Is There a Future for Cryptocurrencies in the Online Casinos?

Anyone who has not been living under a rock for the past couple of years has surely heard other people speaking about blockchains and cryptocurrencies. Not surprising, considering they have completely revolutionized the way we process payments over the internet.

The blockchain technology has made its way into a variety of sectors including the online gambling industry. Some of the leading providers of interactive gambling content have already embraced this new form of currency and enable payments via Bitcoin, Ethereum, and Litecoin. The past couple of years also saw the launch of various online casinos that rely exclusively on cryptocurrencies for their payments. 

How the Blockchain Technology Affects Online Casino Players?

This is no coincidence and here is why. First and foremost, cryptocurrencies have become the epitome of safety. Online gambling operators do take all the necessary precautions to ensure their customers’ information is kept out of harm’s way. Unfortunately, hackers have also upped their skill levels so there is no guarantee players’ sensitive data is completely out of their reach.

This is not the case with blockchains which rely on cryptography to safeguard the data. The technology needs no third parties to act as intermediaries and is decentralized. It is not associated with a particular jurisdiction or financial institution.

Thus, cryptocurrency-based online casinos enable gamblers to retain their full anonymity. This is not the case at traditional betting sites where customers are normally required to send some personal documents for the verification of their accounts.

This not only results in inconvenience for the customers but may also hurt the casinos’ business since most players are just itching to jump right into the betting action. The blockchain technology poses as a solution to this problem since it can greatly simplify the sign-up process or even altogether eliminate it. Some crypto-based casinos have completely done away with registration and allow their new customers to start wagering immediately after they send a Bitcoin to the specified address.

As mentioned on SuperCasinoSites, cryptocurrencies enable faster, easier deposits and withdrawals, eliminating the necessity of providing your personal information in the first place. The only things you need to make a cryptocurrency payment are your name and the details of your crypto wallet. The financial transaction takes place with the help of both public and private keys, which further consolidates security.

Since the blockchain technology is not controlled by any financial institution, payments conducted in this manner are either incredibly cheap or entirely void of additional costs. The same cannot be said about some of the widespread conventional methods of payment, which often involve hefty service fees. Additionally, cryptocurrencies allow for larger sums to be deposited or withdrawn from online casinos.

Since no country’s government controls the blockchains, cryptocurrencies pose as the perfect solution for casino fans from jurisdictions with more restrictive legal and regulatory frameworks on online gambling.

Cryptocurrencies Make Things Easier for Casino Operators Too

As you can see, there are various ways in which players benefit from this new technology but can we say the same about online gambling companies? In fact, we can sense the blockchain technology makes things easier for gambling operators in a variety of ways.

Most payment methods that use fiat currencies allow for chargebacks but this is not the case where cryptocurrencies are concerned. When one deposits with a digital currency, they have to be extra careful – once the transaction goes through, it is impossible to reverse it or demand a reimbursement. This makes the lives of online gambling operators a lot easier because it spares them the hassles that result from having to deal with player disputes.

Also, casinos that rely on cryptocurrency may end up attracting a solid player base because they utilize an open-source algorithm that is referred to as the “provably fair” algorithm. This technology is exclusive to cryptocurrency gambling and greatly increases the levels of transparency at the online casinos that implement it.

It enables online casino players to check and confirm the games they are wagering money on are 100% random and therefore, fair. This way, when a player spots a Bitcoin casino, for example, they can instantly tell it is legit and unbiased. It makes sense this increased level of transparency works to the advantage of up-and-coming cryptocurrency-based casinos because it helps them build their customer base much quicker.

The online casinos using fiat currencies still outnumber those that rely on the blockchain technology. However, judging by the huge number of benefits the latter offers, it is only a matter of time before more and more casino operators start veering off in this new direction. So to answer our initial question – yes, we believe there is definitely a future for cryptocurrencies in online gambling and this future is now.


