You may have heard a great deal about another cryptocurrency called Ethereum. Apparently it is trying to give Bitcoin a run for its money. The latest news we have to report about Ethereum is that the government of Curacao has given a gambling license to Edgeless Casino using the Ethereum blockchain smart contracts. A smart contract relates to software for gaming that is written into a blockchain instead of using a blockchain as a currency exchange such as Bitcoin. This is the first ever license to be given to an online casino using a blockchain. The casino will officially open on January, and the new Edgeless version will launch on January 18.
What Does Edgeless Mean in Terms of an Online Casino?
In this case, the casino will have no house edge or advantage over gamblers. Moreover, Edgeless is also a cryptocurrency, which is something we have not seen or heard of before. The currency used at Edgeless would consist of EDG currency, making it part of the more than 1000 current cryptocurriences that exist today. Although there have been concerns about all cryptocurrencies and their effect on the market, Bitcoin, Ethereum, and others have not waned in growth. The one thing we also didn’t realize is that Curacao, which holds licenses for many online casinos, fair poorly in the regulation department. They also do not provide protection for players. Yet some of the best online casinos are licensed by the Government of Curacao. This is an oxymoron, to be sure.
What Does the Future Hold for Cryptocurrencies?
That’s the question. There is no answer to date. However, Ethereum smart contracts do have the wherewithal to verify and record the data of their consumers. This data would be part of the blockchain indefinitely. One reporter has stated that “…..the entry of Edgeless into the licensed gambling sphere also presents another historical opportunity that could change how all online gambling operations work in regulated jurisdictions.” We’ll just have to see how this “plays” out.