is expected of any company that hopes to break the ground on new and innovative ideas.

How It Works

Libra is expected to allow people to purchase goods and services as well as send me to others with almost no fees. Users will also be able to use pseudonyms to buy or cash out their Libra on a number of online platforms or at exchange points such as grocery stores. They will also be able to spend the currency using third-party wallets or Facebook’s Calibra wallet that will be offered using a standalone app and will also be built into WhatsApp and Messenger.

Fortunately, the digital currency and platform offer some form of decentralization since Facebook will not have full control of Libra – just like the other members of the Libra Association such as Uber and Visa, the behemoth tech company will only get a single vote in the governance of the new currency. The Libra association as a whole will be tasked with promoting the open-source Libra Blockchain as well as the currency’s developer platform with its own Move programming language.

Moreover, Calibra, a subsidiary company, is also being launched by Facebook and it will be tasked with handling crypto dealings and protecting the users especially from targeted advertising. To achieve this, the company will ensure that the users’ real identities are not tied to their publicly visible  Libra transactions.

Vivo-gaming

Vivo Gaming, BitcoinCasini.io Partner for Live Gaming

BitcoinCasino.io has recently implemented some huge improvements to its gaming platform by adding Vivo Gaming’s extensive library of live casino games. The platform’s customers will now have access to a plethora of amazing slots, as well as various variants of roulette, craps, baccarat, bingo, and poker.

Vivo Gaming is a renowned developer of liver dealer gaming solutions that specializes in the aforementioned live dealer games in addition to sports betting software, RNG games, and other digital gambling solutions. With over 15 years’ worth of experience in the gaming industry, the digital solutions provider has built a reputation for being the supplier of some of the best live dealer gaming products for online gambling operators.

As it stands, Vivo Gaming holds a total of two licenses from First Cagayan and Curacao Gaming – the First Cagayan is the “first gaming jurisdiction that allows gambling establishments to operate in Philippine’s Cagayan Special Economic Zone”. Furthermore, the company is also certified by the renowned Gaming Labs which is responsible for making sure that the software suppliers comply with international gaming standards and regulations

What It Offers

Vivo Gaming is a great partner for a number of gaming platforms, particularly because it offers non-stop gaming services to the operators. This is made possible by the fact that the company streams their games from a number of different places including Costa Rica, Curacao, Asia, and many other places. Its outstanding services has seen it partner with many of the top gaming providers including BetSoft Gaming and Rival Gaming.

Moreover, the digital gaming solutions provider has worked hard to develop all of the fan-favorite traditional casino table games and many other Asian games like Sic Bo – these are available in the live dealer format. Unfortunately, its game portfolio is only available on Android-powered devices at the moment. However, there is a possibility that the company may be working on a dedicated app for iOS-powered devices.

Good News for BitcoinCasino.io Players

One of the most notable features that BitcoinCasino.io players will now be able to enjoy is the ability to play Vivo Gaming’s live dealer suite and simultaneously bet on multiple tables through the Multi-Game Play window. In addition to that, the platform will also be able to incorporate multi-use, multi-lingual and multi-currency interfaces as well as mini side-game betting during various games.

Even more exciting is the fact that the live dealer games will allow the players to talk to the dealer as well as other players. This will be possible across a wide range of devices including desktops, tablets, and even mobile devices.

DAO.Casino-Mixbytes-partnership

DAO.Casino, MixBytes Partner for Gambling 3.0 Blockchain

Global blockchain adoption has been a trend for the past several months, a very positive development that will hopefully help the industry to recover after the ruin that the crypto market went through because of the bearish trends of the last year. Investment in Distributed Ledger Technology (DLT) startups increased significantly as venture capitals and many other investors put on more than $5 billion in the space, with the hopes that it will deliver on the promised blockchain-powered future.

Fortunately, the industry is slowly taking shape and until now, there have been a number of industries that have moved to adopt the innovative technology and more are expected to join the bandwagon sometime in the near future.

