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Cryptocurrencies are becoming increasingly popular in the world of gambling. Moreover, even for a fresh online casino, cryptocurrency tech is more than beneficial. In this article, we’ll provide all the necessary information about NEO, the most promising coin around.
The final quarter of 2018 has brought us a sudden drop in the value of Bitcoin. Namely, it has lost over 75% of value in a very brief period. Moreover, while it is entirely possible for Neo cryptocurrency to recover, this drop has negatively affected the way people view it.
Furthermore, if the instability of Bitcoin is preventing you from gambling with the world’s most popular cryptocurrency, you might want to look elsewhere and find another way to apply smart contracts to video poker, dice games, and other pieces of gambling software.
Thankfully, we have an answer for you in the shape of the NEO blockchain.
Back in 2014, a new coin named “Antshares” popped up. However, after a considerate upgrade of the smart contracts of the company and a brand redesign, the name of the coin was changed to NEO coin.
It was created to power the platform whose primary goal is the creation of an effective smart-contract economy. One of the objectives the platform set out to achieve is to develop a powerful P2P network that excludes the middleman from all transactions.
Nowadays, it boasts some of the best open-source capabilities in the blockchain world, starting with various DApps that can be used in gaming, Internet of Things, advertising and many other things, going over the NEO. The game section that empowers game developers and ending with the incredibly simple creation of smart contracts.
One of the things NEO blockchain is famous for is the incredible speed at which it can generate blocks. Moreover, it is a lot faster when it comes to the number of transactions it can achieve in a second than even the industry’s giants Bitcoin and Ethereum.
That feature alone makes it very enticing for online casinos as players usually look for payments that are as near-instant as possible.
We have mentioned that the speed of transactions is vital, and it is. However, there is an issue when it comes to that. Namely, in a single hour of playing on a slot machine, a player starts and finishes hundreds of transactions.
Moreover, at any given time, a successful online casino will see thousands of people playing on their video slot machines.
With that amount of transactions, the blockchain will inevitably slow down. To counter that, NEO is using Trinity’s off-chain scaling tech. In essence, it allows most of the transactions to happen off-chain and groups the result in a single on-chain deal. This system will prevent congestion issues even if hundreds of thousands of sales occur during a single hour.
For starters, it allows the players to use cryptocurrencies to place their bets. What is more, among those currencies, Neoplay offers two of its tokens – NPLAY and EPLAy, which allows you to reroll any losing bets.
In the end, the world of gambling is changing thanks to the advancements of blockchain technology. Moreover, all we have left to do is keep watching to see what will happen next with blockchain casinos. In the meanwhile, NEO is making significant strides in establishing a fully decentralized market for the online gambling community.
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