The Role of Blockchain Technology in Online Gaming
Blockchain technology has become more and more prevalent in our daily lives. Although AI tech is the buzzword for 2023, blockchain tech isn’t going anywhere. In fact, because it’s decentralized, blockchain technology should become more and more significant to industries like online gaming.
Check out the role blockchain technology plays in online gaming and why it is important to the future of the gaming industry.
What is the Role of Blockchain Tech in Online Gaming?
Before getting into blockchain’s role in online gaming, it’s important to understand what we mean by gaming. There are two uses for the word gaming.
The first is regarding online video games like those on Roblox or Steam. Players don’t wager money on Roblox. Instead, they make in-game purchases.
For our purposes, gaming refers to making bets on sporting events and playing 3D games like those you’d find at the MGM hotel in Vegas. Now let’s get to blockchain’s role.
1. Decentralization is the key
The three facets of a blockchain are security, scalability, and decentralization. Among the three, the most important aspect is decentralization.
For sure, security and scalability play a role, and will discuss that role in regard to online gaming, but both are secondary to decentralization. So what does decentralization mean?
Regarding online gaming, or sports betting and casino gaming if you prefer, decentralization is the idea that you oversee your sports wagering account and your personal information.
For example, in a traditional sportsbooks, you must hand over multiple pieces of information so you can open an account.
This isn’t true when you open a bitcoin based sportsbook account like what you do via Nitrobetting. A Nitrobetting account requires an email. That’s it and you can start betting.
It’s truly decentralized in the sense you oversee funding your account, withdrawing from your account and, most importantly, you keep your information away from a second-party.
2. Security is the second part of blockchain’s role
Decentralization dovetails into security. A truly decentralized blockchain like Bitcoin, because the bitcoin blockchain runs on proof of work consensus instead of proof of stakes consensus, has built in security.
Proof of work blockchains, like Bitcoin, have inherent security because miners receive rewards for working.
What does this mean? It means that it’s impossible for someone to steal your transactions. Also, because online gaming companies like Nitrobetting are truly decentralized, you mustn’t give up any more personal information than providing an email address.
3. Scalability is an issue
The blockchain trilemma is how to create a blockchain that is sufficiently decentralized, provides enough security, and allows organizations to scale?
Scalability is important because, eventually, online gaming organizations will want to increase their player footprints, provide the latest betting options, and give their players the most possible they can from blockchain technology.
For now, bitcoin only based companies like Nitrobetting haven’t run into scaling issues. We, as players, mustn’t scale our personal bitcoin wallets. So, the issue isn’t there.
4. Future of blockchain technology
Companies like PraSaga have developed a way to scale by creating individual enclaves for companies and then further individual enclaves for players.
So when it comes to online gaming, the organization appears to have developed a way for online gaming companies to put their entire organization onto the SagaChain and then to have each of their players have a specific individual enclave account.
Keys, individual I.D.’s that can’t be changed or altered, determine who has access to each enclave. The SagaChain could be the future of blockchain tech and online gaming.
Where to Bet with Bitcoin
Sports betting odds are available here at Nitrobetting. Create a Nitrobetting account now to place your stakes on any of the top games every week.
This is just one of the many sports betting guides that you can read here at Nitrobetting news. Stay tuned for more previews, guides and articles.
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