Some of the most notable developments include the increased number of crypto-powered online casinos or gambling platforms that have come up in the recent past. While this comes as a little of a surprise especially because the gaming industry is known to be one of the earliest adopters of emerging technologies, it is great news for the global crypto and blockchain communities as it represents a huge leap forward in the bid to have both sectors go mainstream.

As the blockchain and crypto gambling industries continue to blossom, DAO.Casino has inked a partnership with Mixbytes to build a brand-new Digital Ledger Technology (DLT) platform that will capitalize on the growth of the online crypto/blockchain gaming segment.

Unified Blockchain Solution for the Gaming Industry

Some of the biggest issues that have plagued the online gaming industry include the lack of trust and the security of players’ funds. Various blockchain and crypto technologies have been able to address these issues but the new gambling 3.o blockchain platform is set to things a notch higher – according to a DAO.Casino tweet, the intention of the partnership is to build a platform that will “provide unified blockchain solutions for the gambling industry”.

The partnership is a strategic move for both companies as it will ensure that there are more high-level experts taking part in the creation of the new platform, which will hopefully define the future of the online gambling industry and blockchain applications.

“MixBytes are to provide DAO.Casino with thorough consulting and collaborate to create the DAO.Casino Blockchain, featuring all the necessary technologies to ensure the future prosperity of decentralized gambling, as finality, random number generator, high throughput, low latency and more,” DAO.Casino officials said.

The new blockchain will put major emphasis on the reduction of transaction times as well as the improvement of existing security features. DAO.Casino’s plan is likely to go very smoothly especially now that it has already established itself as a prominent name in the world of crypto-powered online gaming.

FortuneJack

FortuneJack Taking Bitcoin Gambling to the Next Level

FortuneJack, an online crypto-based casino that allows its users to enjoy the real casino from the comfort of their homes has been all the buzz lately thanks to its wide array of dice games, different kinds of online slots, betting games and roulette.  Having been around since 2013, the gaming platform has built a reputation for itself as a provider of top-notch gaming experiences that have recently been complemented by the launch of their new mobile gaming platform that is definitely going to resonate with the modern breed of gamers who love to do everything on the go.

Being one of the pioneering crypto-powered gaming platforms, FortuneJack has grown to become a household among crypto gamers. To make things even better, the platform has managed to significantly puss up its portfolio of digital currencies – in essence, it allows you to place bets using virtually any mainstream cryptocurrency. The list of available digital currencies includes bitcoin, Ethereum, Litecoin, Dogecoin, Zcash, Dash, Bitcoin cash, and Monero.

Other Perks

The impressive number of supported currencies aside, FortuneJack has a ton of other great features that will certainly appeal to almost all kinds of players. In essence, the platform checks all the right boxes and thus it is likely that it will have most of the features that are found in other top online gambling sites.

One of the most notable of these features is the FortuneJack design as well as its user experience, both of which have been improved significantly over the years. Even the recently introduced mobile version of the site is, by all means, just as good or even better than most of the available online casino offerings. Now only does the apps feature an extensive game catalog but it also packs better navigation features that make playing on it a breeze regardless of where you are using a smartphone or a tablet.

More importantly, safety and security are key considerations for players in the modern age especially with regards to financial transactions. FortuneJack features provably fair games that are decided by a truly defined by a truly random RNG (Random Number Generator). Combined with the power of blockchain technology, the platform offers some of the best security features in the online gaming industry.

In addition to all this, FortuneJack also has a neat portfolio of games that are compatible across all compatible devices. More recently, the company recently debuted a Bitcoin Sportsbook that allows players to bet on a wide range of sporting events including basketball, hockey, soccer, volleyball, and football. Moreover, the online gaming platform also offers a ton of promotions such as free spins as well as weekly promotions like cashback and decreased house edge as well as many others.

Crypto-Gambling

Can Crypto Replace Credit Cards for UK Online Gambling?

The UK Gambling Commission, in March 2018, announced that it was mulling over a possible ban on the use of credit cards on online gambling sites. This consideration came up following the commission’s report on responsible gambling measures where it was found that the availability of credit card payment options at online casinos was a viable cause of harmful gambling tendencies among a considerably large number of people.

