For anyone who likes to visit land-based casinos, a De Club casino in Macau is a dream destination. Looking to raise the bar, De Club is set to launch an ICO on November 15th in order to raise funds to build a blockchain casino. It’s partnering with Malta-based World Rich Global to issue its tokens, which will be originally launched using the ERC20 framework on the Ethereum blockchain. It plans to sell 20 billion “DEC” tokens in a bid to raise around $1 billion to fund the project.
Applying for Junket Promoter Licenses
After the ICO has been completed, De Club will begin setting up an offshore bank account, acquiring land-based casinos, and will apply for a Junket Promoter license. This will give the new land-based blockchain casinos the same level of freedom as a regular casino setup, but De Club’s new casino will obviously be powered by blockchain technology.
Is Blockchain Gambling Really Necessary?
There are many key proponents in the gambling industry that all agree upon the fact that blockchain doesn’t add anything customer facing to the industry. Blockchain casinos use provably fair games, whereby a result of the game is shown beforehand in a hash, and a random seed number is added to it to make the outcome totally random. However, blockchain technology isn’t great at randomizing things, so we could see a new stream of casino cheats emerge that solve the hash before the game starts in order to win every bet.
Using blockchain in the gambling industry will be useful when it comes to know your customer (KYC) checks and anti-money laundering (AML) as these can be performed once and then used at every casino.
Trust and Privacy Isn’t Gambling’s Biggest Issue
Blockchain isn’t actually solving the biggest problems in gambling, it’s more of a gimmick in many ways. When it comes to online gambling, there are vast amounts of bots lingering in poker rooms, cleaning out the tables. In fact, many believe that the online poker world is virtually dead due to all the bots participating in online poker. While this isn’t so much an issue in land-based casinos, blockchain could help to resolve this problem.
EOSBet Proving Blockchain Isn’t Best
One blockchain gambling site sticks out like a sore thumb – EOSBet. If there ever was an example of how not to use blockchain in a casino, EOSBet would be it. Due to buggy smart contracts, hackers have cleaned out EOSBet on a number of occasions, wiping thousands from its books. Due to the fact blockchain tech is still relatively new, there are bound to be lots of bugs in the code, making blockchain casinos rather susceptible to hacks.
Regular Casinos That Accept Cryptos are the Way Forwards
Until major developments occur in the blockchain casino space, regular off-chain casinos that allow players to deposit and withdraw using cryptos as well as fiat look like the place to be. You get the safety, trust, and excellent games that come with a traditional casino, but with the thrill of playing with crypto. There are more of these casinos popping up every month, but if you’re going to gamble with your crypto it’s best to do it somewhere with a great reputation.
BitStarz Casino was the first bitcoin casino to accept both cryptocurrency and fiat deposits, meaning that it has a wealth of experience in the field. In fact, it’s platform is so impressive that AskGamblers voted BitStarz Casino as Best Online Casino. So, if you’re going to gamble with crypto, head on over to BitStarz and sign up today – it only takes a few minutes.
De Club’s ICO kicks off next week and promises to be an interesting project. However, the ICO market has been a little sluggish lately, so the full 20 billion tokens might not sell out, we will have to wait and see. As for the advantages of a full blockchain casino, hopefully De Club has a trick up its sleeve and can prove that it serves a purpose.