How Does Crypto Gambling Actually Work?

metaverses back in October of 2021, the concept has seemingly not left the lips of many people around the world. And YES, you might be surprised to find out that metaverses were a standalone concept long before Zuckerberg’s announcement - specifically, since the early 90s, and today I’ll explain to you what Metaverse is, the whole concept literally on my five fingers!</p>\n<p>In this section, I’ll tell you all about the metaverse - <strong>what it is, what it has to do with crypto, and how is Mark Zuckerberg involved in all of this, in the first place</strong>. Let’s jump right into it!</p>\n<p>So, then, first things first - let’s define the concept of a metaverse, shall we?</p>\n<h2>What is the Metaverse?</h2>\n<p>Now, admittedly, you’ll find many different definitions of the metaverse online. There are multiple explanations that are much more confusing than helpful!</p>\n<p><strong>The term itself came from the science fiction novel \"Snow Crash\" by the American writer Neal Stephenson in 1992. </strong></p>\n<p>Indeed, Mark wasn’t the first genius who came up with it! </p>\n<p>Even in those days, <strong>Neil described the Metaverse as a virtual world, with virtual real estate - even the connection to it was made via special goggles, as we call them now,</strong> <strong>VR glasses</strong>! He was describing the whole subculture of “avatars” who choose to remain connected to Metaverse for-life, by wearing portable terminals. And you know what? Today this seems to me like the upcoming reality, not fiction.</p>\n<p>By the way, it is a great, old book, I really recommend it to break your imagination!</p>\n<p>So, to put it simply, a Metaverse is a digital world. The most common examples given revolve around some of the more popular video games today, such as <strong>Animal Crossing or Second Life</strong>. Within this digital world, you have your own avatar and are able to interact with the terrain, items, and other people’s avatars around you.</p>\n<p>When someone talks about metaverses, most individuals will imagine a person with a VR headset on their head. This is because VR tools allow you to be more immersed in the aforementioned digital worlds - in other words, you are able to <strong>experience them in 3D</strong>.</p>\n<p style=\"text-align: center;\"><img title=\"What is a Metaverse: Concept of a Metaverse.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-the-metaverse-1.o.jpg/" alt=\"What is a Metaverse: Concept of a Metaverse.\" width=\"1000\" height=\"600\" /></p>\n<p>Notice how I use the plural version of the term - metaverses. That’s because, honestly, <strong>there can be multiple metaverses out there</strong>! This is not something that’s limited to a one, single project or design.</p>\n<p>Let’s go over what users can actually DO in a metaverse, and why do we need it?</p>\n<p>For starters, many individuals imagine metaverses as spaces for new-generation gaming. Today, there are already multiple VR-powered gaming options - different activities such as VR Saber or mountain climbing, and even cooperative games to play with friends.</p>\n<p>There’s widespread speculation that, in the future, metaverse users will be able <strong>to virtually improve their working spaces, arrange meetings with friends or colleagues, visit digital meet-up hubs, travel to distant and alien lands, and do so much more</strong>. It probably wouldn’t be too surprising if, in 10 years' time, many of our daily activities (shopping, playing games, meeting friends) would be transferred to the metaverse, into a new illusive dimension or reality?</p>\n<p style=\"text-align: center;\"><img title=\"What is a Metaverse: What can you do in a Metaverse?\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-the-metaverse-2.o.jpg/" alt=\"What is a Metaverse: What can you do in a Metaverse?\" width=\"1000\" height=\"600\" /></p>\n<p>That being said, however, when people say “the metaverse” today, another concept that they are often referring to is a digital world built on blockchain technology. Let’s break that down, shall we?</p>\n<p>A “<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain” is an information storage area, you can call it “<strong>the new age database</strong>”. Just like you would store your family’s photos in an album, blockchains store information. Most of the time, this information relates to cryptocurrency <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-transaction-tx/">transactions - that’s because many blockchains have their own, native cryptocurrencies associated with them.</p>\n<p>Now, I can already hear you asking - what in the world do blockchains have to do with the metaverse? This is so confusing!</p>\n<p>I can understand your frustration. Worry not, though - things are actually much simpler than you’d think!</p>\n<p>When I say that the metaverse would be built on blockchain technology, it simply means three things:</p>\n<ul>\n<li><strong>The metaverse would be decentralized, at least in some form;</strong></li>\n<li><strong>The metaverse would allow you to transact with cryptocurrencies;</strong></li>\n<li><strong>Your profile information would be stored on the blockchain - the new generation database.</strong></li>\n</ul>\n<p>Most blockchains are <strong>decentralized</strong>. What this means is that there is no one central authority overseeing them. The simplest way to imagine it is this: when you go visit a social media platform, your experience will depend on the owners of that platform. The company behind the platform will moderate what you can and can’t see, what you can and can’t say, how you interact with others, and so on.</p>\n<p style=\"text-align: center;\"><img title=\"What is the Metaverse: Metaverse on a blockchain.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-the-metaverse-3.o.jpg/" alt=\"What is the Metaverse: Metaverse on a blockchain.\" width=\"1000\" height=\"350\" /></p>\n<p>A decentralized version of such a social media platform wouldn’t have any of the aforementioned restrictions, if the community would decide to not impose them. In other words, decentralized platforms don’t have a single ruling authority behind them, and depend on the communities to be <strong>the decision-makers</strong>.</p>\n<p>Within a decentralized metaverse, you would be able to make decisions with the rest of the community, in the form of democratic votes. The well-being of the metaverse would depend on each individual and not some central authority - how cool is that?</p>\n<p>Now, let’s move on to the cryptocurrency transaction question in our new Metaverse world.</p>\n<p style=\"text-align: center;\"><img title=\"What is the Metaverse: Metaverse on a blockchain.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-the-metaverse-4.o.jpg/" alt=\"What is the Metaverse: Metaverse on a blockchain.\" width=\"1000\" height=\"500\" /></p>\n<p>As I’ve mentioned earlier, most blockchains have their native cryptocurrency - think of <a href=https://www.bitdegree.org/"/crypto/buy-bitcoin-btc/">Bitcoin, <a href=https://www.bitdegree.org/"/crypto/buy-ethereum-eth/">Ethereum, and the like. If a metaverse would be created with the help of blockchain technology, <strong>users would be able to pay for services with the native currency of that blockchain</strong>.</p>\n<p>The simplest way to think of this is the way that you transact with the United States dollar. No matter which US state you might be located in, you will be able to use the same USD with all of your purchases - this is actually even true in many other parts of the world, as well!</p>\n<p>Now, the popular opinion states that Ethereum is the most suitable blockchain for metaverse development. This is because this network is often described as “<strong>the global computer</strong>” on which many large projects have already been developed and created.</p>\n<p style=\"text-align: center;\"><img title=\"What is the Metaverse: Metaverse on a blockchain.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-the-metaverse-5.o.jpg/" alt=\"What is the Metaverse: Metaverse on a blockchain.\" width=\"1000\" height=\"550\" /></p>\n<p>On that note, Ethereum is also often thought to be the foundational network behind <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-web-3-0/">Web 3.0</strong></a>, a new form of a decentralized internet. If you’re interested to learn more about this topic, I highly encourage you to check out another explanatory section by me on what <a href=https://www.bitdegree.org/"/crypto/learn/what-is-web-3-0/">Web 3.0</strong></a> is!</p>\n<p><strong>Before we continue, why is Ethereum better than any other blockchain, though? </strong></p>\n<p>Well, it’s scalable, stable, reliable, and most importantly, it was the first blockchain to implement <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/tutorials/what-is-a-smart-contract/">Smart Contracts</strong></a> - special automated processes, or an automated logic, that allows people to make agreements with one another, without having to trust if the other party will hold up their part of the deal. Everything is processed under the openly seen, coded logic and <strong>no third parties can affect it from outside after it was launched</strong>. In most cases, even its initial developers can’t!</p>\n<p>Smart contracts allow for fast, safe, and decentralized transactions to happen on the network. Implemented into the metaverse, they would act in the background - <strong>whether you launch a game or pay for a virtual plot of land, smart contracts would be involved, without you even noticing it</strong>!</p>\n<p style=\"text-align: center;\"><img title=\"What is the Metaverse: Why is Ethereum the most suitable blockchain for Metaverse?\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-the-metaverse-6.o.jpg/" alt=\"What is the Metaverse: Why is Ethereum the most suitable blockchain for Metaverse?\" width=\"1000\" height=\"300\" /></p>\n<p>Lastly, let’s take a look at the third point - your metaverse personality, a profile of information being stored on the blockchain.</p>\n<p>Imagine that you’d be able to remain anonymous within the metaverse, thanks to blockchain tech. You’d probably still want to create some sort of profile, though, right? Well, same as you can create a character in a video game, you would also be able to do so within the metaverse, <strong>with the help of crypto, as well - your profile would be anonymous, yet tied to your account.</strong></p>\n<p>Say, you’ve created a digital painting that has become very popular within the metaverse. How do you prove that YOU were the one who made it? Simple - no matter who owns it NOW, if it was created, also known as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-minting/">minted, on your profile, you will forever be listed as the creator! Thanks to the blockchain technology behind the metaverse!</p>\n<p>Moving on, up to this point, we’ve discussed what the metaverse is, and what <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrencies and blockchain tech have to do with the concept. That’s a lot of information to wrap your head around, I’ll admit! One big question still remains unanswered - <strong>what does the CEO of Facebook, Mark Zuckerberg, have to do with all of this?</strong></p>\n<p>As I’ve mentioned at the beginning of this explanation, towards the end of October of this year, Zuckerberg announced that Facebook would be rebranding to “<strong>Meta</strong>”, and would start developing its own iteration of the metaverse - a digital world where you could connect with other people, work, exchange information, spend time with friends, and do all sorts of other cool activities.</p>\n<p style=\"text-align: center;\"><img title=\"What is the Metaverse: Metaverse on a blockchain.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-the-metaverse-7.o.jpg/" alt=\"What is the Metaverse: Metaverse on a blockchain.\" width=\"1000\" height=\"600\" /></p>\n<p>This was a huge announcement since it was the first time that a large, that a global brand would delve into the metaverse technology, in such a straightforward manner. Following this, the general public’s interest in the concept of metaverses spiked, quite noticeably!</p>\n<p>Some people are very excited about trying out this new form of technology and communication. Others, on the flip side, are very skeptical, especially since this is a concept explored by Facebook - a brand that, let’s just say,<strong> doesn't have the best track</strong> record when it comes to user data collection and keeping users' best interests in mind.</p>\n<p>No matter which camp you fall into, one thing seems to be certain - the metaverse will be <strong>an industry-changing innovation that will affect all of our lives</strong>. With crypto technology being intertwined with the idea of metaverses, this becomes an even more interesting concept to explore and familiarize yourself with!</p>\n<p style=\"text-align: center;\"><img title=\"What is the Metaverse: How is Mark Zuckerberg involved?\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-the-metaverse-8.o.jpg/" alt=\"What is the Metaverse: How is Mark Zuckerberg involved?\" width=\"1000\" height=\"550\" /></p>\n<p>So, I hope that now you have a better understanding of what the Metaverse is! If you wish to learn about the world of crypto, even more, check out the other section - \"<a href=https://www.bitdegree.org/"/crypto/learn/what-is-blockchain/">What is the Blockchain?</strong></a>\".</p>","meta_title":"What is the Metaverse: A Completely New World?","meta_description":"Find out what is the Metaverse, how it works, & what does Mark Zuckerberg have to do with it? See what this virtual world will offer!","meta_keywords":"what is the metaverse, what does metaverse mean, what is metaverse in crypto","order":14,"language":"en","created_at":"2022-05-02T08:03:23.000000Z","updated_at":"2023-05-16T11:28:41.000000Z","modified_content":"<p>Ever since <strong>Mark Zuckerberg</strong> - <strong>the CEO of Facebook</strong> - announced his company’s expansion into the realm of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-metaverse/">metaverses back in October of 2021, the concept has seemingly not left the lips of many people around the world. And YES, you might be surprised to find out that metaverses were a standalone concept long before Zuckerberg’s announcement - specifically, since the early 90s, and today I’ll explain to you what Metaverse is, the whole concept literally on my five fingers!