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Hackernoon logoCrypto Casinos vs. Blockchain Casinos: Fairspin Attempt to Challenge Online Casinos with TruePlay by@btc-peers

Crypto Casinos vs. Blockchain Casinos: Fairspin Attempt to Challenge Online Casinos with TruePlay

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@btc-peersBTC Peers

Crypto Analysis

For a few years, the growth of online casinos has been surprising. According to some projected estimates, the online gambling market is projected to reach $102.97 billion by 2025. The figures that are managed by this industry have been amazing.

With the invention of cryptocurrency, we witnessed the emergence of crypto casinos. However, as a general rule, they didn’t give anything else but payment anonymity. And still, there was no way to check the honesty of such casinos.

The problem was solved by DApps that allowed gamers to check the fairness of gaming sessions and smart contracts. Yet DApps have one key disadvantage - the games are too simple, insipid and there are only a few versions of gameplay.

And the main thing is that neither cryptocurrency nor DApps can solve the problems of classic online casinos. Fairspin tries to make a difference. 

The choice between one and another online casino is a matter of trust. In general, you can read on the website of a casino how many players have already won, which was the highest prize or what percentage of RTP of a particular slot machine, but, usually, there is no concrete way to verify these numbers.

What is Fairspin?

Applying TruePlay’s blockchain solutions, Fairspin chooses well-known games like slots, video poker, roulette, and publish everything happening in the blockchain: bets, the results, winnings/losses amounts, deposits, and payouts.

Thus you can always check the games and know in which ones will people win or lose more often, and which games give you only 70-80% of the winnings. 

This opportunity is still rare and one of a kind. The same thing is for the jackpot. Many casinos can claim and write about success stories where someone won a million-dollar jackpot. The thing is that no one can ever verify that information. Fairspin has transaction proof-link with the payout for each requested winning which can be checked in Etherscan. The casino is licensed under Curacao Gaming. It is their first project using TruePlay technology.

All bets, payments, bonuses, balance, probabilities, number of participants - all game statistics are recorded on the blockchain without hiding.

What gives the blockchain technology to a simple player? If a player wins, he can be sure that the casino will pay him, as the casino balance is recorded on the blockchain as well as the payout history.

Platform Readiness

The main feature of this casino is the TruePlay blockchain platform. All data on deposits, bets, wins, and losses are verified in a smart contract. Using a smart contract, you can decode data using any blockchain explorer, while players do not risk anonymity – the casino does not share personal data, and it is securely encrypted.

TruePlay eliminates any form of hacking or changing the results. A smart contract guarantees the payout percentage, and it is impossible to fake game results. The balance of the casino is checked on the blockchain; therefore, the payout of winnings is guaranteed.

As part of the TruePlay platform, TrueSign blockchain module allows each spin to be verified. The module can be integrated by game developers or regulators. It prevents the casino from changing game data. The major game provider Spinomenal and one of the oldest gaming regulators eGaming Curacao have already integrated TruePlay’s solution. It means that winnings and losses data will come to hand directly from the regulator and/or provider which excludes any possible interference from the casino.

Players using such technology can benefit from faster, instant, and safer deposits. Information about the player’s transactions is stored on the blockchain in encrypted form, and only the player has access to the crypto wallet.

Technology and Innovation

The casino guarantees instant replenishment of the account and quick withdrawal of funds. Currently, the platform accepts cryptocurrencies (Bitcoin, Ethereum, Cardano, DASH) and fiat (Visa and MasterCard payments).

When registering at Fairspin casino, players automatically get access to TruePlay (TPLAY) Wallet. All the deposits are converted automatically into TPLAY tokens regardless of the currency in which the balance is replenished. When withdrawing your winnings the tokens are converted into the currency in which deposits were done. Everything goes automatically so that the customers don’t have to make any additional steps.

TPLAY tokens are bought through it, and they are used in betting games. TPLAY can be compared to the classic chips, as found in a real casino. The TPLAY token exchange rate is tied to the Ethereum (I ETH = 1000 TPLAY). To replenish the balance, you need to transfer funds to the crypto wallet indicated at the checkout. The token is used as a gaming currency, it is not listed on any exchange services, so volatility issues don’t apply here.

TruePlay Wallet is used to verify the user, which includes the provision of personal data, identification, a selfie with a document, and address confirmation. It guarantees the safety of deposited funds. And users need to complete the KYC process only to request a withdrawal of funds.

TruePlay Wallet acts as a single platform for such projects. In the future, when the technology of the TruePlay platform will be used in the other projects, players won’t have to create another wallet the team from the Fairspin is working to eliminate the registration on partner sites. 

Games and Game Providers

At this point, Fairspin offers no surprises. Players will find a standard set of well-known games - card games, roulettes, slots, and lotto. Games popular in other casinos are also present. So far, the assets of the casino are products from several game developers, including Spinomenal, Microgaming, Netent, Betsoft, Play'n go, iSoftBet, Playson, and others.

Fairspin administration assures that work on expanding the game assortment does not stop, so shortly, we can expect to replenish the already extensive game library with games from other providers. However, the most important thing here is all these classic online games are being fully transparent for Fairspin players with every transaction recorded in blockchain.

Another great thing is that Fairspin shows the actual winning rate of every game. The math is simple. The platform considers the sum of all winnings and all losses and get the percentage of winnings for each game. This way players can check with the biggest winnings or biggest bets.

Security

The casino is new, and it has an ambitious goal. So, it would be strange to expect from the service fraud or disregard for the protection of personal data and players’ funds. Fairspin demonstrates the game in a big way and is not involved in trading contacts, nor sending viruses, or covertly collecting information.

Accessibility

Games are available without installing additional applications for the browser on a PC and without other software for mobile devices. The casino supports the most common browsers - Google Chrome, Opera, Firefox.

Currently, Fairspin supports 8 languages. Also, they work under the license of eGaming Curacao, and Fairspin has a list of countries that are not accepted on the website. You can find more information in the Terms section.

Tech Support

The team of Fairspin tried to create a site that would meet the needs of the modern user. The platform is multilingual; the support service is working around the clock and communicates with users in various languages. Communication is available on different channels, email, WhatsApp, Telegram, Facebook.

The registration is straightforward. Users won’t have to indicate a name, only email and phone. After the registration, the free spins are credited. All other data will need to be mentioned and confirmed later in TruePlay Wallet, according to the standard KYC procedure.

Conclusion

So far, you can go with the blockchain-based transparency in the iGaming area, every bet and every win become traceable and verifiable. The ability to keep track of payments, deposits, and changing the balance of the casino is a great idea. Many particularly suspicious players will like this feature. But for more gullible, especially unfamiliar with the work of the blockchain, an attractive bonus program is most likely to catch on.

The casino is more suitable for those who are already familiar with cryptocurrencies. Still, the abundance of useful and understandable reference material on the site, as well as round-the-clock technical support will help even a beginner to understand the platform.

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