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Exploring Provably Fair Mechanisms-The Key to Genuine On-Chain Gaming

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Transparency is a major flaw in online casinos. A fair chance of winning is all that a player seeks from online gambling. However, betting on online casinos puts bettors at risk of being defrauded as many gamblers have their fair share of doubt on the fairness of these casinos. From a technical perspective, it is quite natural to suspect foul play, given the technology employed by online casinos makes it very easy for them to meddle with the outcome. 

However, with the emergence of cryptocurrency casinos, a new mechanism evolved known as ‘Provably Fair Mechanism’ that addresses the lack of transparency in legacy online gaming. The new fairness algorithm makes it impossible for casinos or third-party participants to cheat or change the outcome of a roll. Such a mechanism is crucial for establishing credibility, trust, and legitimacy in the online gambling ecosystem.  

What is a Provably Fair Mechanism?

The Provably Fair Mechanism is a blockchain-backed RNG system that registers all transactions such as bets, prizes, and outcomes on a public ledger. And with smart contracts in the picture, the entire gaming process is public and governed by a code. It does not offer any opportunity for manipulation or human interference. 

In contrast, in a traditional online casino, the chances of manipulation are high since all gaming processes occur behind the scenes. Most traditional casinos relied on third-party certification to verify the transparency of their operations. With the Provably Fair Algorithm, third-party certificates have been made obsolete. This means that the services of the independent software providers are no longer necessary for casinos.

How It Works

It’s a cryptographic hash function; a one-way algorithm implemented to ensure that neither the casino nor the player can know the cards before the game starts. The main components of the system are client seeds, server seeds, and hashing function.

The casino then uses an algorithm with a random number generator to create and shuffle new decks provided with an encrypted hash that combines two variables: the server seed and the client seed.

Referred to as the digital fingerprint, the hash of the server seed is received in advance and is encrypted so that the player can be confident that it cannot be changed retrospectively. 

One of the main advantages of a provably fair system is that it allows users to see what happens behind the scenes. Plus, the algorithm is based on mathematics that guarantees that no one – the house or the bettor, can know the game’s outcome before it starts; neither can influence nor manipulate the outcome. 

For instance, let’s consider CryptoPunt – an upcoming blockchain-powered gambling platform, and how it uses provable fairness. 

Provable Fairness On CryptoPunt

CryptoPunt is a fully decentralized, blockchain-based gambling and gaming platform. It guarantees a fast and secure gambling ecosystem by leveraging Polygon –  a layer 2 Ethereum scaling solution. It boasts a verifiably fair system where all bets are registered on the public ledger. 

Verifiable and Provably Fair

CryptoPunt broadcasts all wagers and outcomes on the Ethereum blockchain via Polygon’s Layer-2 scaling solution. It allows bettors to assess the fairness of each outcome. To further bring trust into the ecosystem, CryptoPunt uses an open and auditable random number generator algorithm. This means anyone can verify the fairness of the platform. 

Fully decentralized

CryptoPunt is a fully decentralized gambling and gaming ecosystem. It is free of all third-party or intermediaries, which means there is no human interference. The system is entirely governed by smart contract law. Plus, bettors do not have to create accounts, enable KYC, or remember passwords. Instead, it allows users to sign-up using a Web3 wallet like MetaMask, MyEtherWallet, or Coinbase. 

Unlike in other blockchain-based casinos, you are not required to deposit or withdraw funds. In CryptoPunt, once you place a wager, the funds are deducted from the Web3 wallet, and winnings are instantly deposited into the wallet. As it is a decentralized platform, there is zero chance that your account will be blocked. 

The provably fair mechanism is a significant revolution that brings more accountability, fair play, instant payouts, and guaranteed fraud prevention. While many other casinos use the provably fair system, CryptoPunt is pioneering the concept with a fully decentralized gambling and gaming platform. 

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Source: https://coinpedia.org/news/genuine-on-chain-gaming/

Coinpedia

ADA price analysis: When Is The Big Awaited Breakout Coming For Cardano?

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After touching the crucial $40k milestone, Bitcoin fell, dragging on the overall sentiment towards Altcoins. The majority of Cryptocurrencies are trading in the green, with ADA now trading at $1.29. Cardano appears to be struggling with the upswing after achieving a price barrier of $1.4.However, the uptrend was short-lived, and ADA fell down to $1.25 levels.