</p>\n<p>In this section, I’ll tell you all about the metaverse - <strong>what it is, what it has to do with crypto, and how is Mark Zuckerberg involved in all of this, in the first place</strong>. Let’s jump right into it!</p>\n<p>So, then, first things first - let’s define the concept of a metaverse, shall we?</p>\n<div class=\"container\">\n <div class=\"row justify-content-center\">\n <div class=\"col-md-10 comparison-suggestion pb-3 mb-4\">\n <div class=\"d-flex flex-row\">\n <div class=\"text-center\">\n <div class=\"img-block-yt\">\n <img src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/images/compare-crypto-exchanges.gif/"/n alt=\"What is the Metaverse? (Meaning + Animated Examples)\"\n title=\"What is the Metaverse? (Meaning + Animated Examples)\" class=\"border-0\">\n <p>Video Explainer</p>\n </div>\n </div>\n <div class=\"col-xs-10 col-sm-10 col-md-10 text-left py-3 yt-info\">\n <h4 class=\"mb-1\">Video Explainer: Metaverse: A New Perception of Reality</h4>\n <p class=\"py-1 mb-0 youtube-video-subtitle\">Reading is not your thing? Watch the \"Metaverse: A New Perception of Reality\" video explainer</p>\n </div>\n </div>\n <div class=\"row justify-content-center text-center\">\n <div class=\"col-12 col-md-11 px-3\">\n <div class=\"wrapper mb-0\">\n <div class=\"youtube mb-4 bg-transparent p-0 video-modal-popup\" data-toggle=\"modal\"\n data-target=\"#video-modal\" data-id=\"UdVidrZUIuE\" data-title=\"CryptoFinallyExplained\">\n <div class=\"video-gradient-top\"></div>\n <p class=\"text-left dyk-video-title\">What is the Metaverse? (Meaning + Animated Examples)</p>\n <img src=https://www.bitdegree.org/"https://i.ytimg.com/vi/UdVidrZUIuE/hq720.jpg/"/n alt=\"What is the Metaverse? (Meaning + Animated Examples)\"\n title=\"What is the Metaverse? (Meaning + Animated Examples)\"\n class=\"p-0\">\n <img class=\"play-button\" data-target=\"#video-modal\"\n src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/video-button.png/"/n alt=\"What is the Metaverse? (Meaning + Animated Examples)\">\n </div>\n </div>\n </div>\n </div>\n <div class=\"row justify-content-center text-center\">\n <div>\n <a href=https://www.bitdegree.org/"https://www.youtube.com/c/CryptoFinallyExplained?sub_confirmation=1\%22\n class=\"btn yt-promo mb-2\" target=\"_blank\" rel=\"nofollow noopener\">\n <div class=\"row justify-content-center align-items-center mx-0 text-center\">\n <div class=\"col-4 col-md-4\">\n <i class=\"fab fa-youtube yt-dyk-btn\"></i>\n </div>\n <div class=\"col-8 col-md-8 text-center yt-promo-text\">\n <h4 class=\"m-0 text-white\">SUBSCRIBE</h4>\n <span>ON YOUTUBE</span>\n </div>\n </div>\n </a>\n </div>\n </div>\n </div>\n </div>\n</div>\n<div class=\"modal fade\" id=\"video-modal\" tabindex=\"-1\" role=\"dialog\" aria-labelledby=\"UdVidrZUIuE\">\n <div class=\"modal-dialog modal-dialog-centered modal-lg\" role=\"document\">\n <div class=\"modal-content\">\n <div class=\"modal-body p-0\">\n <button type=\"button\" class=\"video-modal-close close\" data-dismiss=\"modal\" aria-label=\"Close\">\n <i aria-hidden=\"true\" class=\"fas fa-times\"></i>\n </button>\n <div id=\"iframe\"></div>\n </div>\n <a class=\"text-decoration-none\"\n href=https://www.bitdegree.org/"https://www.youtube.com/c/CryptoFinallyExplained?sub_confirmation=1\%22\n rel=\"nofollow noopener\" target=\"_blank\">\n <div class=\"modal-footer p-0 d-block bg-white\">\n <div class=\"row justify-content-center m-0\">\n <div class=\"col-3 col-md-4 col-lg-2 p-0\">\n <img class=\"w-100 h-100\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/crypto-subscribe.jpg/" alt=\"Subscribe\">\n </div>\n <div class=\"col-9 col-md-8 col-lg-2 px-0 d-flex\">\n <div class=\"modal-subscribe w-100\">\n <p class=\"m-0 mt-1 mr-3\">SUBSCRIBE<br>\n <span class=\"m-0\">ON YOUTUBE</span>\n </p>\n </div>\n </div>\n <div class=\"col-12 col-md-12 col-lg-8 p-0 text-center d-flex justify-content-center align-items-center\">\n <div class=\"modal-subscribe-text\">\n <h4 class=\"m-0\">Understand crypto with ease</h4>\n <span>New explainer videos every week!</span>\n </div>\n </div>\n </div>\n </div>\n </a>\n </div>\n </div>\n</div>\n<h2>What is the Metaverse?</h2>\n<p>Now, admittedly, you’ll find many different definitions of the metaverse online. There are multiple explanations that are much more confusing than helpful!</p>\n<p><strong>The term itself came from the science fiction novel \"Snow Crash\" by the American writer Neal Stephenson in 1992. </strong></p>\n<p>Indeed, Mark wasn’t the first genius who came up with it! </p>\n<p>Even in those days, <strong>Neil described the Metaverse as a virtual world, with virtual real estate - even the connection to it was made via special goggles, as we call them now,</strong> <strong>VR glasses</strong>! He was describing the whole subculture of “avatars” who choose to remain connected to Metaverse for-life, by wearing portable terminals. And you know what? Today this seems to me like the upcoming reality, not fiction.</p>\n<p>By the way, it is a great, old book, I really recommend it to break your imagination!</p>\n<p>So, to put it simply, a Metaverse is a digital world. The most common examples given revolve around some of the more popular video games today, such as <strong>Animal Crossing or Second Life</strong>. Within this digital world, you have your own avatar and are able to interact with the terrain, items, and other people’s avatars around you.</p>\n<p>When someone talks about metaverses, most individuals will imagine a person with a VR headset on their head. This is because VR tools allow you to be more immersed in the aforementioned digital worlds - in other words, you are able to <strong>experience them in 3D</strong>.</p>\n<p style=\"text-align: center;\"><img title=\"What is a Metaverse: Concept of a Metaverse.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-the-metaverse-1.o.jpg/" alt=\"What is a Metaverse: Concept of a Metaverse.\" width=\"1000\" height=\"600\" /></p>\n<p>Notice how I use the plural version of the term - metaverses. That’s because, honestly, <strong>there can be multiple metaverses out there</strong>! This is not something that’s limited to a one, single project or design.</p>\n<p>Let’s go over what users can actually DO in a metaverse, and why do we need it?</p>\n<p>For starters, many individuals imagine metaverses as spaces for new-generation gaming. Today, there are already multiple VR-powered gaming options - different activities such as VR Saber or mountain climbing, and even cooperative games to play with friends.</p>\n<p>There’s widespread speculation that, in the future, metaverse users will be able <strong>to virtually improve their working spaces, arrange meetings with friends or colleagues, visit digital meet-up hubs, travel to distant and alien lands, and do so much more</strong>. It probably wouldn’t be too surprising if, in 10 years' time, many of our daily activities (shopping, playing games, meeting friends) would be transferred to the metaverse, into a new illusive dimension or reality?</p>\n<p style=\"text-align: center;\"><img title=\"What is a Metaverse: What can you do in a Metaverse?\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-the-metaverse-2.o.jpg/" alt=\"What is a Metaverse: What can you do in a Metaverse?\" width=\"1000\" height=\"600\" /></p>\n<p>That being said, however, when people say “the metaverse” today, another concept that they are often referring to is a digital world built on blockchain technology. Let’s break that down, shall we?</p>\n<p>A “<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain” is an information storage area, you can call it “<strong>the new age database</strong>”. Just like you would store your family’s photos in an album, blockchains store information. Most of the time, this information relates to cryptocurrency <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-transaction-tx/">transactions - that’s because many blockchains have their own, native cryptocurrencies associated with them.</p>\n<p>Now, I can already hear you asking - what in the world do blockchains have to do with the metaverse? This is so confusing!</p>\n<p>I can understand your frustration. Worry not, though - things are actually much simpler than you’d think!</p>\n<p>When I say that the metaverse would be built on blockchain technology, it simply means three things:</p>\n<ul>\n<li><strong>The metaverse would be decentralized, at least in some form;</strong></li>\n<li><strong>The metaverse would allow you to transact with cryptocurrencies;</strong></li>\n<li><strong>Your profile information would be stored on the blockchain - the new generation database.</strong></li>\n</ul>\n<p>Most blockchains are <strong>decentralized</strong>. What this means is that there is no one central authority overseeing them. The simplest way to imagine it is this: when you go visit a social media platform, your experience will depend on the owners of that platform. The company behind the platform will moderate what you can and can’t see, what you can and can’t say, how you interact with others, and so on.</p>\n<p style=\"text-align: center;\"><img title=\"What is the Metaverse: Metaverse on a blockchain.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-the-metaverse-3.o.jpg/" alt=\"What is the Metaverse: Metaverse on a blockchain.\" width=\"1000\" height=\"350\" /></p>\n<p>A decentralized version of such a social media platform wouldn’t have any of the aforementioned restrictions, if the community would decide to not impose them. In other words, decentralized platforms don’t have a single ruling authority behind them, and depend on the communities to be <strong>the decision-makers</strong>.</p>\n<p>Within a decentralized metaverse, you would be able to make decisions with the rest of the community, in the form of democratic votes. The well-being of the metaverse would depend on each individual and not some central authority - how cool is that?</p>\n<p>Now, let’s move on to the cryptocurrency transaction question in our new Metaverse world.</p>\n<p style=\"text-align: center;\"><img title=\"What is the Metaverse: Metaverse on a blockchain.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-the-metaverse-4.o.jpg/" alt=\"What is the Metaverse: Metaverse on a blockchain.\" width=\"1000\" height=\"500\" /></p>\n<p>As I’ve mentioned earlier, most blockchains have their native cryptocurrency - think of <a href=https://www.bitdegree.org/"/crypto/buy-bitcoin-btc/">Bitcoin, <a href=https://www.bitdegree.org/"/crypto/buy-ethereum-eth/">Ethereum, and the like. If a metaverse would be created with the help of blockchain technology, <strong>users would be able to pay for services with the native currency of that blockchain</strong>.</p>\n<p>The simplest way to think of this is the way that you transact with the United States dollar. No matter which US state you might be located in, you will be able to use the same USD with all of your purchases - this is actually even true in many other parts of the world, as well!</p>\n<p>Now, the popular opinion states that Ethereum is the most suitable blockchain for metaverse development. This is because this network is often described as “<strong>the global computer</strong>” on which many large projects have already been developed and created.</p>\n<p style=\"text-align: center;\"><img title=\"What is the Metaverse: Metaverse on a blockchain.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-the-metaverse-5.o.jpg/" alt=\"What is the Metaverse: Metaverse on a blockchain.\" width=\"1000\" height=\"550\" /></p>\n<p>On that note, Ethereum is also often thought to be the foundational network behind <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-web-3-0/">Web 3.0</strong></a>, a new form of a decentralized internet. If you’re interested to learn more about this topic, I highly encourage you to check out another explanatory section by me on what <a href=https://www.bitdegree.org/"/crypto/learn/what-is-web-3-0/">Web 3.0</strong></a> is!</p>\n<p><strong>Before we continue, why is Ethereum better than any other blockchain, though? </strong></p>\n<p>Well, it’s scalable, stable, reliable, and most importantly, it was the first blockchain to implement <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/tutorials/what-is-a-smart-contract/">Smart Contracts</strong></a> - special automated processes, or an automated logic, that allows people to make agreements with one another, without having to trust if the other party will hold up their part of the deal. Everything is processed under the openly seen, coded logic and <strong>no third parties can affect it from outside after it was launched</strong>. In most cases, even its initial developers can’t!</p>\n<p>Smart contracts allow for fast, safe, and decentralized transactions to happen on the network. Implemented into the metaverse, they would act in the background - <strong>whether you launch a game or pay for a virtual plot of land, smart contracts would be involved, without you even noticing it</strong>!</p>\n<p style=\"text-align: center;\"><img title=\"What is the Metaverse: Why is Ethereum the most suitable blockchain for Metaverse?\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-the-metaverse-6.o.jpg/" alt=\"What is the Metaverse: Why is Ethereum the most suitable blockchain for Metaverse?\" width=\"1000\" height=\"300\" /></p>\n<p>Lastly, let’s take a look at the third point - your metaverse personality, a profile of information being stored on the blockchain.</p>\n<p>Imagine that you’d be able to remain anonymous within the metaverse, thanks to blockchain tech. You’d probably still want to create some sort of profile, though, right? Well, same as you can create a character in a video game, you would also be able to do so within the metaverse, <strong>with the help of crypto, as well - your profile would be anonymous, yet tied to your account.</strong></p>\n<p>Say, you’ve created a digital painting that has become very popular within the metaverse. How do you prove that YOU were the one who made it? Simple - no matter who owns it NOW, if it was created, also known as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-minting/">minted, on your profile, you will forever be listed as the creator! Thanks to the blockchain technology behind the metaverse!