In my last article I covered how combining the green magic plant with IOTA lead to fruitful crypto-coin titled PARAGON!
In a far different Industry, IOTA's superpowers and usability have been witnessed by a new player in the gambling industry; a cryptocurrency gambling website known as BitDice!
It seems that more companies are starting to see IOTA as a fit and innovative solution to their current platforms.
The gambling industry is indeed a big one! It's growth is expected to near 1 Trillion $ by 2021! source
Currently the online gambling world is dominated by a few traditional key players such as [Bet365, BetWay, BetFair, William Hill, etc]
However the rise in importance and popularity of cryptocurrencies is starting to disrupt the industry's traditional course of action. Riding along the wave has lead to an increase in crypto-gambling websites, even though the market is still small around 5% of online gambling website attribute to cryptocurrency gambling yet these figures are expected to grow tremendously over the coming years.
Bitdice is not a new cryptocurrency gambling website, it has been around since 2014. They accept Bitcoin, Dogecoin, Ethereum and Litecoin. Their platform is currently built on the Ethereum blockchain and they plan to officially transition into IOTA.
As a prime supporter of IOTA's technology and ideology, My hats off to you wise team @Bitdice.
Why did the BitDice team decide to Ditch Ethereum: ?
- The Ethereum blockchain suffers from low Transaction Speeds
- They experience limited Bandwith capacity which restricts the choice of games available due to higher latency requirements
- High cost of smart contracts
According to BitDice these limitations hinder organizational processes that are vital to the smooth function of their platforms especially when it comes to micro-betters which are users who prefer to bet on small amounts.
How Might IOTA solve these limitations:
IOTA'S unique structure [THE TANGLE] operates differently than other traditional blockchains, it merges it's users and validators into one single network. In addition, a transaction is issued when users approve other transactions which in parallel contributes to the network's security.
0 Transaction Fees when issuing any sort of transaction, and as more people use the tangle the less the confirmation time required for a transaction to confirm.
The following allows micro-betters not to suffer fees that are greater than their small bets and minimizes network delay which help maintain a faster User TO Platform interaction.
Keep amassing and Holdin-em IOTA coins and thank me 3-5 years from now!
Interesting article !
Bookmakers like bet365, betway, willhill are in the 'real' sport betting world considered as joke bookmakers. The margins they take are huge and everyone who understands their system and manages to win gets banned from betting with them. The real money in sports betting is in the asian betting market (pinnacle/SBO/IBC/ISN) who have massive turnovers. All the more serious bettors and big betting syndicates using these. They actually care about the odds. a blockchain that is able to offer 1.98-1.98 odds will get huge.
I'm really looking forward how the betting landscape will change over the years.
100% Agreed ! Huge change is on the way
It's a good article, this is what we are all about. We have a steem DICE!!! Yep for sure, check out on our profile - i won't post link here as it's spamming. We have built casino on Steem, interested to hear from you ... Thanks!