Tezos (XTZ) in Crypto Casino Gambling

tezos gambling

The crypto platform called Tezos was created only a few years ago, and its history has been quite eventful. It has seen both incredible success and rapid fall from grace. Someone may even make a decent melodrama movie inspired by the events around Tezos. Anyway, crypto casino players are more interested in technical features of XTZ, so we will mostly talk about them.

Tezos and Cardano often share top places in ratings of the most interesting and promising blockchain projects in terms of technology. As the Tezos platform also makes it possible to create smart contracts and deploy decentralized applications, many people compare it to Ethereum. Some even go as far as to claim that Tezos is a real and serious competitor for ETH.

As of late, Tezos draws attention not so much with new dramatic stories as with its underlying technology. For instance, people launched a program to incentivize the local economy of a Swiss town called Wetzikon during the pandemic, and they made it on the Tezos blockchain.

If things continue to develop this way, crypto casinos are going to become more and more interested in Tezos. Perhaps, you will soon be able to use Tezos while playing slots, poker, roulette, blackjack, and other games on a classy XTZ casino site.

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What is Tezos / XTZ?

The Tezos blockchain is a project by Arthur and Kathleen Breitman. You would probably better understand the dedication of the creators with one adorable fact. They went on their honeymoon with a stack of papers containing the entire Ethereum codebase.

The initial coin offering of XTZ went down in history as one of the biggest of its kind. The project managed to raise about $232 million. The tokens became known as «tez» or, slightly less formal, «tezzies».

Further developments were rather dramatic. Disputes and lawsuits led to the situation where some commenters started to call Tezos the «biggest scam since Mt Gox». The launch of the platform got delayed, investors were nervous, detractors were triumphant.

However, the launch of the main network did take place in the fall of 2018 after several years of work, fundraising, sensational headlines, and lawsuits. In the late summer of 2020, the three-year legal battle ended with a legal settlement. Tezos Foundation paid out $25 million for those participants who had claimed to have lost money.

When the dust settled, people began to concentrate on the technological aspect of Tezos. Prominent venture capitalist Tim Draper invested in the platform during the ICO stage. Furthermore, his company Draper Goren Holm recently raised $25 million for investments in blockchain startups. Two of these startups were related to the Tezos ecosystem.

As of today, Tezos is one of top 20 cryptocurrency projects by market capitalization with a value of $2 billion. The platform stays afloat and confidently holds its position in the crypto ecosystem.


- Self-governance in the Tezos network

One of the most prominent features of Tezos is its approach to making important decisions about the future of the platform. Its creators developed a mechanism that builds this process upon the interactions of users inside the network itself. It is really different from a range of popular cryptocurrencies where miner pools and core development teams have the lion’s share of power over the future of their particular networks.

The creators mentioned choosing an «entirely different approach» for their platform. In Tezos, the governance of the network is entrusted to its stakeholders. There are rules that allow the stakeholders to reach a consensus on each new update, either approving or denying it. In the case of approval, such an update will be implemented automatically.

An additional layer of decentralization is reached by incentivizing users who want to help in the development of the network. One of the proposed scenarios should be something like this:
1. A developer submits their update for the consideration of the network users
2. An invoice with the developer’s address is attached to the update to pay for the work done
3. Tezos users vote for or against this protocol update
4. The update is endorsed by the stakeholders and is deployed automatically, or
5. The update is rejected, and the protocol is left as it is

Besides involving users in the core platform development process, such an approach provides for further decentralization and even democratization inside the network.

But who guarantees that the key rules of the game would remain intact in the future? To that end, the Tezos network has a special procedure to verify the preservation of specific critical properties with help of formal mathematical proofs.

All of this should guarantee that the Tezos network remains decentralized. The ability to make collective decisions programmatically makes this platform special even alongside other decentralized blockchain projects. The development of the protocol goes in accordance with the interests of the network users.

Hard forks are often frowned upon in the crypto community. Many people think that they go against the idea of an immutable ledger. The notorious Ethereum hard fork created a divide in its community when a significant part of it refused to go with a new chain of blocks and continued the old one. It would not be the case if there had been an ability to vote for updates. There would simply be no forking. And it is one of the main differences of Tezos from other cryptocurrencies.


- Tezos advantages

Judging from discussion threads on Bitcointalk and Reddit, users are often wondering whether there is a casino where you can gamble with Tezos. There are even thoughts about the games being built directly on the platform’s blockchain. The commenters concur that cryptocurrency Tezos has a lot of benefits for casino gambling sites.

In fact, it has even more benefits than one may think. But not all of them are related directly to gambling.

Decentralized cryptocurrency

XTZ tokens are not controlled by some government’s central bank. Players can freely send the cryptocurrency from one Tezos wallet to another. It opens up new opportunities in many legal activities, including crypto casino games.