</p>\n<p>Moving on, up to this point, we’ve discussed what the metaverse is, and what <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrencies and blockchain tech have to do with the concept. That’s a lot of information to wrap your head around, I’ll admit! One big question still remains unanswered - <strong>what does the CEO of Facebook, Mark Zuckerberg, have to do with all of this?</strong></p>\n<p>As I’ve mentioned at the beginning of this explanation, towards the end of October of this year, Zuckerberg announced that Facebook would be rebranding to “<strong>Meta</strong>”, and would start developing its own iteration of the metaverse - a digital world where you could connect with other people, work, exchange information, spend time with friends, and do all sorts of other cool activities.</p>\n<p style=\"text-align: center;\"><img title=\"What is the Metaverse: Metaverse on a blockchain.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-the-metaverse-7.o.jpg/" alt=\"What is the Metaverse: Metaverse on a blockchain.\" width=\"1000\" height=\"600\" /></p>\n<p>This was a huge announcement since it was the first time that a large, that a global brand would delve into the metaverse technology, in such a straightforward manner. Following this, the general public’s interest in the concept of metaverses spiked, quite noticeably!</p>\n<p>Some people are very excited about trying out this new form of technology and communication. Others, on the flip side, are very skeptical, especially since this is a concept explored by Facebook - a brand that, let’s just say,<strong> doesn't have the best track</strong> record when it comes to user data collection and keeping users' best interests in mind.</p>\n<p>No matter which camp you fall into, one thing seems to be certain - the metaverse will be <strong>an industry-changing innovation that will affect all of our lives</strong>. With crypto technology being intertwined with the idea of metaverses, this becomes an even more interesting concept to explore and familiarize yourself with!</p>\n<p style=\"text-align: center;\"><img title=\"What is the Metaverse: How is Mark Zuckerberg involved?\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-the-metaverse-8.o.jpg/" alt=\"What is the Metaverse: How is Mark Zuckerberg involved?\" width=\"1000\" height=\"550\" /></p>\n<p>So, I hope that now you have a better understanding of what the Metaverse is! If you wish to learn about the world of crypto, even more, check out the other section - \"<a href=https://www.bitdegree.org/"/crypto/learn/what-is-blockchain/">What is the Blockchain?</strong></a>\".</p>","preview_url":"https://www.bitdegree.org/crypto/learn/what-is-the-metaverse","youtube_video":{"id":9,"channel_id":1,"sort":59,"video_title":"What is the Metaverse? (Meaning + Animated Examples)","description":"What is the Metaverse (Meaning + Animated Examples)\nThe Metaverse, to put it simply, is a digital world that is often considered to be the future of gaming. However, some speculate it will revolutionize how we interact with our peers and daily lives, altogether!\n\nThe Metaverse is expected to be a multiple-industry-changing innovation that will inevitably affect all of our lives, starting with connecting with our friends, and ending with how we will be doing our grocery shopping. In this video, you will find everything you need to know about the metaverse explained with simple-to-grasp terms, so you would understand what roles Mark Zuckerberg and the blockchain play in all of this in no time!\n\nAre you excited, or are you skeptical about the metaverse? Sound off in the comment section!\n\nVideo Time Table:\n\n0:00 What is The Metaverse?\n0:56 The Concept of Metaverse\n2:41 What Can You Do In A Metaverse?\n3:33 Metaverse On A Blockchain\n6:14 Why Is Etherium Most Suitable?\n7:48 Your Metaverse Profile\n8:51 Mark Zuckerberg & The Metaverse\n10:11 Wrap-up: What is The Metaverse?\n\nGet Quick Crypto Tips on Twitter - Follow:\nhttps://twitter.com/crypto_xplained\n\n#WhatIsMetaverse #MetaverseCrypto #Metaverse #Blockchain #MetaverseExplained","video_id":"UdVidrZUIuE","duration":626,"view_count":619,"thumbnail_url":"https://i.ytimg.com/vi/UdVidrZUIuE/hq720.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2022-01-25 14:41:12","created_at":"2022-02-21T13:20:28.000000Z","updated_at":"2023-05-21T23:00:04.000000Z","channel":{"id":1,"title":"CryptoFinallyExplained","channel_id":"UCOryUY0yxC08eJtK23mNgiA","main_playlist_id":"UUOryUY0yxC08eJtK23mNgiA"}}},"prevSection":{"id":429,"featured_image_id":10249,"original_id":null,"youtube_video_id":144,"author_id":42,"translator_id":null,"chapter_id":6,"title":"Crypto Oracles: The Link Between Blockchain and Outside World Data","slug":"what-is-an-oracle-in-crypto","definition":"Did you know that oracles serve as the equivalent of messengers in the world of cryptocurrencies?","status":"published","content":"<p>In this section, we’re going to answer the questions of what is an oracle in crypto, and how important are they in the DeFi ecosystem!</p>\n<p>At first glance, oracles in crypto can seem a sophisticated, and therefore, intimidating topic. In previous sections, I covered a bunch of blockchain-related subjects such as <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/what-are-smart-contracts/">smart contracts</strong></a>, <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/what-is-defi/">DeFi, and <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/what-is-blockchain/">blockchains themselves. <strong>Crypto oracles are where all of them interlink</strong>.</p>\n<p>You see, the world of blockchain tech relies on one, crucial aspect - information. Just like oracles were the ones who revealed seemingly unattainable information back in the old days, the modern-day crypto oracles do the very same - <strong>they keep things running by providing the latest data</strong>.</p>\n<p>In this section, we’re going to take a deep dive into the concept and practical application of crypto oracles. I’ll give you a brief introduction of what they are, then I’ll look into how they are applied in practice, and, finally, what are their drawbacks. In the end, you’ll be well aware of what they do, what makes the best crypto oracles, and how they keep the bricks of the DeFi house together!</p>\n<p><em>Without further ado, let’s get to it!</em></p>\n<h2>What is an Oracle in Crypto?</h2>\n<p>Let’s start from the very beginning - what is an oracle in crypto?</p>\n<p>The technical definition sounds something like this: <strong>“Oracles are entities that provide real-world data, or information, to smart contracts on blockchain networks”.</strong> Okay, that doesn’t sound too complex. Why do we need them, though?</p>\n<p>Oracles serve as a <strong>bridge between the blockchain and the outside world</strong>, allowing smart contracts to interact with external data sources in a decentralized (and secure!) manner. It’s thanks to them that smart contracts are able to be activated and execute actions based on verified, up-to-date, and reliable information. Best crypto oracles allow DeFi apps to run flawlessly, without the intervention and supervision of a third, centralized party.</p>\n<p>Okay, suddenly, things got a bit more intricate. Let's take a look at it another way. <strong>Imagine a pawn shop. </strong>Someone brings in a gold watch that they want to sell. Now, to avoid being scammed, the pawn shop owner needs to be aware of how to recognize real and fake gold. Then, in order to accurately evaluate its price, the owner needs to be aware of the current price of gold, and how much particular gold watches go for. Based on their knowledge and experience, the pawn shop owner immediately scans the situation, and can come up with a fair offer.</p>\n<p>Now, imagine if the pawn shop owner was on sick leave, and they had a random guy run the shop as a substitute. The substitute worker would have no clue about how to evaluate the gold watch. He would have to either Google things, or call the owner to consult with him. His decision would depend on an external source of information. You could say that… The substitute worker would need an oracle to accurately evaluate the deal.</p>\n<p><strong>Let’s turn this imaginary pawn shop into a DeFi application that runs automatically, thanks to smart contracts.</strong></p>\n<p>Smart contracts get activated when certain, predefined conditions are met. For example: <em>“if a user pays X amount of coins, the user receives Y amount of different tokens”</em>. If the amount is less than the required X, the smart contract is not activated; therefore, the user cannot receive anything.</p>\n<p>But, in order for smart contracts to run smoothly, they need a constant reminder about the state of the ongoing deal, about the value of particular coins or other assets, or the simple fact that the user is solvent, and actually has the required amount of coins or tokens in their wallet. All of these variables substitute one word: <strong>information</strong>.</p>\n<p>That’s where the crypto oracles come in. They verify all of this, and make sure that there’s no fishy business going on. And then, after all of this info gets verified, they trigger the payment, as the smart contract gets activated.</p>\n<h2>Different Types of Oracles in Crypto</h2>\n<p>By now, we have found out that the answer to the “what is an oracle in crypto?” question is that <strong>they function as a source of external, real-life information that smart contracts depend upon</strong>.</p>\n<p>It would be easy to simply find a list with all the best crypto oracles named in it. But they differ in many ways, as there are several types of oracles in crypto. What are they?</p>\n<p>Well, there are two main kinds, actually - <strong>software and hardware oracles.</strong></p>\n<p><strong><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is an oracle in crypto: Software oracles.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/what-is-an-oracle-in-crypto-01.jpg/" alt=\"What is an oracle in crypto: Software oracles.\" width=\"1000\" height=\"743\" /></strong></p>\n<p><strong>A software oracle</strong> is what it sounds like. An oracle in the form of a specifically designed program to run as the bridge between the blockchain and off-chain data sources. These sources can be web-based databases, and they’re used for consistent tracking of a particular variable, such as the price of an asset, real-life events, or simply web services and their prices.</p>\n<p>To tell it in layman’s terms, just like librarians help readers find a specific book within a large library, software oracles help smart contracts find the necessary information to validate and begin executing it themselves.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is an oracle in crypto: Hardware oracles.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/what-is-an-oracle-in-crypto-02.jpg/" alt=\"What is an oracle in crypto: Hardware oracles.\" width=\"1000\" height=\"578\" /></p>\n<p>Moving on to <strong>hardware oracles</strong>. Once again, it’s all in the name. Unlike software oracles, hardware oracles aren’t simply computer programs. They are hardware devices. They operate in physically isolated environments, therefore, they are less accessible to hackers, or other actors guided by malicious intents. This aspect makes hardware oracles stronger and more resilient in terms of security. Their purpose remains the same - to securely transfer data into a blockchain.</p>\n<p>So, to sum up, the key difference between hardware and software oracles is <strong>the level of security they provide to a blockchain</strong>.</p>\n<h2><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;\">Practical Use Cases of Oracles</span></h2>\n<p><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;\">Furthermore, let’s concentrate on something practical - <strong>let’s move on from the question “what is an oracle in crypto?”, and talk about what they do</strong>. Specifically, what are the practical use cases of crypto oracles? Let’s zoom in on a specific example - <strong>Chainlink</strong>, the decentralized blockchain oracle network. As of writing, it’s the most popular oracle in the entirety of DeFi. It’s also the perfect example of a software oracle.</span></p>\n<p>Here’s what it does. Whenever traders engage in buying, selling, or trading coins and tokens, in order for trades to be executed, the smart contract needs to be updated with the latest information about the actual value of a particular coin. For example, whenever a trader is about to make a swap from <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">ETH to the <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-usd-coin-usdc/">USDC stablecoin on a DEX, a decentralized exchange, the oracle is the mechanism behind precise and reliable price evaluations.</p>\n<p>Besides, if you feel like your knowledge about <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/what-are-stablecoins/">stablecoins or <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/dex-vs-cex/">DEXs needs updating, be sure to check dedicated sections to these topics covered in this Crypto 101 Handbook! Now, let’s cement it: <strong>oracles in crypto are the tools that keep the network fresh and up-to-date with constant updates about how much a particular coin is valued every moment</strong>.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is an oracle in crypto: Supply chain management.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/what-is-an-oracle-in-crypto-03.jpg/" alt=\"What is an oracle in crypto: Supply chain management.\" width=\"1000\" height=\"644\" /></p>\n<p>Furthermore, another crypto oracle use case is <strong>supply chain management</strong>. Think of an oracle as a GPS device. Just like it tracks the movement of a person, or a car, or a shipment, so does an oracle track the status of transactions of data, be it money, staking, swaps, or whatever, on the blockchain. Whenever a significant change takes place, the oracle gets updated, and sends out the signal to the blockchain.</p>\n<p>In addition to these use cases, one more interesting example could be added: <strong>gaming</strong>. Think of it this way – as gamers continue playing games and climbing up the leaderboard, an oracle tracks the results and updates smart contracts on the blockchain with the latest achievements, progress, and stats.