The gambling industry is expected to grow past the $56 billion mark in 2018, and less than 5% of the market is attributed to cryptocurrency gambling. To help the cryptocurrency share go up, BitDice, a cryptocurrency casino that’s been around since 2014, recently announced it will employ IOTA technology on its platform. The move is a part of the casino’s goal to start offering fiat options, so as to combine the best of both worlds.
Traditionally, cryptocurrency gambling websites use Ethereum smart contracts to ensure their games run properly. Although Ethereum smart contracts are, to a certain extent, high-tech, they still come with a long list of limitations that can harm a casino’s business and ruin user experience.
Among these limitations are the low transaction speed, the limited bandwidth capacity that makes forces casinos to remove very dynamic games from their platforms due to higher latency, and the high cost of the smart contract execution. These caveats can be deal-breakers for micro bets, and can let down users who don’t want to gamble higher amounts.
How IOTA’s Technology Can Help
Unlike other cryptocurrencies who rely on blockchain technology, IOTA uses a quantum-proof protocol called Tangle. Essentially, Tangle doesn’t separate its network into users and validators, but makes them one and the same. To issue a transaction on Tangle, users must approve other transactions, effectively contributing to the network’s security.
Uniquely, IOTA allows feeless transactions to take place. This means that in any given transaction, the amount sent is the exact amount received, and that as the network’s popularity increases, so does security, while confirmation times decrease.
By applying this type of technology, BitDice can solve the above-mentioned problems by giving low-rollers access to feeless games, and by ensuring network delay is reduced to a minimum. Traditional Ethereum smart contracts can process up to 2 wagers a client per second. BitDice can currently process up to 20, and its new upgrades are set to allow processing of up to 50 transactions a client per second.
Besides adding IOTA to its list of accepted cryptocurrencies, BitDice also established an R&D working group set to work with IOTA’s vibrant community to help it achieve its goals of implementing the technology in its next-generation platform. According to a blog post, BitDice believes it will create a new standard of gaming experience for the user.
The ongoing ICO
BitDIce’s ICO started on August 15, and will end on September 15. In it, a total of 70,000,000 CSNO tokens will be sold to investors who can purchase them using Bitcoin, Litecoin, Ether, and Dogecoin.
So far, the ICO has raised over $7 million, and there are still three weeks to go. By contributing, investors are helping the cryptocurrency casino create its next-generation platform while giving themselves the chance to earn part of the casino’s profits. 70% of BitDice’s profits will be distributed in Ethereum to all token holders each quarter.
This is a sponsored story.