by MoonbetHow does Provably Fair Gaming work in Moonbet?
Although this is a widely known concept within the crypto casino industry, it is very likely that if you are new to online gambling and e sports the concept of Provably Fair is unknown to you. It is even possible that being unfamiliar with this concept, crypto casinos like Moonbet are something that your lack of confidence prevails.
Blockchain technology and online gambling are trending for one simple reason: Transparency and fraud-proof fairness. However, despite being increasingly popular, Provably Fair technology is widely unknown even by experienced players.
What is Provably Fair technology?
It is a technology used for cryptocurrency betting games based on verifying the fairness of a casino with respect to its bettors. By means of an algorithm, this mechanism eliminates the possibility of fraud, even by a bookmaker to manipulate the results of some game.
The development process of the Probably Fair technology consists, in simplified terms, in the creation by the casino of a seed that eventually becomes a Hash and is sent to the bettor before placing his bet. Hashing compresses the data string produced.
In this way, the operators and the player cannot change the number of the server’s seed, which is encrypted, plus that of the browser’s seed, which is randomly generated. The interaction between both seeds generates the result of the bet, plus the “nonce” that will increase randomly each time a bet is placed.
The verification of the fairness of the game can be done on the spot by the bettors through a verifier that will introduce the non-coded seed to confirm that its resulting value is the same of the game.
Thanks to Provably Fair technology, cryptocurrency casinos have quickly become the most viable option for skeptical players or for those for whom transparency is fundamental. It is a technological innovation of the blockchain that allows eliminating any kind of doubts about possible frauds.
Advantages of Provably Fair for MOONBET players.
The use of Provably Fair in Moonbet, is not a simple advertising hook. Just like other cryptocurrency casinos there is a lot of control; starting with audits and tests by authenticating laboratories. Despite the extensive and closely monitored audits, Provably Fair technology allows authentication to be limited to very elementary tests.
Eliminating the role of authenticators consequently produces a higher degree of transparency and reduces the cost of this technology. Instead, a specialized betting jurisdiction certifies bets and guarantees the transparency of all our activities. Moonbet is certified with the Curaçao betting license.
Blockchain technology is the key that makes the transparency and fairness of online gambling viable, as it is the same principle used in cryptocurrencies, which endows casinos with complete responsibility for their operation, but with absolute transparency thanks to the blockchain, from which all players can check their transactions.
Another advantage of Provably Fair technology, is the “Return To player” that determines the ability of a bettor to win a game, and is based on the statistics generated by previous games for the calculation of a percentage, which in Provably Fair games is usually 99%.
The Provably Fair technology integrated into our ecosystem ensures that all our games are transparent and legitimate.
Not only with respect to traditional casinos but also to online gambling games that do not have this technology, the differences are huge and clearly visible.
Provably Fair VS Regular Casino
While a regular casino uses a random number of numbers for the results of its hands, the algorithm preserves in the hash, the games which can then be verified by the players. Regular bets do not allow players to personally verify that the hands they played in a bet were correct. So they are only viable if the player trusts them blindly.
Meanwhile the Provably Fair algorithm and the public blockchain, guarantees the legitimacy of any transaction, and does not require the operation of a third party regulator or intermediary.
With the advantages that Provably Fair technology games offer to Moonbet players, in addition to the advantages of being part of our community, Moonbet is the platform with the highest growth and potential worldwide compared to any other crypto casino.