</p>\n<h2>Challenges and Risks</h2>\n<p>Now, no one’s perfect in this world. Oracles aren’t an exception, and even if you made a “best crypto oracles” list, you’d still find drawbacks with almost every one of them.</p>\n<p><strong>The main challenge that arises from using oracles is ensuring that the data they bring in is accurate and reliable</strong>. Instead of tampering with the oracles, attackers can manipulate the sources that oracles gather their data from. If the primary information point is compromised, the oracle will automatically transfer altered data to the blockchain.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is an oracle in crypto: \" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/what-is-an-oracle-in-crypto-04.jpg/" alt=\"What is an oracle in crypto: \" width=\"1000\" height=\"676\" /></p>\n<p>Whenever an oracle relies on a single source of data, the risk gets high. This is where the term a <strong>Single Point of Failure (SPOF)</strong> comes in. It happens when there is a single point or entity that controls the oracle, and it gets compromised, thus hurting the trustless and decentralized nature of the blockchain.</p>\n<p>A real-life SPOF example occurs when a power grid goes down because of a failure in a single power station. Just like a power grid, a blockchain network needs multiple sources of data to function properly. An SPOF oracle would mean that the network relied on a single point of informational input that got affected.</p>\n<h2>Wrapping Up</h2>\n<p>To conclude, oracles are like messengers of the crypto world, bridging the gap between the decentralized blockchain network and the traditional world of data and information. <strong>They enable smart contracts to access and use data from the outside world, making them a crucial component of the crypto ecosystem.</strong></p>\n<p><strong><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is an oracle in crypto: Conclusion.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/what-is-an-oracle-in-crypto-05.jpg/" alt=\"What is an oracle in crypto: Conclusion.\" width=\"1000\" height=\"654\" /></strong></p>\n<p>From DeFi to supply chain management and gaming, oracles have a wide range of use cases that are revolutionizing the way we interact with data in a fast, reliable, and decentralized manner.</p>\n<p>However, with great power comes great responsibility. It's important to keep in mind the <strong>challenges and risks associated with oracles</strong>, and to implement measures to mitigate them. These challenges mainly consist of ensuring the accuracy and reliability of the data, avoiding the “Single Point of Failure” issue, and setting up enough barriers and protection from malicious manipulation.</p>\n<p>So, whether you're a crypto enthusiast, a blockchain developer, or simply someone who's curious about the future of technology, being able to answer the question of “what is an oracle in crypto?” is essential.</p>","meta_title":"What is an Oracle in Crypto?","meta_description":"Wondering what is an oracle in crypto? You're in luck because you'll find everything about oracles, including the best crypto oracles here!","meta_keywords":"what is an oracle in crypto, crypto oracle list, best crypto oracles","order":12,"language":"en","created_at":"2023-02-27T14:49:16.000000Z","updated_at":"2023-04-03T14:11:57.000000Z","modified_content":"<p>In this section, we’re going to answer the questions of what is an oracle in crypto, and how important are they in the DeFi ecosystem!</p>\n<p>At first glance, oracles in crypto can seem a sophisticated, and therefore, intimidating topic. In previous sections, I covered a bunch of blockchain-related subjects such as <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/what-are-smart-contracts/">smart contracts</strong></a>, <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/what-is-defi/">DeFi, and <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/what-is-blockchain/">blockchains themselves. <strong>Crypto oracles are where all of them interlink</strong>.</p>\n<p>You see, the world of blockchain tech relies on one, crucial aspect - information. Just like oracles were the ones who revealed seemingly unattainable information back in the old days, the modern-day crypto oracles do the very same - <strong>they keep things running by providing the latest data</strong>.</p>\n<p>In this section, we’re going to take a deep dive into the concept and practical application of crypto oracles. I’ll give you a brief introduction of what they are, then I’ll look into how they are applied in practice, and, finally, what are their drawbacks. In the end, you’ll be well aware of what they do, what makes the best crypto oracles, and how they keep the bricks of the DeFi house together!</p>\n<p><em>Without further ado, let’s get to it!</em></p>\n<div class=\"container\">\n <div class=\"row justify-content-center\">\n <div class=\"col-md-10 comparison-suggestion pb-3 mb-4\">\n <div class=\"d-flex flex-row\">\n <div class=\"text-center\">\n <div class=\"img-block-yt\">\n <img src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/images/compare-crypto-exchanges.gif/"/n alt=\"What Are Oracles in Crypto? (Beginner Friendly Animation)\"\n title=\"What Are Oracles in Crypto? (Beginner Friendly Animation)\" class=\"border-0\">\n <p>Video Explainer</p>\n </div>\n </div>\n <div class=\"col-xs-10 col-sm-10 col-md-10 text-left py-3 yt-info\">\n <h4 class=\"mb-1\">Video Explainer: Crypto Oracles: The Link Between Blockchain and Outside World Data</h4>\n <p class=\"py-1 mb-0 youtube-video-subtitle\">Reading is not your thing? Watch the \"Crypto Oracles: The Link Between Blockchain and Outside World Data\" video explainer</p>\n </div>\n </div>\n <div class=\"row justify-content-center text-center\">\n <div class=\"col-12 col-md-11 px-3\">\n <div class=\"wrapper mb-0\">\n <div class=\"youtube mb-4 bg-transparent p-0 video-modal-popup\" data-toggle=\"modal\"\n data-target=\"#video-modal\" data-id=\"1s6Qc7qexBo\" data-title=\"CryptoFinallyExplained\">\n <div class=\"video-gradient-top\"></div>\n <p class=\"text-left dyk-video-title\">What Are Oracles in Crypto? (Beginner Friendly Animation)</p>\n <img src=https://www.bitdegree.org/"https://i.ytimg.com/vi/1s6Qc7qexBo/hq720.jpg/"/n alt=\"What Are Oracles in Crypto? (Beginner Friendly Animation)\"\n title=\"What Are Oracles in Crypto? (Beginner Friendly Animation)\"\n class=\"p-0\">\n <img class=\"play-button\" data-target=\"#video-modal\"\n src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/video-button.png/"/n alt=\"What Are Oracles in Crypto? (Beginner Friendly Animation)\">\n </div>\n </div>\n </div>\n </div>\n <div class=\"row justify-content-center text-center\">\n <div>\n <a href=https://www.bitdegree.org/"https://www.youtube.com/c/CryptoFinallyExplained?sub_confirmation=1\%22\n class=\"btn yt-promo mb-2\" target=\"_blank\" rel=\"nofollow noopener\">\n <div class=\"row justify-content-center align-items-center mx-0 text-center\">\n <div class=\"col-4 col-md-4\">\n <i class=\"fab fa-youtube yt-dyk-btn\"></i>\n </div>\n <div class=\"col-8 col-md-8 text-center yt-promo-text\">\n <h4 class=\"m-0 text-white\">SUBSCRIBE</h4>\n <span>ON YOUTUBE</span>\n </div>\n </div>\n </a>\n </div>\n </div>\n </div>\n </div>\n</div>\n<div class=\"modal fade\" id=\"video-modal\" tabindex=\"-1\" role=\"dialog\" aria-labelledby=\"1s6Qc7qexBo\">\n <div class=\"modal-dialog modal-dialog-centered modal-lg\" role=\"document\">\n <div class=\"modal-content\">\n <div class=\"modal-body p-0\">\n <button type=\"button\" class=\"video-modal-close close\" data-dismiss=\"modal\" aria-label=\"Close\">\n <i aria-hidden=\"true\" class=\"fas fa-times\"></i>\n </button>\n <div id=\"iframe\"></div>\n </div>\n <a class=\"text-decoration-none\"\n href=https://www.bitdegree.org/"https://www.youtube.com/c/CryptoFinallyExplained?sub_confirmation=1\%22\n rel=\"nofollow noopener\" target=\"_blank\">\n <div class=\"modal-footer p-0 d-block bg-white\">\n <div class=\"row justify-content-center m-0\">\n <div class=\"col-3 col-md-4 col-lg-2 p-0\">\n <img class=\"w-100 h-100\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/crypto-subscribe.jpg/" alt=\"Subscribe\">\n </div>\n <div class=\"col-9 col-md-8 col-lg-2 px-0 d-flex\">\n <div class=\"modal-subscribe w-100\">\n <p class=\"m-0 mt-1 mr-3\">SUBSCRIBE<br>\n <span class=\"m-0\">ON YOUTUBE</span>\n </p>\n </div>\n </div>\n <div class=\"col-12 col-md-12 col-lg-8 p-0 text-center d-flex justify-content-center align-items-center\">\n <div class=\"modal-subscribe-text\">\n <h4 class=\"m-0\">Understand crypto with ease</h4>\n <span>New explainer videos every week!</span>\n </div>\n </div>\n </div>\n </div>\n </a>\n </div>\n </div>\n</div>\n<h2>What is an Oracle in Crypto?</h2>\n<p>Let’s start from the very beginning - what is an oracle in crypto?</p>\n<p>The technical definition sounds something like this: <strong>“Oracles are entities that provide real-world data, or information, to smart contracts on blockchain networks”.</strong> Okay, that doesn’t sound too complex. Why do we need them, though?</p>\n<p>Oracles serve as a <strong>bridge between the blockchain and the outside world</strong>, allowing smart contracts to interact with external data sources in a decentralized (and secure!) manner. It’s thanks to them that smart contracts are able to be activated and execute actions based on verified, up-to-date, and reliable information. Best crypto oracles allow DeFi apps to run flawlessly, without the intervention and supervision of a third, centralized party.</p>\n<p>Okay, suddenly, things got a bit more intricate. Let's take a look at it another way. <strong>Imagine a pawn shop. </strong>Someone brings in a gold watch that they want to sell. Now, to avoid being scammed, the pawn shop owner needs to be aware of how to recognize real and fake gold. Then, in order to accurately evaluate its price, the owner needs to be aware of the current price of gold, and how much particular gold watches go for. Based on their knowledge and experience, the pawn shop owner immediately scans the situation, and can come up with a fair offer.</p>\n<p>Now, imagine if the pawn shop owner was on sick leave, and they had a random guy run the shop as a substitute. The substitute worker would have no clue about how to evaluate the gold watch. He would have to either Google things, or call the owner to consult with him. His decision would depend on an external source of information. You could say that… The substitute worker would need an oracle to accurately evaluate the deal.</p>\n<p><strong>Let’s turn this imaginary pawn shop into a DeFi application that runs automatically, thanks to smart contracts.</strong></p>\n<p>Smart contracts get activated when certain, predefined conditions are met. For example: <em>“if a user pays X amount of coins, the user receives Y amount of different tokens”</em>. If the amount is less than the required X, the smart contract is not activated; therefore, the user cannot receive anything.</p>\n<p>But, in order for smart contracts to run smoothly, they need a constant reminder about the state of the ongoing deal, about the value of particular coins or other assets, or the simple fact that the user is solvent, and actually has the required amount of coins or tokens in their wallet. All of these variables substitute one word: <strong>information</strong>.</p>\n<p>That’s where the crypto oracles come in. They verify all of this, and make sure that there’s no fishy business going on. And then, after all of this info gets verified, they trigger the payment, as the smart contract gets activated.</p>\n<h2>Different Types of Oracles in Crypto</h2>\n<p>By now, we have found out that the answer to the “what is an oracle in crypto?” question is that <strong>they function as a source of external, real-life information that smart contracts depend upon</strong>.</p>\n<p>It would be easy to simply find a list with all the best crypto oracles named in it. But they differ in many ways, as there are several types of oracles in crypto. What are they?</p>\n<p>Well, there are two main kinds, actually - <strong>software and hardware oracles.</strong></p>\n<p><strong><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is an oracle in crypto: Software oracles.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/what-is-an-oracle-in-crypto-01.jpg/" alt=\"What is an oracle in crypto: Software oracles.\" width=\"1000\" height=\"743\" /></strong></p>\n<p><strong>A software oracle</strong> is what it sounds like. An oracle in the form of a specifically designed program to run as the bridge between the blockchain and off-chain data sources. These sources can be web-based databases, and they’re used for consistent tracking of a particular variable, such as the price of an asset, real-life events, or simply web services and their prices.</p>\n<p>To tell it in layman’s terms, just like librarians help readers find a specific book within a large library, software oracles help smart contracts find the necessary information to validate and begin executing it themselves.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is an oracle in crypto: Hardware oracles.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/what-is-an-oracle-in-crypto-02.jpg/" alt=\"What is an oracle in crypto: Hardware oracles.\" width=\"1000\" height=\"578\" /></p>\n<p>Moving on to <strong>hardware oracles</strong>. Once again, it’s all in the name. Unlike software oracles, hardware oracles aren’t simply computer programs. They are hardware devices. They operate in physically isolated environments, therefore, they are less accessible to hackers, or other actors guided by malicious intents. This aspect makes hardware oracles stronger and more resilient in terms of security. Their purpose remains the same - to securely transfer data into a blockchain.</p>\n<p>So, to sum up, the key difference between hardware and software oracles is <strong>the level of security they provide to a blockchain</strong>.