When the value of bitcoin exploded, it opened the door to a wide world of cryptocurrencies. Until that moment, it was assumed by a majority of the world that bitcoin was the only for of cryptocurrency to choose from. Now Ethereum is gaining popularity along with the Ethereum casino.
It’s important to understand that Ethereum is a platform and not a cryptocurrency like bitcoin. It is an opensource platform to be exact, which is designed to build and distribute decentralized applications which are known as dapps. Dapps are used to operate on thousands of networks around the world.
There is no server for these applications, they operate solely in a peer-to-peer fashion. Theoretically, using peer to peer network would open the door to potential threats, but with the smart contract system in place, Ethereum is the safest way to make a transaction online. The value of Ethereum goes up as more applications are written for the platform.
The biggest advantage to this is that applications in a decentralized architecture have no point of failure, making it the most reliable form of cryptocurrency. When it comes to making online currency transactions, the guarantee of no failure is crucial to it being successful.
While bitcoin is the most well-known cryptocurrency used in the blockchain technology, it is Ethereum that allows the blockchain technology to be available for other uses aside from cryptocurrency.
When creating an application designed to operate an Ethereum, such as an Ethereum casino, developers must write something called a smart contract.
A smart contract is a series of steps that explain how a transaction will be handled. These help you exchange anything of value. Smart contracts define the rules and punishments an agreement in a similar way that a traditional contract does. These contracts are used for government, real estate, and healthcare as well as in only casinos.
Ethereum casinos seem to the gambling trend of that isn’t going away anytime soon. This method of currency saves you money because there is no intermediary. The transaction is handled between you and the casino.