Here is a short note with the briefest of explanations. This short explanation serves merely as a brief introduction to the concept of blockchain gambling. A very brief explanation of this blockchain would also be necessary, especially for those of you who are only seeing it for the first time. After this explanation, those who are keen on acquiring the tools required to go ‘blockchain gambling’, those with a special interest in online gambling, can dig in elsewhere for more extensive explanations on how the blockchain works.
The blockchain is the system through which crypto-currencies are being mined or manufactured. After crypto currencies are manufactured, they will continue to be filtered through the block chain. This system also collects streams of detailed or random data from operators using the crypto currency system. These operators are both vendors and consumers. The system is billed as a much safer way of verifying data before transactions can be processed.
One of the leading crypto currencies being mined through a block chain is that of Ethereum. The Ethereum enterprise has formulated a system that allows online gamblers to place bets safely and securely. The system being utilized through its EtherSpin is also a process of fair play. The blockchain is being used to verify all incoming data from operators placing bets with EtherSpin. Ethereum and EtherSpin are relying on Oraclize to process their objective of generating fair and even bets for all those entering their system.
Oraclize uses a random number generator to filter through bets on behalf of those placing them. It also used an algorithm known as SHA256 to process and inspect the incoming data. This checks and balances system of collecting all incoming data is used to verify whether bets placed are authentic and valid. The algorithm has the ability to filter out those bets deemed to be inauthentic and invalid. And once this detection is made, these non-qualifying bets are thrown out of the system.
This then paves the way for all remaining bets within the EtherSpin system to have a fair and better than even chance of winning. As to how much is quantifiable to be paid out would depend on the volume of bets placed and the random numbers being generated. All those new to the EtherSpin wheel would first have to acquire their crypto currency, in this case known as Ethereum.