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Curacao Licenses First Ever Smart Contract Ethereum Casino
The government of Curacao, one of the world’s most well known regulators of online casinos, will be continuing its industry leading innovation by licensing the first ever ‘smart contract’ Ethereum Casino.
The recipient of the license, an online casino known as ‘Edgeless’, has become the only operator currently in existence to use the Ethereum blockchain to offer regulated online casino games.
How Do Cryptocurrency Casinos Work?
Prior to this innovation, online casino banking transactions worked exclusively in the mold of traditional casino cashiers. Players would deposit money onto their online casino accounts, play games powered by different gaming software, and have wins added to those accounts before finally withdrawing from them.
Bitcoin and other cryptocurrencies operate in this space in exactly the same way. Although the Bitcoin transactions are anonymous within the blockchain, BTC is still deposited/withdrawn just like any other fiat currency would be.
While this banking method was certainly revolutionary, it is still a ‘banking method’ at heart.
Ethereum Blockchain Online Casinos
The new ‘smart contract’ innovation blows this old ‘banking method’ model out of the water.
Edgeless’ use of smart contracts will allow players to play games that are intertwined with the banking itself. Instead of “depositing” and then “withdrawing” the player’s Ethereum account will automatically fluctuate with the results of gameplay.
This is cutting edge stuff. Players around the world will no doubt be excited by the prospect of eliminating all of the middle steps and instead enjoying truly instantaneous transactions.
Incredible Pace of Innovation
Beyond the immediate prospect of convenience this new license offers, the major story here is the incredible pace of online casino innovation. It was only a decade ago that players looking to enjoy the thrilling action of gaming had to find themselves at a brick and mortar building.
Today, new gaming and payments technology is making it increasingly easy to get in action. With barriers to entry falling all the time, everyone is looking forward to the day when the money transactions required to play your favorite games will be truly effortless.