‘Don’t trust us; trust the code’: The company aims to overcome the obstacles plaguing the gambling industry, even in the decentralized world.
Gambling has been part of human history since the very beginning and its reputation never really has improved over time. The arrival of Blockchain technology might truly make a difference. SP8DE, a new Blockchain-based gaming project, aims to bring a platform capable of supplying unbiased public randomness for developing and running casino apps.
No more trust issues
SP8DE is built on Ouroboros, the POS protocol underlying Cardano Blockchain. The company intends to overcome the obstacles plaguing the gambling industry, even in the decentralized world.
First, each block has to be mined which can cause delays in the settlement of values, something no casino can afford if they want to keep their gamblers happy in the highly competitive industry. Blockchain settlement fees can also climb up pretty high scaring away newbie players taking the chance with low amounts.
When it comes to big money, you should trust no one and this is exactly the bizarre ethos of SP8DE- don’t trust us, but trust the code as they emphasize through their white paper.
For anyone with a great idea, the company wants to provide a platform where they can develop a compelling gambling application with no house edge, next to nothing for transaction fees, and generating provably fair random numbers.
Las Vegas 3.0
According to the company’s white paper, SP8DE’s protocol is transparent, autonomous and easy to understand. Their scripting language is the heart of the platform emphasizing the importance of simplicity and flexibility. All apps the developers will bring to life on SP8DE will be based on smart contracts using SPX, the platform’s native cryptocurrency. Each outcome from each game on the Blockchain will be conditioned upon the realizations of the coin tossing mechanism that fuels the Ouroboros protocol.
Thrilling as gambling in itself, SP8DE decided to bring the fun even to its token sale. Everyone who decides to gamble on SP8DE and purchase SPX coins during their Sale stages will be part of their Jackpot game where additional tokens will be distributed randomly among contributors. Just like in a casino, but here everyone wins. Though, those who join the sale earlier and buy more coins will have more chance to take on the house and win a larger share.
A fair game for everyone
The online gambling industry has really taken off since the dawn of the Internet, the early 1990s. It’s already an industry worth billions of dollars, but it projected growth can even reach one tln dollars by 2021.
No surprise, the crypto-economy has quickly sucked in the gambling industry, though it still mostly exists as a trendy option rather than the only. Without a doubt, providing anonymity for its users- ‘no need for documentation or even an account’- is one of its most appealing features for gamblers. Transparency is also an important aspect, but what makes the actual difference is it really opened up the door to people to make use of the cryptocurrency loophole in places where gambling regulations only apply to fiat money.
Casinos might never have a good reputation, they could be in Las Vegas or the digital world, but SP8DE might make the game a bit fairer using the Blockchain technology to its full potential.
SP8DE’s ICO has started on Jan. 8 and runs until March 8.
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Author: Kata Karath