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.
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.
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