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Every industry is experimenting new ideas and adding a spoonful of innovation to their business strategies in order to mark new levels of success. Advanced user engagement tactics, ultra-modern online platforms and tech savvy business models are some of the latest trends or ideas which are implemented by different entrepreneurs depending upon their business type, for enhancing their business growth and enticing new customers. Blockchain or cryptocurrency is one such trend which has seen marvelous growth in the recent years. It has been contributing to the growth of different industries. Let’s see how blockchain has accelerated the growth of the iGaming industry !!
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Insights on Blockchain Technology and its Contribution in iGaming Industry
- Blockchain technology has been one of the most amazing innovations of the 21st century and is expected to witness a huge success in the upcoming times. Almost every industry is welcoming blockchain technology with open arms.
- Gaming industry is no exception as blockchain technology is adding a plethora of benefits for this industry as well. The trend is definitely going to intensify with upcoming time as gaming operators and entrepreneurs are focussing on exploring new layers of opportunities from blockchain.
- With the advent of blockchain technology, decentralized applications focused on gaming have started building up, thereby accelerating the growth of the gaming industry.
- Transactions are tracked through blockchain with the help of a globally distributed public ledger .
- It’s mainly used as a virtual currency and its popularity has increased rapidly in the past few years. Ethereum and Bitcoin are one amongst the most popular cryptocurrencies.
- Ledger or records of every transaction are maintained in a secure and automated manner. Each transaction gets stored as a block and keeps on getting added to an existing chain thus it’s termed as blockchain.
- Ingenious features can be embraced by protocols of blockchain which can definitely revolutionize the online gaming industry. Blockchain brings security, anonymity, transparency, etc thereby enabling trusted as well as fair transactions and secure gaming operations.
- Blockchain technology is being used by cryptocurrency and many of the gaming verticals such as online casinos are adopting cryptocurrencies as payment options in their platforms.
- Here are some of the most promising features which justify the increasing popularity of cryptocurrencies in the gaming industry:-
-Validity and Security
Blockchain technology brings a higher level of security for cryptocurrency due to its inbuilt features. Every transaction which takes place in crypto gets added to a distributed ledger & entry of the coin is defined. Due to the decentralized nature of ledger, every system which is involved is acknowledged or validated about the transactions which have occurred thus it reduces falsified transactions.
-Anonymity and Privacy
Data privacy is one of the biggest concerns for gaming enthusiasts as various gaming sites ask users to provide their personal information. Through cryptocurrencies, the need for detailed information by gaming websites is cut down as instant crypto transactions get validated through public blockchain.
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Popular Cryptocurrencies in 2023
Here is a list of some of the most popular cryptocurrencies.
Bitcoin (BTC)
Bitcoin is still one of the most popular coins which is usually referred to by the people when they discuss digital currency. It debuted in 2009 and has witnessed roller coaster ride since then.
Ethereum (ETH)
Ethereum is a name which is most likely to be recognized as a second name in the space of crypto. Ethereum’s smart contract aspect has made it a highly popular cryptocurrency.
Tether (USDT)
Price of Tether is anchored at the value of $1 per coin and the reason being this is what is termed as stablecoin. Stablecoins get tied to a specific asset’s value. Tether acts as a medium during movement of a cryptocurrency to another by traders.
Solana (SOL)
Solana is a cryptocurrency which was launched in the year 2020 and is a quite new cryptocurrency and it is popular for facilitating quick transactions.
Dogecoin (DOGE)
The name of Dogecoin has been taken from an Internet meme which features Shiba Inu dog. Dogecoin is unlike many other digital currencies which have a limited number of coins in existence as Dogecoin possesses unlimited issuance.
Polkadot (DOT)
Polkadot was launched in May 2020 and is a digital currency which connects blockchain technology with other various cryptocurrencies.
Avalanche (AVAX)
Avalanche is one of the low-cost and fastest blockchain platforms based on smart contracts which are focused on the building of decentralized apps and they also facilitate building of custom blockchains.
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What is Solana?
- Solana cryptocurrency was founded in March 2020 by Anatoly Yakovenko but the idea got announced initially in the year 2017.Since he had worked previously as a software engineer so he already possessed good knowledge in special algorithms.
- BTC uses PoW or Proof of Work consensus algorithm but Solana makes use of PoH or Proof of History method through which historical records can be created by the users which acts as a proof that some particular transactions have taken place on special moments.
- PoH algorithm is also a Verifiable Delay Function that means it needs some specific count of steps for the evaluation of transactions. Some PoS or Proof of Stake principles are also used by this crypto which is similar to those used by Ethereum.
- It is basically a decentralized blockchain which is focused on the ecosystem's scalability. This crypto is used by many people for building dApps or decentralized applications for art, computer science or finance.
- As it possesses great potential for supporting smart contracts and dApps, many people are getting interested towards Solana.
- 50,000 transactions per hour or TPS & 400ms block times are supported by its blockchain system.
- Thus this blockchain possesses properties such as decentralization, security and scalability.
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Popularity of Solana Cryptocurrency
- In 2020, the crypto world of finance witnessed the launch of Solana mainnet network. It came with the traits similar to Ethereum and possesses unmatched ability of scalability & achieving ongoing transactions at low costs.
