In ancient Greek mythology, «ether» was believed to be the part of the firmament where thunderers, heavenly smiths, envoys of the Sun, and other gleeful figures lived. It is not known whether there is some sort of connection, but in 2017, the ether rate has risen to the unprecedented height ― higher than skies, gods, and meteors burning out in the atmosphere.
Still, we cannot say that the cryptocurrency has become recognizable only because of this price surge. The community learned about the Ethereum network long before its deployment in 2015. The thing is that technology offered a new and amazing concept of smart contracts; it was basically the way to execute term’s conditions automatically, which almost excluded risks and unfairness.
The gambling industry could not leave so promising technology out in the cold. First and foremost, its interest was expressed in making it possible to gamble with ether, which was the internal currency, also known as the «fuel» of the Ethereum network. Since Bitcoin games were widely distributed at that moment, casinos started to work on the ways to let players wager with the Ethereum currency.
We should stop here because it would take an entire article to give a full list of virtual houses where you can spend and earn ETH. All we can add is that sports fans have an opportunity to place bets with Ethereum, too, on websites like directbet.eu and augur.net. The latter allows you to forecast a lot of things ― for instance, whether Leonardo DiCaprio would be awarded another Oscar in the year to come. There are also websites where you can take part in ether lottery (etherwheel.io, etherpot.github.io).
New opportunities, which are opened for cryptocurrency gambling via Ethereum smart contracts, are no less interesting. Below you will find a couple of amusing ideas concerning the improvement of gambling with the help of Ethereum system.
Meanwhile, we would like to bring to your attention a few facts about the development of this outstanding blockchain platform.
- BASICS OF ETHEREUM HISTORY
The end of 2013 was the first time the world heard about Ethereum ― just then Vitalik Buterin, a young programmer, described the concept of that platform. Nobody could predict that Ethereum Switzerland would have developed the first decentralized application by the beginning of 2014. And that was not all: half a year later, the sales of ether (that cryptocurrency «fuel» we’ve mentioned) reached unbelievable $14 million.
In the summer of 2015, the early version of the network was launched under the name «Frontier». The next phase was full of fixes and improvements.
Yet, the real outburst came with $150 million that was raised by the much-talked-about decentralized autonomous organization (or simply the DAO as it is known today) in the end of the spring of 2016. Many mainstream media covered this project, which was realized on Ethereum blockchain. People were in a hurry to create a personal Ethereum wallet; the platform’s success was astounding, although brief.
June 18, 2016 ― it is an evil day in the calendar of Ethereum community. It was at this time that unknown hackers cracked the DAO, stealing a tremendous amount of ether ― about $53 million. In a short period, it led to the blockchain’s split-off ― Ethereum (ETH) vs. Ethereum Classic (ETC) ― and few forks.
The DAO-related «wounds» started to heal; media kept on covering further updates and improvements. But who could even think that ether price would surge up by 5000% from January to June of 2017?
One popular belief states that while Bitcoin should disrupt online banking and condemn to oblivion services like PayPal, the true Ethereum’s goal is to force out third parties from the Internet. Data storage, complicated financial tools management, and many other things should be free of third parties. Ethereum smart contracts are allegedly capable of helping with that.
We will look forward to it.
- BENEFITS OF GAMBLING WITH ETHER
Ethereum is notable for two aspects when it comes to gambling. Firstly, it is the use of ETH as gambling currency, which offers a number of advantages:
1. Cryptocurrency allows you to gamble anonymously, therefore your private info will not be revealed to anyone, even the casino.
2. Ether transfers are faster, comparing to the traditional ways of money sending.
3. As a rule, payment percentages are higher in cryptocurrency casinos.
4. Your money is free of government or financial regulator control.
5. It is much cheaper to send ETH than fiat money thanks to a small amount of miner’s fee.
6. Gambling is fairer in provably fair casinos because a player can check every outcome.
Secondly, it is a way to improve the entire idea of cryptocurrency gambling. This topic is covered below.
- FUTURISTIC ETHEREUM GAMBLING
Smart contracts function in such a way that once the parties have signed it, one should no longer worry that another party would decide to give up its obligations. Just this one thing gives a lot of space for innovations.
For example, if you bet with the help of Ethereum, the end of that session will be followed by automatic payment. There is no other way: the show will go on until the very end. A player that has agreed to take part cannot just go away quietly in an undesirable moment.
A deposit will be actually a smart contract between a user and a virtual house. It will drastically increase the level of trust; each gambler will be sure that the casino cannot keep his ether against his will.
There is a solution for those who want to keep a firm rein on their gambling «insatiability». A contract can be programmed for wager sum limitation or setting the breaks so that the system won’t let a player gamble with Ethereum and place bets for, say, three hours.
The ideas have been shared by Betcoin ― and these are only a few options to enhance gambling for Ethereum community. Thankfully, technology allows improving them and developing new solutions.
- ARE THERE ANY FAUCETS FOR ETHEREUM EARNING?
Since both the platform and virtual currency are very popular, there are many faucets allowing people to earn small amounts of ETH for their stay on websites. They include:
- Ethereum Gratis
Be sure to choose the best one, for there are many of such faucets.
- SAY A WORD FOR POOR ETC
No, we are not forgetting about the rebels that stand by old Ethereum blockchain. Despite inauspicious forecasts, Ethereum Classic keeps its head above water for a year to date. If you support this cryptocurrency, we are glad to announce to you ETCBets.com, the first ETC casino. The website has quite an active community and is provably fair.
In conclusion: unfortunately, we will never know what gods dream about. We hope though that one of goddesses ― called Fortune ― will regard you with favor as often as possible, allowing you to get the ultimate satisfaction from Ethereum gambling. You surely deserve that!