Well, one thing is certain that the price of ADA Token has recently seen a surge in demand near the $1 support level. The third and final phase of Cardano’s Alonzo update, dubbed purple, has begun and is also anticipated to be completed by the end of next month.

The Plutus application’s backend is written in Javascript, and the developers are working on adding support for web browsers and mobile devices. Cardano’s smart contracts will now be compatible with web browsers.

The coin price can support the $1.15 and $1.20 levels, according to the pivot point standard. If bulls maintain their momentum, the price might approach $2.

Cardano’s price is currently trading at $1.29 and on the upside. The first big resistance ADA must overcome is at $1.30, followed by $1.36. The gates to the significant $1.40 level open up after breaching both of these levels. 

On the downside, $1.20 is the first support level, followed by $1.16 and $1.10.

The majority of the moving averages and the momentum indicator on the 4-hour chart point to a strong bullish bias.

Furthermore, all of the important EMAs are increasing, indicating a substantial likelihood of bullish crosses. Bears appear to be gaining traction on the four-hour chart, according to the Relative Strength Index (RSI).

The Moving Average Convergence Divergence (MACD) indicator, on the other hand, displays a bullish impulse, indicating that bulls have the upper hand.

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Source: https://coinpedia.org/price-analysis/ada-price-analysis/

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Coinpedia

ADA price analysis: When Is The Big Awaited Breakout Coming For Cardano?

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After touching the crucial $40k milestone, Bitcoin fell, dragging on the overall sentiment towards Altcoins. The majority of Cryptocurrencies are trading in the green, with ADA now trading at $1.29. Cardano appears to be struggling with the upswing after achieving a price barrier of $1.4.However, the uptrend was short-lived, and ADA fell down to $1.25 levels.

Well, one thing is certain that the price of ADA Token has recently seen a surge in demand near the $1 support level. The third and final phase of Cardano’s Alonzo update, dubbed purple, has begun and is also anticipated to be completed by the end of next month.

The Plutus application’s backend is written in Javascript, and the developers are working on adding support for web browsers and mobile devices. Cardano’s smart contracts will now be compatible with web browsers.

The coin price can support the $1.15 and $1.20 levels, according to the pivot point standard. If bulls maintain their momentum, the price might approach $2.

Cardano’s price is currently trading at $1.29 and on the upside. The first big resistance ADA must overcome is at $1.30, followed by $1.36. The gates to the significant $1.40 level open up after breaching both of these levels. 

On the downside, $1.20 is the first support level, followed by $1.16 and $1.10.

The majority of the moving averages and the momentum indicator on the 4-hour chart point to a strong bullish bias.

Furthermore, all of the important EMAs are increasing, indicating a substantial likelihood of bullish crosses. Bears appear to be gaining traction on the four-hour chart, according to the Relative Strength Index (RSI).

The Moving Average Convergence Divergence (MACD) indicator, on the other hand, displays a bullish impulse, indicating that bulls have the upper hand.

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Source: https://coinpedia.org/price-analysis/ada-price-analysis/

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Know how Monero’s Supply Capitalization adds value to cryptos

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Not all cryptocurrencies offer the most collective features of privacy, security, or fungibility at the basis of their fundamental code level.

But Monero does, the coin offers all of these features that make it a viable crypto choice among investors.

The Project is also backed by its crypto exchange platoform Monero exchange. This makes it fundamentally strong.

Monero was launched in 2014 and is widely regarded as the world’s first untraceable, private, and secure digital currency of the web.

Also referred to more secure and decentralized protocol than of Bitcoin.

However, the truth is that Monero was formed from scratch and isn’t just some other cryptocurrencies that have Bitcoin’s core code.

The Supply Capitalization of Monero

Calculating the entire Monero supply capitalization is pretty simple and straightforward.

It’s been widely projected that Monero will hit 18.4 million supply capitalization and circulation on May 31st, 2022, and then, 0.3 XMR per minute will be consistently fed into the system.

This approach is widely known to be a better alternative for miners than relying on transactions fees.

This continuous supply of 0.3 XMR/minute will also consider the availability of total supply and miner rewards

Apart from that, there’ll even be a suitable rate of inflation maintained by this supply as the years goes by.

Monero appears slightly different from other cryptocurrencies as a token sale wasn’t held for it, neither were tokens pre-mined.

As at the time of penning this article, the circulating supply capitalization of Monero (XMR) stood at 17,703,471 USD at a unit price of $207.65.

The Monero cryptocurrency is designed to be immune to application-specific integrated circuits, which are most usually used for mining new Bitcoin.