Cheap transactions

Although typical for most cryptos, this advantage does not become less relevant. If compared to fiat money transfers, digital currencies allow you to save significant amounts of money as there are no extra fees.

Sending XTZ from one address to another, you would not have to use the services of some financial intermediaries and pay extra for it. If you are one of those players who frequently make deposits to their cryptocurrency casino accounts, this feature will be most welcome.

By the way, Tezos transactions are not the only cost-efficient thing about this platform. A recent update has also reduced the cost of smart contracts by 75%.

Instant transfers

A bank transfer may take several days while crypto transfers are done in a matter of minutes or even seconds. Tezos users can take advantage of fast transfers in many areas, including crypto games in a bitcoin casino.

Proof of Stake

Proof of Stake is considered a more forward-looking consensus algorithm than Proof of Work that is utilized by Bitcoin. The reasons lie in the increased reliability of PoS-powered systems and lower resource consumption that makes such projects more appealing in the light of sustainability issues.

Worthy alternative for Ethereum

In an article for Tezos Commons, William McKenzie shared his take on a possible competition between Tezos and Ethereum in the future. He began with some known shortcomings of the Proof of Work algorithm that was utilized by Ethereum at the time. They are basically as follows:
• Large consumption of resources
• Relatively low speed of ETH (15 transactions per second)
• No formal verification for smart contracts
• Need for hard forks to make fundamental changes

It should be mentioned that Ethereum is currently in transition to Ethereum 2.0. The new version is using the Proof of Stake algorithm to reach consensus among the participants.

But let’s get back to the Tezos technology. This platform has something to boast about even in the face of such a giant as ETH:
Self-amendment. Necessary amendments are endorsed through votes inside the network, so network updates do not require hard forks. With this approach, there is no danger of making a divide among the community members, as it happened with Ethereum Classic.
On-chain governance. The Tezos network users have a set of rules to reach a consensus as to how they should (and how they should not) update the platform.
Decentralized innovations. Independent developers can propose their own updates and automatically get paid in the case of approval. It decentralizes the maintenance of the network.
Smart contracts and formal verification. The Tezos platform allows you to create smart contracts and build decentralized applications that are going to be free of censorship. It will not be possible simply to cancel them or shut something down. Tezos also allows for formal verification of smart contracts to prove their validity.
Incentivizing honest behavior. Participation in the consensus process implies having a security deposit. Malicious participants are going to be charged fines to the point of losing all of their deposits. No deposit means no influence over the decision making. On the contrary, honest behavior will be rewarded.

Furthermore, McKenzie considered the use of Proof of Stake as another argument in favor of Tezos. With the launch of Ethereum 2.0, this advantage is no longer relevant.


- Possible disadvantages of Tezos

Commenters point out not only clever tech solutions but also some weaker aspects of cryptocurrency Tezos.

«Young» network

How drastically will the speed and cost of Tezos transactions change, when there are lots of people using the platform at the same time? The network already has a large number of active users, but it is hard to predict its performance in the face of greater loads.

Lack of commercial support

Commercial transactions are not the main goal of the Tezos project. Tezzies can be used in crypto casinos, but they may not be the most convenient payment method if compared to some other cryptocurrency options.

Controversies in the past

After a highly successful ICO, the platform plunged into the harsh reality of the FinTech world. The lawsuit resulted in the delayed launch of the network and huge reputation losses. It was also rather upsetting for some investors, which led to new lawsuits.

Legal proceedings have concluded just recently. Tezos Foundation decided to focus on the long-term success and development of the platform, so they agreed to pay a $25 million settlement, thus ending the class-action lawsuit.


- Tezos casinos with XTZ games

Tezos is not just another altcoin. The crypto community has appreciated the platform for novel ideals and promising technology. Should there be more participants inside the network, more and more people would be using the XTZ tokens. In that case, numerous Tezos casinos will be on the horizon.

That is why we believe that casino sites with Tezos games are just a matter of time. Crypto gambling sites will be surely implementing XTZ as one of the payment methods for their users as this digital currency grows in popularity.

As a matter of fact, Tezos casinos already exist. These websites have yet to be properly checked, so we cannot recommend them as reliable Tezos gambling sites. If you still want to take a risk and check them on your own, be careful and avoid making large deposits.

Here is the list of casinos that accept Tezos:
TezDice

This is how the list of Tezos casinos looks like for the time being. But it is possible that soon enough there will be much more places where you can wager Tezos in your favorite slots, roulette, poker, baccarat, blackjack, and other casino games.


- Where to buy Tezos

The recent XTZ trading volume is about $600 million, so there should be no issues when trying to buy this cryptocurrency. You can buy and sell Tezos on more than 140 crypto exchanges. Here are some popular places:
Binance
OKEx
Coinbase Pro
UPbit
Huobi Global
BitMax

Popular trade pairs include XTZ/USDT, XTZ/USD, and XTZ/BTC. These currencies will likely allow you to buy Tezos much faster.