According to the commission’s report, approximately 10 to 20 percent of all the deposits that were made to online gambling sites in the country were made using credit cards. In essence, this implies that close to a fifth of all the online gambling that was carried out in the United Kingdom was facilitated by borrowed money. This even becomes a much bigger problem when we factor in the fact that most, if not all, of the involved credit card companies treat these transactions in the same exact way that they treat cash advances – that is, they do not come with an interest-free period, may entail exorbitantly higher interest rates and often incur varying amounts of handling fees. Combined, these are the ultimate ingredients for problem gambling and never-ending financial woes for given groups of people – problem gamblers.

The UK Gambling Commission has taken a more proactive approach in the way it handles its activities of late and thus if things keep going the way they are, it is possible that it will indeed proceed to regulate a credit card ban of some kind.

What Next?

Naturally, if it so happens that the use of credit cards for making online casino payments is banned, both the consumers and operators will need to find viable alternatives. Some of the ones that have already been floated around include e-wallets and bank transfers both of which are actually quite reasonable. However, by far the most revolutionary and perhaps the most appealing is blockchain technology and the associated digital currencies.

Needless to say, cryptocurrencies have grown immensely popular over the past few years and within that time a number of online gambling sites have adopted their use in a number of different ways. This implies that there is already a sense of direction and thus it should not be so hard to have digital currencies completely replace credit cards as a payment option on online gambling websites.

There are a number of advantages that a crypto-powered gambling service would have but it is important to note that there will equally be a unique set of challenges. Still, with the looming ban on credit card use on online gambling websites, it will definitely be a great time to advance the agenda for mainstream adoption of blockchain and cryptocurrencies.

crypto-hack

Cryptocurrency Exchanges Lost More Than $1.5 Billion in 2018

2018 was indeed a monumental period for the cryptocurrency community primarily because of the various highs and lows of the industry as well as the many innovations that we got to see. Some of the most notable occurrences were the loss of funds by a number of exchanges all over the world. It was hard to keep track of the amounts but now, thanks to a Q4 cryptocurrency Anti-Money Laundering report that was published by CipherTrace, a blockchain intelligence agency, it has been revealed that criminals stole a whopping $1.7 billion of cryptocurrency last year. The company further pointed out that cryptocurrency theft is still on the rise despite the freefalling prices of cryptocurrencies as well as the savage bear market that the sector has been subject to.

Of the $1.7 billion that was stolen from the crypto exchanges and wallet providers, $950 million went to hackers. This was 3.6 times more than what was recorded in 2017 which further shows there is one increase in theft despite market drops – the price of bitcoin, for instance, has dropped in value by almost 80 percent. Obviously, this is a very worrying statistic especially for an industry that is trying very hard to achieve mainstream adoption.

The Reasons

As it turns out, many of the existing exchanges have been in operation for no more than two years and most of them do not have sufficient safeguards in place to prevent hackers from stealing their funds. The lack of these safeguards makes it possible for hackers to obtain simple files of cryptographic private keys and each can be worth anywhere between $30 million and $500 million. While this is the case with most companies, it is also worth noting that not all crypto-related businesses are not immature in terms of funding, implementation, and training – the tools and methods used by hackers are also becoming more and more sophisticated which means that even established companies that are considered to have better safeguards can lose funds or data due to hacks.

At least $725 million of the stolen crypto funds came from “inside jobs” which included exit scams, fraudulent Initial Coin Offerings (ICOs) and Ponzi Schemes.

Proposed Solutions

According to Dave Jevans, the CEO of CipherTrace and co-chair of the Cryptocurrency Working Group at the APWG.org, the cryptocurrency sector needs to implement huge improvement to their infrastructure and increasing education in order to prevent such kinds of attacks. Such measures could involve the use of robust anti-phishing measures, cold storages as well as data sharing and behavioral analytics. Fortunately, thanks to the global wave of regulations that will be going into effect anytime this year, laundering of digital currencies by hackers and criminals will be much harder to do. Hopefully, it gets better from there.