</p>\n<h2><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;\">Practical Use Cases of Oracles</span></h2>\n<p><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;\">Furthermore, let’s concentrate on something practical - <strong>let’s move on from the question “what is an oracle in crypto?”, and talk about what they do</strong>. Specifically, what are the practical use cases of crypto oracles? Let’s zoom in on a specific example - <strong>Chainlink</strong>, the decentralized blockchain oracle network. As of writing, it’s the most popular oracle in the entirety of DeFi. It’s also the perfect example of a software oracle.</span></p>\n<p>Here’s what it does. Whenever traders engage in buying, selling, or trading coins and tokens, in order for trades to be executed, the smart contract needs to be updated with the latest information about the actual value of a particular coin. For example, whenever a trader is about to make a swap from <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">ETH to the <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-usd-coin-usdc/">USDC stablecoin on a DEX, a decentralized exchange, the oracle is the mechanism behind precise and reliable price evaluations.</p>\n<p>Besides, if you feel like your knowledge about <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/what-are-stablecoins/">stablecoins or <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/dex-vs-cex/">DEXs needs updating, be sure to check dedicated sections to these topics covered in this Crypto 101 Handbook! Now, let’s cement it: <strong>oracles in crypto are the tools that keep the network fresh and up-to-date with constant updates about how much a particular coin is valued every moment</strong>.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is an oracle in crypto: Supply chain management.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/what-is-an-oracle-in-crypto-03.jpg/" alt=\"What is an oracle in crypto: Supply chain management.\" width=\"1000\" height=\"644\" /></p>\n<p>Furthermore, another crypto oracle use case is <strong>supply chain management</strong>. Think of an oracle as a GPS device. Just like it tracks the movement of a person, or a car, or a shipment, so does an oracle track the status of transactions of data, be it money, staking, swaps, or whatever, on the blockchain. Whenever a significant change takes place, the oracle gets updated, and sends out the signal to the blockchain.</p>\n<p>In addition to these use cases, one more interesting example could be added: <strong>gaming</strong>. Think of it this way – as gamers continue playing games and climbing up the leaderboard, an oracle tracks the results and updates smart contracts on the blockchain with the latest achievements, progress, and stats.</p>\n<h2>Challenges and Risks</h2>\n<p>Now, no one’s perfect in this world. Oracles aren’t an exception, and even if you made a “best crypto oracles” list, you’d still find drawbacks with almost every one of them.</p>\n<p><strong>The main challenge that arises from using oracles is ensuring that the data they bring in is accurate and reliable</strong>. Instead of tampering with the oracles, attackers can manipulate the sources that oracles gather their data from. If the primary information point is compromised, the oracle will automatically transfer altered data to the blockchain.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is an oracle in crypto: \" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/what-is-an-oracle-in-crypto-04.jpg/" alt=\"What is an oracle in crypto: \" width=\"1000\" height=\"676\" /></p>\n<p>Whenever an oracle relies on a single source of data, the risk gets high. This is where the term a <strong>Single Point of Failure (SPOF)</strong> comes in. It happens when there is a single point or entity that controls the oracle, and it gets compromised, thus hurting the trustless and decentralized nature of the blockchain.</p>\n<p>A real-life SPOF example occurs when a power grid goes down because of a failure in a single power station. Just like a power grid, a blockchain network needs multiple sources of data to function properly. An SPOF oracle would mean that the network relied on a single point of informational input that got affected.</p>\n<h2>Wrapping Up</h2>\n<p>To conclude, oracles are like messengers of the crypto world, bridging the gap between the decentralized blockchain network and the traditional world of data and information. <strong>They enable smart contracts to access and use data from the outside world, making them a crucial component of the crypto ecosystem.</strong></p>\n<p><strong><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is an oracle in crypto: Conclusion.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/what-is-an-oracle-in-crypto-05.jpg/" alt=\"What is an oracle in crypto: Conclusion.\" width=\"1000\" height=\"654\" /></strong></p>\n<p>From DeFi to supply chain management and gaming, oracles have a wide range of use cases that are revolutionizing the way we interact with data in a fast, reliable, and decentralized manner.</p>\n<p>However, with great power comes great responsibility. It's important to keep in mind the <strong>challenges and risks associated with oracles</strong>, and to implement measures to mitigate them. These challenges mainly consist of ensuring the accuracy and reliability of the data, avoiding the “Single Point of Failure” issue, and setting up enough barriers and protection from malicious manipulation.</p>\n<p>So, whether you're a crypto enthusiast, a blockchain developer, or simply someone who's curious about the future of technology, being able to answer the question of “what is an oracle in crypto?” is essential.</p>","preview_url":"https://www.bitdegree.org/crypto/learn/what-is-an-oracle-in-crypto","youtube_video":{"id":144,"channel_id":1,"sort":8,"video_title":"What Are Oracles in Crypto? (Beginner Friendly Animation)","description":"What are cryptocurrency oracles?\n\nThe best crypto oracles are where blockchains, smart contracts, and cryptocurrencies connect. It’s an essential element of the DeFi ecosystem. If you’re not familiar with crypto oracles, it’s crucial to change that!\n\nIn this video, I will explain what is a crypto oracle, and what role they play in the DeFi space! We’ll talk about their differences, what are their practical applications, and what’s their weakest point. After watching this video, crypto oracles will no longer be a mystery for you.\n\nDo you think oracles are an important part of crypto? Make sure to share your insights in the comments below the video!\n\nVideo Time Table:\n0:00 Introduction to What Are Oracles in Crypto\n1:13 What are Cryptocurrency Oracles?\n3:41 Different Types of Oracles in Crypto\n5:10 Crypto Oracle Use Cases\n6:51 Challenges & Risks\n7:54 Wrap-up: What Are Oracles in Crypto?\n\nGet Quick Crypto Tips on Twitter - Follow:\nhttps://twitter.com/crypto_xplained\n\n#WhatAreOraclesinCrypto #Chainlink #OracleNetworks","video_id":"1s6Qc7qexBo","duration":550,"view_count":165,"thumbnail_url":"https://i.ytimg.com/vi/1s6Qc7qexBo/hq720.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2023-03-30 14:40:37","created_at":"2023-03-30T23:00:04.000000Z","updated_at":"2023-05-21T23:00:04.000000Z","channel":{"id":1,"title":"CryptoFinallyExplained","channel_id":"UCOryUY0yxC08eJtK23mNgiA","main_playlist_id":"UUOryUY0yxC08eJtK23mNgiA"}}},"chapterTitle":"dApps & Defi","cryptoBookSection":{"id":470,"featured_image_id":9901,"original_id":null,"youtube_video_id":142,"author_id":42,"translator_id":null,"chapter_id":6,"title":"The Peculiarities of Decentralized Crypto Gambling","slug":"crypto-gambling","definition":"Did you know that decentralized crypto gambling is very different from traditional gambling?","status":"published","content":"<p>In this section, we’re going to talk about decentralized crypto gambling, and how it’s different from traditional gambling!</p>\n<p>Gambling is a bit of an interesting topic - that’s for sure. However, to this day, it’s one of the more popular forms of entertainment - this is something that can’t be denied, either. With how popular gambling is, though, it’s only natural that there are new and emerging technologies coming out in this field, continuously.</p>\n<p>This is where crypto gambling comes into play, as well. While the concept is probably as old as crypto itself, if you’re not an active participant in this space, you might be surprised to find out just how many different aspects of crypto tech the field of gambling has managed to employ!</p>\n<p>In this section, <strong>we’re going to discuss crypto gambling</strong>. To be more specific, I will tell you what this form of gambling is, to begin with, and how it’s different from your common, everyday gambling processes. Then, we’ll also talk about the key aspect that makes crypto gambling appealing, when compared to traditional gambling platforms.</p>\n<p><em>So, let’s get to it!</em></p>\n<h2>What is Crypto Gambling?</h2>\n<p>To start out, let me just say - crypto gambling isn’t a very simple topic, and it requires some fundamental knowledge about crypto, in general, and how certain blockchain-related processes work. If you’re unfamiliar with all of that, or feel like you need to brush up your “Crypto 101” skills, make sure to <strong>check out other chapters in this Handbook</strong> - I have sections dedicated to all of the core aspects of this technology!</p>\n<p>Assuming that you’re already crypto-savvy, though, let’s start off by outlining some definitions of just what crypto gambling is. This is where an example would probably suffice.</p>\n<p>So, imagine that, while shopping for groceries in your local mall, you’ve come across a magician booth. The so-called magician has 5 different cups lying on the table, faced down, and a marble. He proposes a deal to you - you pay him some money, and guess the cup under which the marble is placed. If you’re correct, you’ll get your money back, as well as an additional reward on top of it.</p>\n<p>Now, the magician also tells you that he has a <em>“special system”</em> of how he places the marble under the cups, and that <em>“the odds are definitely fair”</em>. So, would you participate in a game like this?</p>\n<p>I can hear you asking already - <strong>what does this have to do with crypto gambling?!</strong> Well, bear with me - while it’s no Ethereum casino just yet, all of this will make sense in a minute.</p>\n<p>Moving on, I’d like to give you an altered version of the earlier example. So, imagine that the situation is completely the same, but instead of a magician, there’s a special machine handling the marble & the cups, as well as paying out rewards. Furthermore, you can take your time and read about the <em>“special process”</em> of how the cups are selected, and how the marble is placed.</p>\n<p>Finally, if you’re still not convinced, you can step aside and view how the machine works when other people play, and how the rewards are paid out. So, to sum up, and in other words - the entire process is <em>provably</em> fair.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Crypto gambling: Traditional gambling.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/crypto-gambling-01.jpg/" alt=\"Crypto gambling: Traditional gambling.\" width=\"1000\" height=\"632\" /></p>\n<p>Now, this latter example works well to represent crypto gambling, at least to a satisfactory extent! With traditional gambling processes, you never really know what algorithms are used in the game that you’re playing (unless you’re betting on a live sports event, that is). Furthermore, there are countless different horror stories where players would win big, and then suddenly, the underlying platform would come up with excuses for why the win doesn’t count. In turn, this would result in the winnings not being paid out, as well.</p>\n<p><strong>Crypto gambling offers a sort of solution for those problems - provably fair gambling processes</strong>. You see, when you play a game on a decentralized crypto gambling platform, the underlying mechanics are based on a <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-smart-contract/">smart contract</strong></a>. These <em>“mechanics”</em> (or, rules of the game, as well as the odds of you winning or losing) are predefined, and once the smart contract is activated (in other words - once you start playing), they are going to be enforced, no matter what. That’s the magic of smart contracts!</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Crypto gambling: Decentralized crypto gambling.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/crypto-gambling-02.jpg/" alt=\"Crypto gambling: Decentralized crypto gambling.\" width=\"1000\" height=\"584\" /></p>\n<p>On top of that, it’s probably still worth stating the obvious, as well - whether it be decentralized crypto gambling, or gambling with some sort of an established brand (such as Stake crypto gambling), instead of <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-fiat/">fiat money, you would be using your cryptocurrencies. This makes the whole entire experience more interesting and, potentially, somewhat anonymous, too!</p>\n<h2>Decentralization - The Key Element of Crypto Gambling</h2>\n<p>Moving on, I want to tell you the secret - all of those cool features that we’ve just talked about, when it comes to crypto gambling, are made possible thanks to a single aspect - <strong>decentralization</strong>.</p>\n<p>Now, when people talk about gambling and wagering their cryptocurrencies, in most cases, they are referring to just that - decentralized crypto gambling. There are also <strong>centralized crypto gambling platforms</strong>, too, but these operate very similarly to your traditional gambling establishments.</p>\n<p>Most projects that employ the decentralized model, however, have some significant benefits to offer to their clients, when compared to traditional gambling institutions. For the sake of keeping things simple, let me use <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/goon/coingames/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>CoinGames</strong></a> - a popular online decentralized crypto gambling casino - as an example.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Crypto gambling: CoinGames example.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/crypto-gambling-04.jpg/" alt=\"Crypto gambling: CoinGames example.