Real Casino brings total transparency to online casino gambling
Real Casino is a cryptocurrency powered, distributed and decentralized global casino. As such it offers a completely transparent and auditable end to end interaction.
Blockchain is disrupting the Casino Market
While it might be possible for blockchain technology to eventually disrupt everything from social media to ride sharing, there are certain industries which are particularly suited to blockchain usage and which therefore will be disrupted first. Gambling is one such industry.
One of the first non-currency uses of blockchain, in fact, was in 2012 when Satoshi Dice was coupled to the Bitcoin blockchain and used as a provably fair way to generate and gamble on a random number.
Blockchain works particularly well with gambling because it enables transparency, something that has always been lacking in the industry.
A walk through the process demonstrates at each step the transparency enabled by blockchain:
Cashing In and Out
Our cryptocurrency is called Casino Hybrid Interactive Play System(CHIP). It is powered by Ethereum so it can be held by any Ethereum based wallet. Players make bets in CHIP, bets are paid out in CHIP, and all providers within the platform are remunerated in CHIP.
Since CHIP is a cryptocurrency, all transactions are recorded on a public blockchain that is linked to Ethereum. This means transactions have the transparency, security, and immutability associated with the Ethereum public blockchain (the second biggest after Bitcoin). Using a block explorer tool, for example, anyone can verify which transactions have been confirmed and monitor the holdings of any public wallet address.
As a cryptocurrency, CHIP can easily be traded for other cryptocurrencies like Ethereum, Dash, Monero, etc., which can be used to purchase real-world items or exchanged for fiat currency. Players can therefore cash in and out of the system almost instantly. There is no waiting for site or credit card approval. Additionally, cryptocurrency transaction fees are significantly lower than credit card or site fees and are always clearly displayed (transparent).
Making Bets
All interactions in Real Casino are recorded on the public blockchain. This means that once a bet has been made and confirmed, there is no possibility of later disputing its validity.
Calculating Odds and Taking Bets
Real Casino's platform decides the odds for games and displays odds and bets in public, allowing the decentralized network of nodes to pick up bets at the publicly displayed odds. This decoupling of the "house" from the "event" means that the node taking the bet becomes a totally autonomous and independent third party. Again because all information is open and recorded on the public blockchain, the process is completely transparent.
Provably Fair and Transparent Randomness
Since the advent of Satoshi Dice, the concept of a provably fair random event recorded on a public blockchain has been tested and confirmed. Through a combination of the encrypted hash of the gaming server, the browser hash of the user, and a ͚nonce͛ (an arbitrary number that may only be used once), random numbers are generated and then publicly recorded on the blockchain for anyone to confirm at any time. All random events generated on Real Casino͛s platform are therefore provably fair in the most transparent way possible.
Hybrid Approach
Real Casino knows that the online casino consumer expects a certain level of entertainment that with the current state of blockchain technology is impossible to achieve in some aspects of gambling.
That's why we are also mixing real world events like roulette and sporting events with blockchain based bets. This of course has the drawback of (for some types of bets) removing a portion of the transparency that goes along with a purely blockchain based platform. On the plus side, because our platform acts as a bridge between the real world and the blockchain, we enable a global betting platform that allows betting on any event.
About REAL CASINO
Real Casino is an Ethereum powered distributed Global casino that utilises Blockchain and smart contracts.
As founders of the first Live TV Roulette (NetplayTV PLC), REAL CASINO builds upon a tradition of Innovation and unique Live Gaming Solutions for mass market participation.
We firmly believe that Crypto based casinos will prove a major disruption to the online industry. We have the team, technology, focus and determination to become a major provider.
Our mission is to leverage the decentralised power of Ethereum Smart Contracts to deliver a global casino platform that uses real (live dealers) and virtual (smart provably fair) events to provide the ultimate transparent gaming experience.
A server-less 24/7 globally distributed platform is an on-line operators and players dream, allowing a low cost yet highly scalable product and resulting in lower margin.
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