The cryptocurrency revolution has not only created a new way for people to transact, but it has also invented an exciting protocol that allows players to gamble in a safe and secure eco-system. This innovation is known as provably fair gambling and it guarantees beyond all reasonable doubt that online casinos are playing fair.
This article will explore what the provably fair protocol is, how it works and why the online casino industry needs it.
Online Gambling Before Provably Fair
Before understanding what provably fair is, it is highly relevant to first ascertain why it is needed. Online casinos have been around since the mid-1990s and they allow people from all over the world to access gambling products without leaving their home. This can be anything from roulette, blackjack, slots and practically any casino game that can be replicated in the form of software.
Although regulation has come a long way since the very early days of online gambling, players are still at a distinct disadvantage when it comes to trust. How do you know that the games you are playing are true and fair? What’s stopping the online casino from simply rigging the game to ensure they always win? These are common concerns that traditional online casinos can never truly satisfy.
The fundamental reason for this is that fiat casinos keep all of their gameplay data behind closed doors. This centralized system means that there are no mechanisms in place for players to audit the underlying software. In this sense, there needs to be an element of trust. However, as history suggests, centralized operators cannot be trusted in their entirety.
Time and time again we hear horror stories of unsuspecting players losing vast amounts of money – completely oblivious to the fact that they never stood a chance of winning because the casino was subsequently rigging the outcome of each game.
With all of this in mind, it wasn’t until the launch of a provably fair gambling platform that players finally had a savior.
BitZino – Gone but never forgotten
In 2012, yet another Bitcoin-only casino entered the world of online gambling – BitZino. However, this time the casino stood out like no casino had ever stood out before. For the first time in history, players now had a way to guarantee that each and every gaming outcome was being generated fairly. BitZino – who hosted a variety of casino games such as blackjack, craps and roulette, were the original innovators behind the provably fair design.
Although the platform was ultra-basic with graphics that resembled a Windows 95 operating system, players loved it because they knew there was no way that the BitZino team could manipulate the outcome of the result. On the flip side, as provably fair is a two-way safeguard, it is also guaranteed to protect the casino from any players who attempt to override the software generator.
So now it’s time for the golden question. How does provably fair work? Let’s find out!
How does provably fair gambling work?
First and foremost, it is important to remember that provably fair gambling is based on the art of cryptography. If you have the slightest of interest in cryptocurrencies and blockchain technology, then you will know that the underlying software is immutable to malpractice. As a result, provably fair is ultra-secure from the threats of hacking.
Let’s say for example you are playing at an Ethereum casino and you decide to hit the blackjack table. You ponder for a couple of minutes about what kind of stakes you want to risk, before placing the equivalent of 1 ETH on to the table.
Knowing full well how blackjack works, you know that there are three basic outcomes. Either beat the dealer and double your money, you hit blackjack and increase your money by 2.5 times or alternatively, the dealer beats you and you lose your money.
In this sense, you have some clear and identifiable pre-defined odds, which for clarity – we’ve listed below.
- Player ends game on higher number than dealer: 0 (Evens)
- Player hits blackjack (6/4)
- The dealers wins and you lose your stake 0 (Lose)
As you have decided to use a provably fair gambling platform, you know that the above odds are true and fair. But how does the protocol generate the outcome?
Well, before your virtual cards are dealt, the provably fair gambling protocol creates a random seed that is cryptographically generated. However, it is not just the casino that generates a unique seed, but the player too. As a result, the two independent seeds are combined together to generate the outcome of the game.
Every single seed that the provably fair protocol generates can be transparently verified by anyone who chooses to!
Where can I find a provably fair gambling website?
If you are a fan of gambling and like the sounds of what provably fair can do, then you’re in luck – as there are now a small selection of credible crypto casinos that can be trusted. We say small, because although there are now hundreds of Bitcoin and Ethereum casino platforms currently offering their services, we have narrowed down our whitelist to just five.
The reason for this is that although having a provably fair gambling facility is hugely important, there are other factors to also consider. This includes things such as ‘Is the casino licensed?’, ‘What games do they offer?’ and ‘How long do withdrawals take?’
In this sense, the five provably fair gambling sites that we recommend are all in full receipt of a gambling license, they all have a significant range of games and they all offer instant withdrawals.
Moreover, all five of the platforms we recommend offer a highly significant welcome package, meaning that by registering an account for the first time you are afforded with a 100% matched deposit bonus. To help you along the way, we have independently reviewed the casinos in question and have even supplied a simplified step-by-step guide on how to get started.
Don’t forget, to ensure that we provide you with the most reliable reviews that we can, we go through the entire end-to-end gambling process ourselves. This means that we actually open an account, deposit funds, play through their games and then finally – test out the withdrawal process.