Source
Author: Adriana Midrigan
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Steemit Social Network Bans Users Amid Censorship Resistance

 

  • Steemit bans user account ‘thedarklord’ for attempting to leak documents exposing ‘truths’ about 9/11
  • The decision to censor account is faced with a backlash from users who claim Steemit went against their core value proposition to be censorship resistant and promote free speech
  • Steemit blockchain utilizes a proof of stake consensus protocol, which naturally makes it prone to centralized decision making

As we’ve discussed in the past, one of the most advertised benefits of the blockchain is its ability to prevent government censorship or any censorship from centralized organizations. To that end, many saw Steemit as the solution to the growing abuse of power by platforms like Facebook Google and Twitter, who time and time again have bowed down to the will of advertisers by censoring any user who shared even mildly controversial content.

Steemit, a decentralized social network promoted itself as being the censorship-resistant alternative to Facebook. According to recent reports, it appears that the platform has failed to uphold this core value proposition.

9/11 conspiracies violate Steemit’s ‘terms of service’

‘Thedarkoverlord’ is an account that belongs to a hacker group that has been trying to publish leaked documents that they claim expose hidden ‘truths’ about 9/11.

The group had previously tried to publish the documents on centralized platforms like Pastebin, Reddit, and Twitter. Predictably, those platforms all banned their accounts (apparently due to pressure from Government agencies).

Seeing as how they would never get their content published on centralized social media sites, the group thought that they would try their luck on a decentralized platform like Steemit. To their surprise, Steemit also banned them on January 7th due to a TOS violation.

The ban action itself wad made by Steemit developer RedBeard and can be seen on Steemit GitHub account. RedBeard added thedarkoverlord username into a list that is located on a file called GDPRUserList.

Source: Github print screen

Whether or not you agree with the methods by which this group attained and has threatened to expose this information, the fact remains that according to Steemit’s original promise to uphold censorship resistance, thedarkoverlord account should be entirely free to publish their findings without being banned.

User ban contradicts Steemit’s promises in the original white paper

To clarify, thedarkoverlord was only banned from the front-end interface to the Steemit Blockchain, meaning that although his content can no longer be viewed on the Steemit website, it can be seen on other front end interfaces connected to the Steem blockchain, like Busy.org. This in no way excuses the fact that Steemit has blatantly gone against the promises made in their original white paper:

“Steem is a decentralized network that is operated by witnesses in jurisdictions around the world. All user actions are publicly recorded on the blockchain, and can be publicly verified. This means that there is no single entity that can censor content that is valued by STEEM holders.”

As one would expect, Steemit users were angered by the censorship and expressed their grievances on Reddit and on the Github commit page as well.

How was censorship possible on a ‘decentralized’ social media platform?

Although Steem claims to be a decentralized platform, the reality is that their consensus protocol is much more prone to centralization than truly decentralized Blockchains like Bitcoin.

Steemit’s use of the proof of stake consensus protocol exposes them to situations where specific stakeholders can make decisions without full consensus from the community. This is a flaw that other proof of stake Blockchains like Ethereum are also exposed to. We are not sure if the decision to ban thedarklord was made by a Steemit user (or group of users) who staked a disproportionate amount of Steem tokens compared to other delegates. However, the rules of proof of stake most certainly allow for such a scenario to occur, which compromises the entire value proposition of Steem as a censorship resistance social media platform.

Ultimately, Steemit may have to make some drastic changes to their protocol and terms of service to regain users trust. As the market sentiment around cryptocurrencies remains bearish, Altcoins like Steemit don’t need any more reasons for their remaining holders to dump them.


Source
Author: ARNON
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Blockchain and the Utopia of a Anarcho-Capitalist Society

Through the blockchain’s ability to create an immutable decentralized record of data and transactions, it has the potential to change society for the better. More transparency, more trust, and less reliance on centralized services can lead to more freedom, fairness, and equality for the society of tomorrow.

Increased decentralization using blockchain-based applications also opens up the door for alternative political philosophies, such as anarcho-capitalism, to potentially function in the real world.

In this article, you will learn about anarcho-capitalism and how the blockchain could potentially enable a thriving anarcho-capitalist society.

