TruePlay makes an honest woman out of Lady Luck with its transparent betting platform on the blockchain
The online gaming industry has been fighting the battle against fraud for quite some time. As Forbes explains, “fraudsters are continuously trying to either take over accounts, hack games, steal credentials or develop bots to exploit games.” The online gaming world is an industry plagued with weaknesses, containing high risks of financial fraud that result in its bad reputation. These high risks are caused by the inability of licensed gambling companies to instantly pay out large winnings, the players’ mistrust in the outcome of the game, and the lack of access to game statistics for individual players.
Most online players face the same dilemma when playing online.They’re wondering whether or not the result of their game was manipulated. A solution for such a dilemma could be finding a way to bring transparency to an industry that lacks it. Transparency is something that we’ve become familiar with through the proliferation of the latest technology trend: blockchain.
TruePlay is on a mission to create a safe space for fair online betting with its decentralized betting eco-system empowered by the blockchain, powered on Ethereum. The solution TruePlay has developed in order to bring honesty back to online games includes a platform that helps operators, game providers and players exchange both financial and content-related data at any time, even with poor internet connection and data size. What’s more, is that their honesty control system uses random number generator to make possible for any gambler to see a hash of every transaction directly on the blockchain. This allows players to stay in full control of their gaming activities while securely preserving private data outside of the reach of potential malefactors. In addition, the TruePlay Token (TPLAY) is intended to guarantee maximum transparency of mutual payments among all TruePlay eco-system’s participants.
Being that trust is the main issue when it comes to online betting, blockchain’s decentralized ledger removes chances of manipulation and fraud. The implementation of smart contracts guarantees that all bets and moves are recorded, and therefore, validated on the blockchain. The calculations of odds are also far more transparent and fair.
While blockchain features applied to online gaming sounds promising, the industry still deals with extremely bad reputation and lack of trust. Those companies, like TruePlay, willing to fight the battle against fraud will have to prove themselves to be different than the rest. Skepticism is all over the gaming atmosphere and TruePlay is not the first company trying to bring trust and honesty back to the industry. In the end, trust is a quality hard to gain back once it’s lost, and the online gaming industry is a risky business to place your bets on.