In the theory, this implies that it is very possible to mine Monero using everyday computing tools and equipments.

How Supply Capitalization Enhances the Value Of Cryptocurrencies Supply capitalization is regarded as an indicator.

This Indicator measures and keeps track of the availability and value of a cryptocurrency.

Supply capitalization is also widely used as an indicator of the dominance and recognition of cryptocurrencies around the world.

Although this metric is widely used, more information before making trading decisions based on it is usually advisable

Overall, the availability of supply capitalization of a cryptocurrency is directly proportional to it dominance in the market.

As a result, supply capitalization is widely considered by many as the only most essential indicator for ranking cryptocurrencies.

Calculation Of Supply Capitalization

To calculate supply capitalization, the supply capitalization of a cryptocurrency is first decided, then the present price is multiplied by the circulating supply.

This is represented as:

Supply Capitalization = Present Price X (multiplied by) Circulating Supply

All cryptocurrencies’ prices are usually always calculated by their volume-weighted average of all their costs from various exchanges like the Monero exchange.

Investors should always have in mind that it’s essential to watch the circulating supply capitalization of a cryptocurrency – not the entire supply.

This is because it is only the circulating supply capitalization that is really available on the market.

The supply capitalization of a cryptocurrency more or less reflects the recognition of a coin over an extended term.

Even though the availability supply cap of a cryptocurrency remains seen because the most essential indicator of relevancy, the concept behind this is usually subject to criticism.

The theory is that the available supply capitalization of a cryptocurrency more or less reflects the recognition of a
coin over an extended term.

Cryptocurrencies with large-supply capitalization are widely considered as safe crypto investments. These are companies with a supply capitalization of more than $10 billion.

Investing in cryptocurrencies with large-supply capitalization is typically a conservative strategy.

These cryptos are most likely to be less volatile than others but are nevertheless still more volatile than traditional assets such as stocks.

On the other hand, cryptocurrencies with Mid-supply capitalization are more volatile and even have higher growth potential compared to large-supply capitalization cryptocurrencies.

Cryptocurrencies with small-supply capitalization are usually highly volatile and thought of as a highly risky investment.

However, investors must remember that they’ll also crash, literally from one minute to the next minute.

Monero Coin Price History and Supply Capitalization

Monero first hit the market in 2014 and started trading at around $1.65. Monero’s price as of today is set at $207.65 with a 24-hour trading volume of $133,233,579.

Monero Exchange is suggested to be the best platform to trade Monero Coins.

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Source: https://coinpedia.org/guest-post/moneros-supply-capitalization-adds-value-to-cryptos/

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Big Day Ahead For Ripple Labs, How Will The Events Unfold? Will XRP Price Break Past the $1 Mark?

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U.S. Magistrate Judge Sarah Netburn granted permission for Hinman’s deposition to go forward with a delay to allow the SEC and Ripple to reach an agreement on the scope of the deposition. Hinman’s deposition was supposed to take place on July 19th. Tomorrow is William Hinman’s long-awaited deposition the former head of the SEC’s Division of Corporation Finance

Because of their intrinsic decentralization, Hinman stated publicly in 2018 that BTC and ETH should not be considered securities.

In recent weeks, Ripple has had a string of victories. The SEC v. Ripple litigation took a crucial turn last week when SEC Commissioners Hester Peirce and Elad Roisman made a public statement. 

In December 2020, the Securities and Exchange Commission (SEC) filed a complaint against Ripple, saying that the San Francisco-based payments technology company’s issuance of XRP was an unregistered securities offering valued at more than US$1.38 billion.

XRP Price Analysis

With the rest of the market, XRP Price has had a rough few days. With the recent bullish moves in the crypto market, it appears that XRP has returned to the area of resistance it has been in for the past month. 

The price of XRP is currently $0.6249, having risen to an intraday high of $0.63 before retreating. The first major barrier is at $0.6769, which if broken opens the doors to $0.72 and $0.7648.

On the other hand, at $0.61, XRP needs significant support. If the bears gain control, the first support level is $0.58, which is followed by $0.54 and $0.50. 

Hinman’s deposition, which takes place on July 27, is eagerly anticipated since it has the potential to function as a significant catalyst for the XRP price. Prepare for a big increase in the price of XRP if all goes Ripple’s way.

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Source: https://coinpedia.org/ripple/big-day-ahead-for-ripple-labs-will-xrp-price-break-past-levels/

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