\" width=\"1000\" height=\"555\" /></p>\n<p>So, the very first thing that you’ll notice with CoinGames is that you don’t actually need to transfer any of your funds to the platform, as you gamble. With a traditional, centralized gambling platform, the situation would be very different. This is a major benefit of decentralized gambling - the fact that <strong>it’s non-custodial by nature</strong>, and that your funds are never handled by the underlying company behind the gambling project.</p>\n<p>Who handles the funds, then? Well, simple - <strong>the earlier-mentioned smart contracts</strong>!</p>\n<p>Sticking with the CoinGames example, if you decide that you want to play one of the games available on their platform - of which there are many, to be fair! -, all that you would need to do is pass a very quick registration process, connect your wallet to their website, and have some of the required tokens (in CoinGames’ case, these are called DEGA).</p>\n<p>Once you decide to play a game and gamble your tokens, they would be held in a smart contract - this contract would either automatically issue your rewards if you win, or keep your wager, if you lost. Since the contract is tied to the game, it updates your balance automatically.</p>\n<p>Pretty cool, huh? Well, an arguably even cooler feature of decentralized gambling is that <strong>all of the processes of the smart contracts can be viewed on the blockchain</strong> - they are completely public, and open for anyone to check, at any point in time. It’s the same as with the cup-handling aforementioned machine example - if you can check the rules by which it operates, and view how the machine interacts with other players, you are able to deduce whether or not the whole process is fair!</p>\n<p>Naturally, since the example-platform in question - CoinGames - features decentralized crypto gambling functionality, these things would work the exact same with this project, as well.</p>\n<p>Now, the one big question that tends to come up, whether while talking about Stake crypto gambling, CoinGames, or gambling crypto tokens, in general, has to do with the legality of the matter. Specifically - <strong>is crypto gambling legal, to begin with?</strong></p>\n<p><strong><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Crypto gambling: Is crypto gambling legal?\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/crypto-gambling-06.jpg/" alt=\"Crypto gambling: Is crypto gambling legal?\" width=\"1000\" height=\"570\" /></strong></p>\n<p>Well, to tell you the truth – that’s a complicated question to answer! In many cases, Ethereum casinos and other gambling platforms will be <strong>legal in those countries and states where gambling is legal</strong>, in general. However, obviously, before you go out and start gambling, make sure to look into your local laws and regulations surrounding the matter!</p>\n<p>Oftentimes, it does also depend on the regulatory steps that the gambling platform has taken, itself - or, in other words, whether it’s regulated or not. Sticking with the CoinGames example, this particular platform is licensed with the Isle of Man Gambling Supervision Commission - thus, depending on specific circumstances, the company behind CoinGames could ask their clients to provide proof of identity, as well as any additional KYC-related information.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Crypto gambling: The Isle of Man Gambling Supervision Commission.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/crypto-gambling-07.jpg/" alt=\"Crypto gambling: The Isle of Man Gambling Supervision Commission.\" width=\"1000\" height=\"554\" /></p>\n<p>Not familiar with the concept of KYC? There is a separate <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/kyc-crypto/">section about this topic - make sure to check it out!</p>\n<p>You could say - <strong>hey, doesn’t the whole proof of identity thing kind of negate the decentralization aspect of the entire ordeal?</strong> Well, no, not really - that would be a mixup between “decentralization” and “anonymity”.</p>\n<p>As it was established before, decentralized crypto gambling ensures that the processes taking place on the gambling platform are fair and automated - something that is easy to prove or disprove, by taking a look at the underlying public network. It’s true that <strong>some gambling platforms also support anonymity</strong>, as well. However, in many places around the world, these platforms aren’t legal to be used, mainly due to the potential for malicious activities to take place on them, thanks to the precise aspect in question - anonymity.</p>\n<h2>Wrapping Up</h2>\n<p>So, to wrap things up, let’s have a quick refresher on the main points.</p>\n<p>Decentralized crypto gambling is <strong>very different from traditional gambling</strong>, mostly due to the fact that it features smart contract functionality, and is (in many cases, at least) much more transparent. Gambling services such as CoinGames are a good example of this - while there are licenses and regulations involved, you can still gamble your crypto tokens, in a decentralized manner, and without having to transfer to and keep your assets on the underlying platform.</p>\n<p>Obviously, you should always <strong>stay cautious when dealing with any type of crypto gambling service</strong> - that goes without saying. While doing research of your own, always ask yourself - is crypto gambling legal in my country? Is the platform that I’ve chosen to gamble on licensed and regulated? Are there any red flags that I should be aware of, and avoid?</p>\n<p>With that being said, you now know all the basics of decentralized crypto gambling. If you want to become a true crypto expert, though, be sure to study other sections in this Crypto 101 Handbook.</p>","meta_title":"How Does Crypto Gambling Actually Work?","meta_description":"Trying to figure out the essence of crypto gambling? Find all answers right here, including whether crypto gambling is legal or not.","meta_keywords":"crypto gambling, decentralized gambling, ethereum casino, stake crypto gambling, is crypto gambling legal, gambling crypto tokens","order":13,"language":"en","created_at":"2023-03-03T11:39:31.000000Z","updated_at":"2023-04-13T13:59:41.000000Z","modified_content":"<p>In this section, we’re going to talk about decentralized crypto gambling, and how it’s different from traditional gambling!</p>\n<p>Gambling is a bit of an interesting topic - that’s for sure. However, to this day, it’s one of the more popular forms of entertainment - this is something that can’t be denied, either. With how popular gambling is, though, it’s only natural that there are new and emerging technologies coming out in this field, continuously.</p>\n<p>This is where crypto gambling comes into play, as well. While the concept is probably as old as crypto itself, if you’re not an active participant in this space, you might be surprised to find out just how many different aspects of crypto tech the field of gambling has managed to employ!</p>\n<p>In this section, <strong>we’re going to discuss crypto gambling</strong>. To be more specific, I will tell you what this form of gambling is, to begin with, and how it’s different from your common, everyday gambling processes. Then, we’ll also talk about the key aspect that makes crypto gambling appealing, when compared to traditional gambling platforms.</p>\n<p><em>So, let’s get to it!</em></p>\n<div class=\"container\">\n <div class=\"row justify-content-center\">\n <div class=\"col-md-10 comparison-suggestion pb-3 mb-4\">\n <div class=\"d-flex flex-row\">\n <div class=\"text-center\">\n <div class=\"img-block-yt\">\n <img src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/images/compare-crypto-exchanges.gif/"/n alt=\"What is Decentralized Crypto Gambling? (Animated Explainer)\"\n title=\"What is Decentralized Crypto Gambling? (Animated Explainer)\" class=\"border-0\">\n <p>Video Explainer</p>\n </div>\n </div>\n <div class=\"col-xs-10 col-sm-10 col-md-10 text-left py-3 yt-info\">\n <h4 class=\"mb-1\">Video Explainer: The Peculiarities of Decentralized Crypto Gambling</h4>\n <p class=\"py-1 mb-0 youtube-video-subtitle\">Reading is not your thing? Watch the \"The Peculiarities of Decentralized Crypto Gambling\" video explainer</p>\n </div>\n </div>\n <div class=\"row justify-content-center text-center\">\n <div class=\"col-12 col-md-11 px-3\">\n <div class=\"wrapper mb-0\">\n <div class=\"youtube mb-4 bg-transparent p-0 video-modal-popup\" data-toggle=\"modal\"\n data-target=\"#video-modal\" data-id=\"5D0ncGs-P-o\" data-title=\"CryptoFinallyExplained\">\n <div class=\"video-gradient-top\"></div>\n <p class=\"text-left dyk-video-title\">What is Decentralized Crypto Gambling? (Animated Explainer)</p>\n <img src=https://www.bitdegree.org/"https://i.ytimg.com/vi/5D0ncGs-P-o/hq720.jpg/"/n alt=\"What is Decentralized Crypto Gambling? (Animated Explainer)\"\n title=\"What is Decentralized Crypto Gambling? (Animated Explainer)\"\n class=\"p-0\">\n <img class=\"play-button\" data-target=\"#video-modal\"\n src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/video-button.png/"/n alt=\"What is Decentralized Crypto Gambling? (Animated Explainer)\">\n </div>\n </div>\n </div>\n </div>\n <div class=\"row justify-content-center text-center\">\n <div>\n <a href=https://www.bitdegree.org/"https://www.youtube.com/c/CryptoFinallyExplained?sub_confirmation=1\%22\n class=\"btn yt-promo mb-2\" target=\"_blank\" rel=\"nofollow noopener\">\n <div class=\"row justify-content-center align-items-center mx-0 text-center\">\n <div class=\"col-4 col-md-4\">\n <i class=\"fab fa-youtube yt-dyk-btn\"></i>\n </div>\n <div class=\"col-8 col-md-8 text-center yt-promo-text\">\n <h4 class=\"m-0 text-white\">SUBSCRIBE</h4>\n <span>ON YOUTUBE</span>\n </div>\n </div>\n </a>\n </div>\n </div>\n </div>\n </div>\n</div>\n<div class=\"modal fade\" id=\"video-modal\" tabindex=\"-1\" role=\"dialog\" aria-labelledby=\"5D0ncGs-P-o\">\n <div class=\"modal-dialog modal-dialog-centered modal-lg\" role=\"document\">\n <div class=\"modal-content\">\n <div class=\"modal-body p-0\">\n <button type=\"button\" class=\"video-modal-close close\" data-dismiss=\"modal\" aria-label=\"Close\">\n <i aria-hidden=\"true\" class=\"fas fa-times\"></i>\n </button>\n <div id=\"iframe\"></div>\n </div>\n <a class=\"text-decoration-none\"\n href=https://www.bitdegree.org/"https://www.youtube.com/c/CryptoFinallyExplained?sub_confirmation=1\%22\n rel=\"nofollow noopener\" target=\"_blank\">\n <div class=\"modal-footer p-0 d-block bg-white\">\n <div class=\"row justify-content-center m-0\">\n <div class=\"col-3 col-md-4 col-lg-2 p-0\">\n <img class=\"w-100 h-100\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/crypto-subscribe.jpg/" alt=\"Subscribe\">\n </div>\n <div class=\"col-9 col-md-8 col-lg-2 px-0 d-flex\">\n <div class=\"modal-subscribe w-100\">\n <p class=\"m-0 mt-1 mr-3\">SUBSCRIBE<br>\n <span class=\"m-0\">ON YOUTUBE</span>\n </p>\n </div>\n </div>\n <div class=\"col-12 col-md-12 col-lg-8 p-0 text-center d-flex justify-content-center align-items-center\">\n <div class=\"modal-subscribe-text\">\n <h4 class=\"m-0\">Understand crypto with ease</h4>\n <span>New explainer videos every week!</span>\n </div>\n </div>\n </div>\n </div>\n </a>\n </div>\n </div>\n</div>\n<h2>What is Crypto Gambling?</h2>\n<p>To start out, let me just say - crypto gambling isn’t a very simple topic, and it requires some fundamental knowledge about crypto, in general, and how certain blockchain-related processes work. If you’re unfamiliar with all of that, or feel like you need to brush up your “Crypto 101” skills, make sure to <strong>check out other chapters in this Handbook</strong> - I have sections dedicated to all of the core aspects of this technology!</p>\n<p>Assuming that you’re already crypto-savvy, though, let’s start off by outlining some definitions of just what crypto gambling is. This is where an example would probably suffice.</p>\n<p>So, imagine that, while shopping for groceries in your local mall, you’ve come across a magician booth. The so-called magician has 5 different cups lying on the table, faced down, and a marble. He proposes a deal to you - you pay him some money, and guess the cup under which the marble is placed. If you’re correct, you’ll get your money back, as well as an additional reward on top of it.</p>\n<p>Now, the magician also tells you that he has a <em>“special system”</em> of how he places the marble under the cups, and that <em>“the odds are definitely fair”</em>. So, would you participate in a game like this?</p>\n<p>I can hear you asking already - <strong>what does this have to do with crypto gambling?!</strong> Well, bear with me - while it’s no Ethereum casino just yet, all of this will make sense in a minute.</p>\n<p>Moving on, I’d like to give you an altered version of the earlier example. So, imagine that the situation is completely the same, but instead of a magician, there’s a special machine handling the marble & the cups, as well as paying out rewards. Furthermore, you can take your time and read about the <em>“special process”</em> of how the cups are selected, and how the marble is placed.</p>\n<p>Finally, if you’re still not convinced, you can step aside and view how the machine works when other people play, and how the rewards are paid out. So, to sum up, and in other words - the entire process is <em>provably</em> fair.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Crypto gambling: Traditional gambling.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/crypto-gambling-01.jpg/" alt=\"Crypto gambling: Traditional gambling.\" width=\"1000\" height=\"632\" /></p>\n<p>Now, this latter example works well to represent crypto gambling, at least to a satisfactory extent! With traditional gambling processes, you never really know what algorithms are used in the game that you’re playing (unless you’re betting on a live sports event, that is). Furthermore, there are countless different horror stories where players would win big, and then suddenly, the underlying platform would come up with excuses for why the win doesn’t count. In turn, this would result in the winnings not being paid out, as well.