Best Ethereum Casinos in 2021
Bitcoin appeared in 2009 and radically changed the whole concept of financial transfers. And in June 2015, Ethereum was invented. This new cryptocurrency rightfully competed with Bitcoin. At present, Ethereum is in second place by market capitalization. This currency is now used much more frequently than bitcoin, which started the development of the market, but which, has certain limitations. This means of payment offers much more options for its users. In addition to the ability to make more transactions per second, smart contracts are a distinctive feature. In this article we will talk about this cryptocurrency and name the Best Ethereum Casinos in 2021.
What is a smart contract
From a practical point of view, a smart contract is similar to a traditional contract or agreement; it allows the automatic checking of the contract’s fulfillment. This makes it possible for two strangers to interact financially, knowing that the outcome of the contract or agreement will be fair. And if one of those participants is a gaming operator, the distribution of winnings will be fair according to the terms spelled out in the contract.
Smart contracts work on the Ethereum blockchain, which verifies that all payments are added to history correctly. We will look at an example of how a smart contract works, as this topic in general may seem a bit abstract and may be difficult for people unfamiliar with the technology to understand. Let us imagine that we create a site where there will be a game like a game of chance, but instead of being controlled by humans, it will be fully automatic. The program code will execute the instructions in the following order.
- The rules to be followed in the game are set. This can be something as simple as a couple of simple conditions like the base parameter “if something falls out, there will be that prize”, or something much more complex. In our example, let’s imagine that you can bet on a number on which a dice rolls, according to the following rules: the bet is fixed and is only 1 euro; only 1 bet per round can be made on 1 number; if the roll of the dice matches one of the bets, the smart contract divides the prize by the number of players who chose that number. If no one wins, a total “pool” of prizes is created, which will accumulate until someone wins; the smart contract verifies that the result of the rolls is fair and random.
- The smart contract goes into effect every time more than two players place a bet, waiting 5 minutes for new players to be added.
- If more than two players bet and 5 minutes have passed since the first bet, the contract takes effect automatically.
- A roll of the dice is activated.
- After that there is a distribution of the winnings between the players, who won. In case no one wins, two more players wait to make a bet.
- Since the contract is executed in Blockchain, the Ethereum network monitors the correct execution of all stages, which eliminates the possibility of third-party misappropriation of funds, i.e., cheating by the site.
The Best Ethereum Casinos
- Crypto Games;