Benefits of Using Blockchain Technology

Blockchain technology has become a very popular topic in recent years. While most people associate blockchain with Bitcoin there are numerous applications that this technology can be used for including Ethereum dice. While blockchain technology is fairly complex we will keep everything as simple as possible for the sake of easy reading.

Understanding Ethereum

The term blockchain is used to describe a distributed ledger technology that creates an unalterable record of transactions that can be reviewed. There are two types of blockchains with one being “private” and other being in the public domain. Ethereum is an open source platform used to create a public blockchain network. This network allows data and currency to be exchanged in real time and since the data cannot be altered it gives users peace of mind knowing that the transactions are legitimate and private.

Each time money is transferred via the blockchain there are multiple nodes that report the transaction as it happens. There are no intermediaries between the party sending the funds and the party receiving it so the costs associated with those transactions are kept to the absolute minimum. All that is required to send a transaction is connection to the network and a receiving address for the funds to be transferred via the blockchain. Leading government bodies and financial institutions are rallying against the use of these blockchains because it allows funds to move without a paper trail. This lack of a paper trail makes it hard for governments to collect tax revenue and financial institutions to charge fees.

Having Fun with Blockchain

Another benefit of using the blockchain is having the ability to participate in online gaming websites that were would otherwise be restricted. With Ethereum dice you are able to make wagers using ETH (form of blockchain money similar to bitcoin). If you win the wager the proceeds are sent to your account and if you lose the funds are removed from your account.

What makes these online games popular is the blockchain ensures fair play. In the past the website running the gaming could slant the odds drastically to their favor and no one would know it until it was too late. With games based on blockchain technology the software ensures that while the house has a slight advantage 51% to the players 49% it is not lopsided. While we are not advocating any breaking the law this type of online gaming is becoming very popular.

Ethereum dice

If you are thinking about playing these online games you should remember that since there is no institution behind the blockchain technology you should make multiple versions of your online wallet. This is to protect you in the event one of your online devices fails you will not lose all of the ETH you have accumulated.

Over the course of time we should see more people adopting this blockchain technology so it would be in your best interest to familiarize yourself with it now.