Benefits of Web3 for the Industry
Last updated
Last updated
Web3 technology has the potential to drive changes in the online casino industry, improving the liquidity, traceability, and privacy among stakeholders - namely Online Casinos, Casino Aggregators, and Game Providers.
Liquidity
By using Web3 technology, smart contracts can automate the process of transferring funds between stakeholders, reducing the need for intermediaries and speeding up transaction times.
Additionally, Web3 technology allows for the creation of decentralized platforms that operate on a peer-to-peer basis, which can further streamline the transaction process. With fewer intermediaries involved, the cost of transactions will be reduced, while the efficiency of the operations will be improved.
Cryptocurrencies can be used for fund transfer among the stakeholders, as they can be sent instantly and securely across borders, without the need for traditional financial institutions.
Traceability
By recording transactions on a public ledger that cannot be altered, blockchain technology will create a tamper-proof record of all transactions that take place among stakeholders.
This can allow for greater transparency and accountability, as stakeholders can track the flow of funds and ensure the integrity of each stakeholder. Furthermore, the use of smart contracts can automate the process of recording and verifying transactions, reducing the need for human intervention and reducing the risk of errors or fraud.
Privacy
By using blockchain technology to record transactions, stakeholders can maintain their anonymity while still participating in the casino industry. This can provide greater privacy and security for stakeholders, who may be concerned about the disclosure of personal information.
Furthermore, Web3 technology can enable the creation of decentralized platforms that operate without the need for intermediaries. Transactions on these platforms will be conducted using cryptocurrencies and digital tokens, which do not require the disclosure of sensitive financial information.
By utilizing blockchain technology in the online casino industry, the stakeholders will be creating a fair and protected environment for the casino players to have fun.
Fairness
Blockchain technology will create a tamper-proof record of all transactions that take place within the casino ecosystem. This will allow both players and Klover Network to track the flow of funds and verify that game outcomes are determined by chance and not human intervention. This will assure players games are not rigged or manipulated in any way, increasing the overall trustworthiness of the online casino industry.
Any Game Provider or Online Casinos that show any signs of disintegrity or human intervention will be taken down by Klover Network. Additionally, Klover Network will be actively monitoring for these signals to create a fair environment for the casino players
Protection
Smart contracts will be used to automate the payment process. By using smart contracts to handle the distribution of funds, the risk of Online Casinos running away with players' money is greatly reduced. This is because funds will be distributed directly from the Game Provider to the players’ wallet via smart contracts, which cannot be altered once deployed.
This will create a high level of trust between the Online Casino and the casino players, as players can be assured that their winnings will be paid out automatically and without the risk of being withheld by the Online Casino.
Additionally, unlike NFT games that can be similar to Ponzi schemes, casino games are fair and balanced, with a calculated win-rate to ensure that the game can operate sustainably. By allocating a certain percentage of the total wagers to the casino as profit, the players can be assured that the Online Casino will not easily close down.