</p>\n<p><strong>Crypto gambling offers a sort of solution for those problems - provably fair gambling processes</strong>. You see, when you play a game on a decentralized crypto gambling platform, the underlying mechanics are based on a <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-smart-contract/">smart contract</strong></a>. These <em>“mechanics”</em> (or, rules of the game, as well as the odds of you winning or losing) are predefined, and once the smart contract is activated (in other words - once you start playing), they are going to be enforced, no matter what. That’s the magic of smart contracts!</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Crypto gambling: Decentralized crypto gambling.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/crypto-gambling-02.jpg/" alt=\"Crypto gambling: Decentralized crypto gambling.\" width=\"1000\" height=\"584\" /></p>\n<p>On top of that, it’s probably still worth stating the obvious, as well - whether it be decentralized crypto gambling, or gambling with some sort of an established brand (such as Stake crypto gambling), instead of <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-fiat/">fiat money, you would be using your cryptocurrencies. This makes the whole entire experience more interesting and, potentially, somewhat anonymous, too!</p>\n<h2>Decentralization - The Key Element of Crypto Gambling</h2>\n<p>Moving on, I want to tell you the secret - all of those cool features that we’ve just talked about, when it comes to crypto gambling, are made possible thanks to a single aspect - <strong>decentralization</strong>.</p>\n<p>Now, when people talk about gambling and wagering their cryptocurrencies, in most cases, they are referring to just that - decentralized crypto gambling. There are also <strong>centralized crypto gambling platforms</strong>, too, but these operate very similarly to your traditional gambling establishments.</p>\n<p>Most projects that employ the decentralized model, however, have some significant benefits to offer to their clients, when compared to traditional gambling institutions. For the sake of keeping things simple, let me use <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/goon/coingames/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>CoinGames</strong></a> - a popular online decentralized crypto gambling casino - as an example.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Crypto gambling: CoinGames example.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/crypto-gambling-04.jpg/" alt=\"Crypto gambling: CoinGames example.\" width=\"1000\" height=\"555\" /></p>\n<p>So, the very first thing that you’ll notice with CoinGames is that you don’t actually need to transfer any of your funds to the platform, as you gamble. With a traditional, centralized gambling platform, the situation would be very different. This is a major benefit of decentralized gambling - the fact that <strong>it’s non-custodial by nature</strong>, and that your funds are never handled by the underlying company behind the gambling project.</p>\n<p>Who handles the funds, then? Well, simple - <strong>the earlier-mentioned smart contracts</strong>!</p>\n<p>Sticking with the CoinGames example, if you decide that you want to play one of the games available on their platform - of which there are many, to be fair! -, all that you would need to do is pass a very quick registration process, connect your wallet to their website, and have some of the required tokens (in CoinGames’ case, these are called DEGA).</p>\n<p>Once you decide to play a game and gamble your tokens, they would be held in a smart contract - this contract would either automatically issue your rewards if you win, or keep your wager, if you lost. Since the contract is tied to the game, it updates your balance automatically.</p>\n<p>Pretty cool, huh? Well, an arguably even cooler feature of decentralized gambling is that <strong>all of the processes of the smart contracts can be viewed on the blockchain</strong> - they are completely public, and open for anyone to check, at any point in time. It’s the same as with the cup-handling aforementioned machine example - if you can check the rules by which it operates, and view how the machine interacts with other players, you are able to deduce whether or not the whole process is fair!</p>\n<p>Naturally, since the example-platform in question - CoinGames - features decentralized crypto gambling functionality, these things would work the exact same with this project, as well.</p>\n<p>Now, the one big question that tends to come up, whether while talking about Stake crypto gambling, CoinGames, or gambling crypto tokens, in general, has to do with the legality of the matter. Specifically - <strong>is crypto gambling legal, to begin with?</strong></p>\n<p><strong><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Crypto gambling: Is crypto gambling legal?\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/crypto-gambling-06.jpg/" alt=\"Crypto gambling: Is crypto gambling legal?\" width=\"1000\" height=\"570\" /></strong></p>\n<p>Well, to tell you the truth – that’s a complicated question to answer! In many cases, Ethereum casinos and other gambling platforms will be <strong>legal in those countries and states where gambling is legal</strong>, in general. However, obviously, before you go out and start gambling, make sure to look into your local laws and regulations surrounding the matter!</p>\n<p>Oftentimes, it does also depend on the regulatory steps that the gambling platform has taken, itself - or, in other words, whether it’s regulated or not. Sticking with the CoinGames example, this particular platform is licensed with the Isle of Man Gambling Supervision Commission - thus, depending on specific circumstances, the company behind CoinGames could ask their clients to provide proof of identity, as well as any additional KYC-related information.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Crypto gambling: The Isle of Man Gambling Supervision Commission.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/optimized/crypto-gambling-07.jpg/" alt=\"Crypto gambling: The Isle of Man Gambling Supervision Commission.\" width=\"1000\" height=\"554\" /></p>\n<p>Not familiar with the concept of KYC? There is a separate <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/kyc-crypto/">section about this topic - make sure to check it out!</p>\n<p>You could say - <strong>hey, doesn’t the whole proof of identity thing kind of negate the decentralization aspect of the entire ordeal?</strong> Well, no, not really - that would be a mixup between “decentralization” and “anonymity”.</p>\n<p>As it was established before, decentralized crypto gambling ensures that the processes taking place on the gambling platform are fair and automated - something that is easy to prove or disprove, by taking a look at the underlying public network. It’s true that <strong>some gambling platforms also support anonymity</strong>, as well. However, in many places around the world, these platforms aren’t legal to be used, mainly due to the potential for malicious activities to take place on them, thanks to the precise aspect in question - anonymity.</p>\n<h2>Wrapping Up</h2>\n<p>So, to wrap things up, let’s have a quick refresher on the main points.</p>\n<p>Decentralized crypto gambling is <strong>very different from traditional gambling</strong>, mostly due to the fact that it features smart contract functionality, and is (in many cases, at least) much more transparent. Gambling services such as CoinGames are a good example of this - while there are licenses and regulations involved, you can still gamble your crypto tokens, in a decentralized manner, and without having to transfer to and keep your assets on the underlying platform.</p>\n<p>Obviously, you should always <strong>stay cautious when dealing with any type of crypto gambling service</strong> - that goes without saying. While doing research of your own, always ask yourself - is crypto gambling legal in my country? Is the platform that I’ve chosen to gamble on licensed and regulated? Are there any red flags that I should be aware of, and avoid?</p>\n<p>With that being said, you now know all the basics of decentralized crypto gambling. If you want to become a true crypto expert, though, be sure to study other sections in this Crypto 101 Handbook.</p>","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-gambling","youtube_video":{"id":142,"channel_id":1,"sort":10,"video_title":"What is Decentralized Crypto Gambling? (Animated Explainer)","description":"What is decentralized crypto gambling & is it legal?\n\nWhile gambling is a bit of a tricky topic, it’s obvious that it’s still a very popular form of entertainment. Being as popular as it is, naturally, the popularity does also transfer to the crypto space, as well - there are crypto gambling services popping up, seemingly every other month or so!\n\nIn this video, I will tell you about decentralized crypto gambling. We'll discuss what this type of gambling is, to begin with, as well as what makes it special and different from traditional gambling. I will also tell you about CoinGames, one of the better current examples of a decentralized crypto gambling platform.\n\nHave you ever used a crypto gambling service, or an Ethereum casino? Let me know, in the comments below!\n\nVideo Time Table:\n0:00 Introduction to What is Decentralized Crypto Gambling\n1:09 What is Crypto Gambling?\n4:01 Crypto Gambling Decentralization\n6:30 Legality of Crypto Gambling\n8:02 Wrap-up: What is Decentralized Crypto Gambling?\n\nGet Quick Crypto Tips on Twitter - Follow:\nhttps://twitter.com/crypto_xplained\n\n#CryptoGambling #DecentralizedGambling #EthereumCasino","video_id":"5D0ncGs-P-o","duration":546,"view_count":671,"thumbnail_url":"https://i.ytimg.com/vi/5D0ncGs-P-o/hq720.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2023-03-13 15:58:30","created_at":"2023-03-13T23:00:04.000000Z","updated_at":"2023-05-21T23:00:04.000000Z","channel":{"id":1,"title":"CryptoFinallyExplained","channel_id":"UCOryUY0yxC08eJtK23mNgiA","main_playlist_id":"UUOryUY0yxC08eJtK23mNgiA"}},"featured_image":{"id":9901,"uuid":"60ea4f3a-9576-4004-aa96-619dc96e4319","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/crypto-gambling-featured-image.jpg","path":"crypto/storage/optimized/crypto-gambling-featured-image.jpg","original_path":"crypto/storage/original/crypto-gambling-featured-image.jpg","name":"crypto-gambling-featured-image.jpg","original_name":"crypto-gambling-featured-image.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"61.02KB"}},"chapterList":[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-blockchain.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/blockchain-101.jpg","rating":100,"sections":[{"slug":"what-is-blockchain","title":"What is the Blockchain?","featured_image_id":6412,"status":"published","chapter_id":1,"language":"en","order":1,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-blockchain","featured_image":{"id":6412,"uuid":"152ba579-ce8d-488a-9e06-bcd99e976b7d","public_url":"https://assets.bitdegree.org/crypto/storage/media/what-is-blockchain-626fbe085a0cd.o.jpg","path":"crypto/storage/media/what-is-blockchain-626fbe085a0cd.o.jpg","original_path":"crypto/storage/media/what-is-blockchain-626fbe085a0cd.jpg","name":"what-is-blockchain-626fbe085a0cd.o.jpg","original_name":"what-is-blockchain.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"93.86KB"},"youtube_video":null},{"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","featured_image_id":7205,"status":"published","chapter_id":1,"language":"en","order":2,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/decentralized-blockchain","featured_image":{"id":7205,"uuid":"c5d6f6a7-4914-4d6b-9fdd-e94dfb0bae82","public_url":"https://assets.bitdegree.org/crypto/storage/media/decentralized-blockchain-featured-image.o.jpg","path":"crypto/storage/media/decentralized-blockchain-featured-image.o.jpg","original_path":"crypto/storage/media/decentralized-blockchain-featured-image.jpg","name":"decentralized-blockchain-featured-image.o.jpg","original_name":"decentralized-blockchain-featured-image.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"136.00KB"},"youtube_video":null},{"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","featured_image_id":7397,"status":"published","chapter_id":1,"language":"en","order":3,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/blockchain-transaction","featured_image":{"id":7397,"uuid":"e60dff45-4c5d-4b44-a2c1-a27e49f700e7","public_url":"https://assets.bitdegree.org/crypto/storage/media/blockchain-transaction-featured-mage.o.jpg","path":"crypto/storage/media/blockchain-transaction-featured-mage.o.jpg","original_path":"crypto/storage/media/blockchain-transaction-featured-mage.jpg","name":"blockchain-transaction-featured-mage.o.jpg","original_name":"blockchain-transaction-featured-mage.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"85.83KB"},"youtube_video":null},{"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","featured_image_id":7442,"status":"published","chapter_id":1,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/crypto-fees","featured_image":{"id":7442,"uuid":"f554012e-7fe1-4636-9718-81abd3499361","public_url":"https://assets.bitdegree.org/crypto/storage/media/crypto-fees-featured-image.o.jpg","path":"crypto/storage/media/crypto-fees-featured-image.o.jpg","original_path":"crypto/storage/media/crypto-fees-featured-image.jpg","name":"crypto-fees-featured-image.o.jpg","original_name":"crypto-fees-featured-image.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"78.90KB"},"youtube_video":null},{"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in 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is a Cryptocurrency?","featured_image_id":7751,"status":"published","chapter_id":2,"language":"en","order":1,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-a-cryptocurrency","featured_image":{"id":7751,"uuid":"791c4203-70ae-4c68-8a02-bc1769331e86","public_url":"https://assets.bitdegree.org/crypto/storage/media/what-is-cryptocurrency-featured-image.o.jpg","path":"crypto/storage/media/what-is-cryptocurrency-featured-image.o.jpg","original_path":"crypto/storage/media/what-is-cryptocurrency-featured-image.jpg","name":"what-is-cryptocurrency-featured-image.o.jpg","original_name":"what-is-cryptocurrency-featured-image.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"90.10KB"},"youtube_video":null},{"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency 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All Crypto From