- As compared to the transaction speed of Ethereum and Bitcoin, Solana provides the highest number of transactions.
- Different transaction systems require more time for processing the funds transfer but Solana is capable of settling all transactions without any additional delays in real-time.
- Solana also possesses a reasonable or low cost for fund transactions in comparison to Ethereum which has high costs.
- Solana possesses great potential for getting enabled in different applications as it is a fully decentralized cryptocurrency.
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What is SOL Token?
The native token of Solana blockchain is SOL which is used for settling transactions within ecosystem. This term is seen by those who bet & play with the use of Solana crypto. The potential of this coin has made it comparable to ETH or Ether because both have gained support of those who are coder communities’ part. This coin uses PoS thus it also functions on dApps, NFTs and smart contracts which are built on the platform of Solana.
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Ethereum vs Solana
Though 2020 DeFi summer witnessed Ethereum as a popular driver but 2021 witnessed the growth of another layer-one protocols such as Solana which promised high speed of transactions at lower costs which is something that is aimed by Ethereum for achieving through its Ethereum 2.0 upgrade. Here are some of the differentiating factors between Ethereum and Solana:-
Consensus Mechanism
Ethereum 1.0 relies on the mechanism of PoW or Proof of Work which is similar to the mechanism used by the blockchain of Bitcoin.The main point which differs Ethereum and Solana is the underlying mechanism of consensus. It is termed as PoH or Proof of History and it demands a particular sequence of computational steps through which time passage is determined cryptographically between two events. Further timestamps are added to all the transactions & each one’s order is tracked. Such kind of order sequencing is different from that in Ethereum and Bitcoin where placement of their transactions is not done in timely order.
Stateful Architecture
Another point which distinguishes Ethereum from Solana is the stateful nature of Ethereum which means every transaction over the network gets recorded in one state & in case a new transaction happens, the entire network should update their network’s copy for reflecting the new transaction. Solana possesses a stateless architecture which helps in reduction of overall consumption of memory. Since the complete state of the network does not require updating for every transaction, they can be done sequentially. This factor contributes to making Solana blockchain highly scalable.
High Speed of Transactions
Ethereum provides a much more developed and mature DeFi ecosystem. Due to the age of the protocol, it has seen different changes and forks. Solana is new in the ecosystem which facilitates fast transactions at lower costs. Currently, Solana is capable of processing around 50K TPS or transactions per second.
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How is Solana Used in Online Casinos?
Nowadays Solana is getting highly popular in online casinos and most of the players are preferring crypto payments considering their security and reliability. Using SOL cryptocurrency in online casinos is similar to using other cryptos in online casinos. Your players can easily do transactions in SOL cryptocurrency in an easy manner at a Solana crypto casino platform, they just need to have SOL in their crypto wallets. Most of the online casino players have their crypto wallets as it becomes convenient to do transactions in different cryptocurrencies through crypto wallets.
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Benefits of Solana in Online Casinos
- Solana is environmentally friendly in nature and players can enjoy guilt-free experience of betting by knowing that crypto used by them follows PoH protocol which is not resource-intensive.
- It is quite quick and SOL is capable of processing transactions in comparison to Ethereum as well as other coins in the crypto market.
- Betting with SOL proves to be quite convenient as it does not require much playing budget of players. Currently, their fees are quite lower in comparison to other competitors.
- Solana is reliable and is backed by some of the most trustworthy brands which is one of the factors that is liked most about SOL by the players at a Solana online casino.
- In the crypto market, it is gaining great popularity and many people witness its potential of being a safe and trustworthy coin to use.
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How to Use Solana for Casino Deposit?
For using Solana in casino deposits, these steps need to be followed by the users:-
- Login or sign up in crypto casinos
- Visit cashier section
- Go to deposits
- Check availability of SOL as payment option.
- If SOL is available as a payment option, select it.
- Now you can enter amount which needs to be deposited by you.
- Now a QR code will be seen on your screen. Instead of manually typing the address, it is more reliable to scan that QR code from your screen.
- Now you can confirm the payment.
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How to do Cash Outs with Solana?
The process of doing cash outs using Solana needs similar steps as the above mentioned process for doing deposits using Solana, the only difference is that you need to select withdrawal in step 3 instead of selecting deposit option. The cash out will be super fast while in Solana cryptocurrency.
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GammaStack : Offers Advanced Solana Online Casino Software Development Solutions
If you are planning to add some innovation to your online casino business and launch your own Solana online casino software, then you must count on GammaStack and get a feature-rich Solana casino platform. Our Solana casino platform comes with all the exciting features and enables you to offer an enticing gaming experience to your players. Our team possesses a great level of expertise and experience in the blockchain technology thus we are capable of offering you top-notch and advanced Solana online casino software development solutions and services.
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FAQs
The Solana mainnet network was launched in the year 2020.
SOL is the token of Solana blockchain.
Benefits of Solana blockchain include fast transactions, scalability, decentralization and security.
Solana can process 50K transactions per second or TPS.
GammaStack is the best Solana casino software development company which offers top of the line Solana casino software.
Sources
- https://coingape.com/cryptogames-the-first-ever-casino-to-launch-solana-in-the-world-of-online-gambling/
- https://coinmarketcap.com/alexandria/article/solana-vs-ethereum-a-detailed-comparison
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