What do you know about Ethereum?

How many cryptocurrency types can you name? Maybe, not so many. However, there are more than two hundred various cryptocurrencies to date; the market leaders remain at their TOP places for years. One of the leading cryptocurrency types is Ethers that are a part of Ethereum being its internal coins. Ethereum is an independent platform that exploits blockchain technology and allows wide data storage opportunities. Thanks to Ethereum’s high level of security it is widespread as a payment method online on shopping platforms, crowdfunding sites, investment, and other business activities. Another way of Ethereum use is online gambling, and there is plenty of best Ethereum casino and they are becoming more and more popular.

The main aim of Ethereum usage is to avoid third parties involved when it comes to financial data storage. The main quality of Ethereum as a platform is an ability to function as a group of computers. This group allows building a database that distributes and stores data within the Ethereum network.

Here are some interesting facts you probably didn’t know about Ethereum:

  • Ether owes its “cosmic” name to ancient Greece. This word in Greek mythology defined the element with the whole space inside.
  • On July 20, 2016, the Ethereum classic was created. It was a clone of Ethereum that was created by a part of the Ethereum community who rejected the decisions made earlier by the Ethereum Foundation.
  • Ethereum technology is much more complicated compared to the most popular cryptocurrency, Bitcoin. Ethereum’s main difference is that it represents an independent software platform that is operated by a supercomputer. Ethereum technology allows storing within it any cryptocurrency including Bitcoin.

The era of Ethereum casinos

Ethereum casinos began to popularize in 2017. The number of gamblers who realized how many benefits crypto casinos can bring started betting Ether.

Ethereum allows playing within the provably fair algorithm. That means each outcome can be checked by the operating company. This algorithm prevents problems and guarantees casinos reliability.

Some of the best Ethereum casinos provide gamblers a very high level of anonymity because of the smart contracts use. Smart contracts guarantee strong approvals of the parties’ obligations. Since DeFi (Decentralized Finance) is not ideal and vulnerable in some way, smart contracts prevent the cases of unreliable deals. A smart contract can be described as a code that developers use when creating decentralized apps within the Ethereum platform.  Smart Contracts are lines of codes stored within a blockchain. That is why Ethereum smart contract gambling is safe and secured enough to replace fiat currencies in online casinos.

Ether cryptocurrency advantages

To date, a crypto casino is one of the popular alternatives that allow gambling online with benefits and strong guarantees. Among them are the following:

  • You can play anonymously
  • Ethereum gamblers get much lower house edges and casino fees
  • The speed of Ethereum transactions is very high as it allows using real-time codes. Usually depositing and withdrawal takes less than ten minutes
  • A wider range of games to choose from and many bonuses and promotions for cryptocurrency gamblers
  • Transparency and honesty of all deals and transactions

Conclusion

Ethereum is perfect for gambling thanks to its smart contracts technology and provably fair playing. These benefits allow Ethereum casinos to offer gamblers numerous opportunities to play and win safely.