The trend of development of blockchain technology into the gambling industry is continuing with more and more start-ups looking into how to apply the benefits of distributed ledger technology to solve issues that gambling platforms face. One such start-up is True Flip, an online gaming platform that utilises the transparency and immutability of the blockchain to provide provably fair decentralised lottery solution for cryptocurrency users.
By using blockchain technology, True Flip aims to provide payment solutions for unregulated gaming markets which may not have traditional payment systems in place. It also enables provably fair gambling – a benefit to customers, operators and regulators alike. Customers will be able to feel secure in using the platform as they will be able to ascertain that they are not playing against fixed or rigged systems; regulators will be easily able to examine and identify platforms that are keeping to the standards that are set; operators will avoid negative association with fixing games, being hacked or providing unfair gambling as well as making compliance with regulations less hassle.
To achieve its goals, True Flip recently entered into a strategic partnership with decentralised gambling protocol DAO.Casino. The DAO.Casino protocol will be used by True Flip to creating a new quick lottery game on its platform, with the intent of increasing audience growth through the use of the use the gaming solution.
The True Flip team and advisors have previously been involved with other blockchain start-ups and includes members with experience in crypto, business, IT, marketing and other areas. The company is of the opinion that the team has the experience to provide a competitive product with advantages over what is currently available, and it is already up and running. Currently, True Flip boasts over 100,000 registered players and daily player numbers in the thousands.
As it is already a working business, True Flip’s crowdsale, which began on June the 28th and aims to sell 16,800,000 TFL tokens, is intended to scale the business through technical and marketing development. This move, to scale an existing blockchain-based gambling solution rather than fund the development of a new platform, marks the progress in maturity of blockchain technology in the gambling industry.
Increasing numbers of blockchain gambling platforms are beginning to find a foothold, attracting customers who are unhappy with the issues or inadequacies that more stablished providers face. As the benefits of these new platforms become more apparent, more widely known, and better understood to the layman, blockchain technology will continue to build momentum until operators using traditional means are forced to adopt the technology themselves or be driven out of business.
How long it will take for this to happen is not yet known but as companies like True Flip show, the date is getting ever closer.