Scratch!

Crypto 101 Handbook

Chapter 1: Blockchain

1.1

What is the Blockchain?
1.2

Anonymous & Decentralized Blockchains: The Cornerstone of Crypto
1.3

What is a Blockchain Transaction in Crypto?
1.4

The Different Types of Crypto Fees Explained
1.5

The Key Notion Behind the Concept of Bridging in Crypto
1.6

Different Types of Blockchains: What to Look Out For?
Chapter 2: Cryptocurrencies

2.1

What is a Cryptocurrency?
2.2

How Does Cryptocurrency Work?
2.3

Is Cryptocurrency a Good Investment? The Pros & Cons
2.4

Coin VS Token: How Do They Differ?
2.5

What are Stablecoins, Altcoins & Wrapped Coins?
2.6

Bitcoin: the Pioneer of the Crypto World
2.7

The Ultimate Blockchain for dApp Creation: Ethereum
2.8

What is Cardano and What is It Used For?
2.9

Shiba Inu: the Dogecoin Killer
2.10

Is Solana an Improved Version of Ethereum?
2.11

The Bridge Between Blockchains: Polkadot
2.12

Polygon: the Essential Scaling Solution for Ethereum
2.13

The Practical Use of Crypto
Chapter 3: Crypto Exchanges

3.1

How do Cryptocurrency Exchanges Work?
3.2

DEX VS CEX: Two Sides of the Crypto Exchange Industry
3.3

Crypto Day Trading: The Difference Between Buying, Trading, and Swapping
3.4

KYC & AML: The Key to Complying With Legal Industry Standards
3.5

From Fiat to Crypto: How to Buy Crypto for the First Time
3.6

Taking Profits: Turning Crypto Into Fiat
3.7

You’ve Got Crypto: What Can You Do With It?
Chapter 4: Crypto Wallets

4.1

What is a Crypto Wallet?
4.2

Hot Wallet VS Cold Wallet: Which One to Pick?
4.3

What are Non-Custodial Crypto Wallets?
4.4

Metamask: The Leading Non-Custodial Wallet
4.5

The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?
Chapter 5: NFTs

5.1

What are Non-Fungible Tokens (NFTs)?
5.2

NFT Trading: The Ins and Outs
5.3

Tips and Tricks of Choosing the Right NFTs
5.4

How to Store NFTs: Best Practices
5.5

How to Create Your Own NFTs?
5.6

Making Passive Money with NFTs
Chapter 6: dApps & Defi

6.1

What is Decentralized Finance (DeFi)?
6.2

DeFi 2.0: The New Version of Decentralized Finance
6.3

What Are dApps and How Do They Work?
6.4

Picking the Right dApps: Dos and Don'ts
6.5

Web 3.0: The Future of the Internet
6.6

What is the Core Purpose of Smart Contracts?
6.7

The Notion of a Decentralized Autonomous Ogranization (DAO)
6.8

What is the Goal of Staking Crypto Assets?
6.9

What is a Liquidity Pool and How Does It Work?
6.10

Automated Market Maker: the Cornerstone of the Decentralized Crypto Exchange Industry
6.11

The Main Yield Farming Techniques
6.12

Crypto Oracles: The Link Between Blockchain and Outside World Data
6.13

The Peculiarities of Decentralized Crypto Gambling
6.14

Metaverse: A New Perception of Reality
Chapter 7: Trading & Investing

7.1

Where Can You Trade Cryptocurrencies?
7.2

Investing in Crypto: What Investing Options Do You Have?
7.3

ICO vs IDO vs IEO: Which One is the One?
7.4

What are Crypto Airdrops and How to Get Them?
7.5

How to Get Free Crypto Assets?
7.6

What is Crypto Arbitrage: The Main Principles
7.7

What is FUD: How to Use It to Your Advantage While Investing in Crypto?
7.8

Investing in Cryptocurrency: How to Manage Your Risks?
7.9

What is a Rug Pull in Crypto?
7.10

How to Spot and Avoid Rug Pulls?
7.11

The Key Legal Techniques of Avoiding Crypto Taxes
Chapter 8: Crypto Analysis

8.1

Bearish and Bullish Markets: Do They Matter?
8.2

5 Best Crypto Technical Analysis Indicators You Must Know About
8.3

Technical Analysis: What are Candlesticks, Trendlines, and Patterns?
8.4

Crypto Tracking: How to Track Your Favorite Coins & Tokens?
8.5

Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy
Chapter 9: Mining

coming soon

Chapter 10: Crypto Terms

10.1

All Crypto Terms

Handbook Cover Page

Chapter 6: dApps & Defi

The Peculiarities of Decentralized Crypto Gambling

Did you know that decentralized crypto gambling is very different from traditional gambling?

Medium

8 minutes

Watch Video

In this section, we’re going to talk about decentralized crypto gambling, and how it’s different from traditional gambling!

Gambling is a bit of an interesting topic - that’s for sure. However, to this day, it’s one of the more popular forms of entertainment - this is something that can’t be denied, either. With how popular gambling is, though, it’s only natural that there are new and emerging technologies coming out in this field, continuously.

This is where crypto gambling comes into play, as well. While the concept is probably as old as crypto itself, if you’re not an active participant in this space, you might be surprised to find out just how many different aspects of crypto tech the field of gambling has managed to employ!

In this section, we’re going to discuss crypto gambling. To be more specific, I will tell you what this form of gambling is, to begin with, and how it’s different from your common, everyday gambling processes. Then, we’ll also talk about the key aspect that makes crypto gambling appealing, when compared to traditional gambling platforms.

So, let’s get to it!

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What is Crypto Gambling?

To start out, let me just say - crypto gambling isn’t a very simple topic, and it requires some fundamental knowledge about crypto, in general, and how certain blockchain-related processes work. If you’re unfamiliar with all of that, or feel like you need to brush up your “Crypto 101” skills, make sure to check out other chapters in this Handbook - I have sections dedicated to all of the core aspects of this technology!

Assuming that you’re already crypto-savvy, though, let’s start off by outlining some definitions of just what crypto gambling is. This is where an example would probably suffice.

So, imagine that, while shopping for groceries in your local mall, you’ve come across a magician booth. The so-called magician has 5 different cups lying on the table, faced down, and a marble. He proposes a deal to you - you pay him some money, and guess the cup under which the marble is placed. If you’re correct, you’ll get your money back, as well as an additional reward on top of it.

Now, the magician also tells you that he has a “special system” of how he places the marble under the cups, and that “the odds are definitely fair”. So, would you participate in a game like this?

I can hear you asking already - what does this have to do with crypto gambling?! Well, bear with me - while it’s no Ethereum casino just yet, all of this will make sense in a minute.

Moving on, I’d like to give you an altered version of the earlier example. So, imagine that the situation is completely the same, but instead of a magician, there’s a special machine handling the marble & the cups, as well as paying out rewards. Furthermore, you can take your time and read about the “special process” of how the cups are selected, and how the marble is placed.

Finally, if you’re still not convinced, you can step aside and view how the machine works when other people play, and how the rewards are paid out. So, to sum up, and in other words - the entire process is provably fair.

Now, this latter example works well to represent crypto gambling, at least to a satisfactory extent! With traditional gambling processes, you never really know what algorithms are used in the game that you’re playing (unless you’re betting on a live sports event, that is). Furthermore, there are countless different horror stories where players would win big, and then suddenly, the underlying platform would come up with excuses for why the win doesn’t count. In turn, this would result in the winnings not being paid out, as well.

Crypto gambling offers a sort of solution for those problems - provably fair gambling processes. You see, when you play a game on a decentralized crypto gambling platform, the underlying mechanics are based on a smart contract. These “mechanics” (or, rules of the game, as well as the odds of you winning or losing) are predefined, and once the smart contract is activated (in other words - once you start playing), they are going to be enforced, no matter what. That’s the magic of smart contracts!

On top of that, it’s probably still worth stating the obvious, as well - whether it be decentralized crypto gambling, or gambling with some sort of an established brand (such as Stake crypto gambling), instead of fiat money, you would be using your cryptocurrencies. This makes the whole entire experience more interesting and, potentially, somewhat anonymous, too!

Decentralization - The Key Element of Crypto Gambling

Moving on, I want to tell you the secret - all of those cool features that we’ve just talked about, when it comes to crypto gambling, are made possible thanks to a single aspect - decentralization.

Now, when people talk about gambling and wagering their cryptocurrencies, in most cases, they are referring to just that - decentralized crypto gambling. There are also centralized crypto gambling platforms, too, but these operate very similarly to your traditional gambling establishments.

Most projects that employ the decentralized model, however, have some significant benefits to offer to their clients, when compared to traditional gambling institutions. For the sake of keeping things simple, let me use CoinGames - a popular online decentralized crypto gambling casino - as an example.

So, the very first thing that you’ll notice with CoinGames is that you don’t actually need to transfer any of your funds to the platform, as you gamble. With a traditional, centralized gambling platform, the situation would be very different. This is a major benefit of decentralized gambling - the fact that it’s non-custodial by nature, and that your funds are never handled by the underlying company behind the gambling project.

Who handles the funds, then? Well, simple - the earlier-mentioned smart contracts!

Sticking with the CoinGames example, if you decide that you want to play one of the games available on their platform - of which there are many, to be fair! -, all that you would need to do is pass a very quick registration process, connect your wallet to their website, and have some of the required tokens (in CoinGames’ case, these are called DEGA).

Once you decide to play a game and gamble your tokens, they would be held in a smart contract - this contract would either automatically issue your rewards if you win, or keep your wager, if you lost. Since the contract is tied to the game, it updates your balance automatically.

Pretty cool, huh? Well, an arguably even cooler feature of decentralized gambling is that all of the processes of the smart contracts can be viewed on the blockchain - they are completely public, and open for anyone to check, at any point in time. It’s the same as with the cup-handling aforementioned machine example - if you can check the rules by which it operates, and view how the machine interacts with other players, you are able to deduce whether or not the whole process is fair!

Naturally, since the example-platform in question - CoinGames - features decentralized crypto gambling functionality, these things would work the exact same with this project, as well.

Now, the one big question that tends to come up, whether while talking about Stake crypto gambling, CoinGames, or gambling crypto tokens, in general, has to do with the legality of the matter. Specifically - is crypto gambling legal, to begin with?

Well, to tell you the truth – that’s a complicated question to answer! In many cases, Ethereum casinos and other gambling platforms will be legal in those countries and states where gambling is legal, in general. However, obviously, before you go out and start gambling, make sure to look into your local laws and regulations surrounding the matter!

Oftentimes, it does also depend on the regulatory steps that the gambling platform has taken, itself - or, in other words, whether it’s regulated or not. Sticking with the CoinGames example, this particular platform is licensed with the Isle of Man Gambling Supervision Commission - thus, depending on specific circumstances, the company behind CoinGames could ask their clients to provide proof of identity, as well as any additional KYC-related information.

Not familiar with the concept of KYC? There is a separate section about this topic - make sure to check it out!

You could say - hey, doesn’t the whole proof of identity thing kind of negate the decentralization aspect of the entire ordeal? Well, no, not really - that would be a mixup between “decentralization” and “anonymity”.

As it was established before, decentralized crypto gambling ensures that the processes taking place on the gambling platform are fair and automated - something that is easy to prove or disprove, by taking a look at the underlying public network. It’s true that some gambling platforms also support anonymity, as well. However, in many places around the world, these platforms aren’t legal to be used, mainly due to the potential for malicious activities to take place on them, thanks to the precise aspect in question - anonymity.

Wrapping Up

So, to wrap things up, let’s have a quick refresher on the main points.

Decentralized crypto gambling is very different from traditional gambling, mostly due to the fact that it features smart contract functionality, and is (in many cases, at least) much more transparent. Gambling services such as CoinGames are a good example of this - while there are licenses and regulations involved, you can still gamble your crypto tokens, in a decentralized manner, and without having to transfer to and keep your assets on the underlying platform.

Obviously, you should always stay cautious when dealing with any type of crypto gambling service - that goes without saying. While doing research of your own, always ask yourself - is crypto gambling legal in my country? Is the platform that I’ve chosen to gamble on licensed and regulated? Are there any red flags that I should be aware of, and avoid?

With that being said, you now know all the basics of decentralized crypto gambling. If you want to become a true crypto expert, though, be sure to study other sections in this Crypto 101 Handbook.

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Crypto 101 Handbook

The Peculiarities of Decentralized Crypto Gambling

Video Explainer: The Peculiarities of Decentralized Crypto Gambling

What is Crypto Gambling?

Decentralization - The Key Element of Crypto Gambling

Wrapping Up

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