This transparency is beneficial not only for industry-leading companies but also for less mature markets, where gaming firms can use the blockchain technology to dramatically boost their reputation when making their first steps in the market.
In addition to fostering greater levels of trust between operators and players, Fasttoken also eliminates the human error factor, creating a much smoother gaming experience for players and improving operational efficiency.
“Humans make mistakes – it’s inevitable, said Chakhoyan. I’m sure we’ve all been in a situation where a simple miss-click has led to unnecessary complexities.
Blockchain technology allows us to reduce the number of man- made errors to zero. We want to protect everyone’s interests and provide a most satisfying experience to our players.”
Fund safety, drastically low house-edge, guaranteed winnings and the absence of third-party intermediaries are the other major benefits of Fasttoken. Players’ money never ends up on the casino’s wallet, and all winnings distributions are controlled solely by smart contracts. The same is true for any disputes. Each party can apply for a dispute resolution and the blockchain will act as the judge in determining who’s right and who’s wrong.
At Malta Blockchain Summit, BetConstruct announced that a fully decentralised blockchain- based casino would be available very soon. To date, the solutions supplier has developed a unique solution called Fast Channels that can be used to move current, centralised casino games onto the blockchain and also develop decentralised games from scratch. Fast Channels minimize transaction costs, eliminate latency and lag inside games and boost scalability indefinitely by moving the actual gaming process of the main chain.
Our token (FTN) is of Ethereum’s ERC20 standard and will be used to access both centralized and decentralized games on any BetConstruct-powered casino site from the launchday, explained Chakhoyan. When setting FTN as their preferred currency, players will get a chance to participate in large-scale tournaments unique to FTN, which will feature much bigger prizes compared to traditional, fiat-based tournaments.”
“Blockchain technology represents a unique opportunity to maximize the public trust towards the industry and deliver 100% transparency regarding all operations, where each party will feel safe to play and/or conduct business, reinforced by the most decentralised platform to date, added Chakhoyan.