Murray Rothbard. Source: Wikipedia….
Anarcho-capitalism is a fringe political philosophy that promotes the removal of a centralized state in favor of individual ownership, private property, and free markets. Anarcho-capitalists believe that in the absence of statute, society has the tendency to self-regulate through the discipline of the free market.
Anarcho-capitalists also believe that instead of having centrally governed courts and law enforcement agencies paid for through taxation, private companies – chosen by the consumer – could fulfill these roles by competing on the open market. Anarcho-capitalists envision a society where the voluntary trade of private property and services minimizes conflict while maximizing personal liberty and prosperity.
The term anarcho-capitalism was coined by American historian and economist Murray Rothbard in the mid-20th century when he merged concepts from the Austrian school of economic thought, classical liberalism, and American anarchism.
Murray believed that “capitalism is the fullest expression of anarchism, and anarchism is the fullest expression of capitalism. Not only are they compatible, but you can’t really have one without the other. True anarchism will be capitalism, and true capitalism will be anarchism.”

Anarcho-capitalism is a political philosophy and like all many other political philosophies, it has its challenges. Creating a functioning anarcho-capitalist society takes more than a handful of idealists who believe that this school of anarchist thought can create a utopic society.

For anarcho-capitalism to function in the real world, there needs to be trust. This trust could be provided – to a certain degree – by blockchain-based decentralized services, which could replace many of the centrally-governed public services of today.
First and foremost, all contractual agreements could be digitized and turned into smart contracts. This would decrease friction among different parties in both commercial and civil matters as the smart contracts would be immutable and self-executing.
Digital identities can be created and stored on the blockchain that include all relevant personal information so that there is no reliance on centralized bureaucratic services issuing documents.

Financial services, such as lending and insurance, could be conducted using decentralized blockchain-based banking applications while cryptocurrencies could be used for day-to-day financial transactions.

Moreover, property and asset ownership, as well as the transfer of ownership, could be recorded on a publicly viewable ledger. This would ensure that no one’s property could be unrightfully taken away from them.

Furthermore, a real sharing economy could be created in a decentralized form where popular peer-to-peer services, such as ride-sharing and home-sharing, could be operated without a centralized third-party that takes a cut out of the financial exchange. This, in turn, would be the economy more efficient and create more wealth for its citizens.
As the examples above show, the blockchain has the potential to bring the anarcho-capitalist dream a step closer to reality for the proponents of this political philosophy. Through the decentralization that blockchain technology can bring, the need for centrally state-governed public services becomes less and less.

Having said that, the likelihood of an existing sovereign nation switching to an anarcho-capitalist model – despite it technically being a possibility thanks to the blockchain – is close to zero. Anarcho-capitalism – like most radical political ideas – has a long list of opponents and, at the end of the day, those in power will not relinquish it in favor of an untested political theory that would disintermediate them and empower the individual.


Source
Author: Alex Lielacher
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Blockchain could be the Solution to Climate Change – Dr. Philippa Ryan

A blockchain expert at the University of Technology Sydney Law, Dr. Philippa Ryan has said blockchain technology can provide solutions to the climate change concerns of the United Nations.

Ryan mentioned this in Geneva during a hearing session of the UN at this year’s International Organization for Standardization (ISO) Week. Several presentations were made during the session majorly on the contribution of standards to the attainment of the United Nations Sustainable Goals.

Speaking on environment friendly methods of generating electricity, Dr. Ryan said developing countries can adopt cleaner methods of generating electricity instead of the high emission electricity generation that is prevalent in industrialized nations of the world, siting and example with Australia.

He suggested the use of solar energy saying:

“Using solar panels, communities and villages can generate, store and use their own energy and the whole system can be managed securely using blockchain technology.”

According to Dr. Ryan, the application of blockchain technology’s decentralized system, trust is established within a small network of people who generate enough power to sustain them and purchase such power according to their needs.

“With no central controller or regulator of the system, everyone in the grid community must be able to trust the ledgers which record how much energy is generated, stored, bought and sold within and across the network.”

On why Blockchain, Dr. Ryan said:

“The technology provides a transparent, auditable and automated market trading and clearing mechanism for the benefit of producers and consumers.”
He further stated that the technology can be useful especially in rural areas in developing nations where many users may not have bank accounts and at a time when trust is an issue, there is need to move to a decentralized system that provides greater trust as well as easier and cheaper solutions to the world’s energy and other needs.

“At a time when global trust in government, banking, the media and other powerful institutions has slumped, blockchain can play a significant role in democratising new more trustworthy business networks. These new economic models can be exemplars for how blockchain technology might help achieve some of the SDGs.”

Meanwhile there have been arguments on the unsustainable power consumption by mining companies and the fear that they may worsen the climate change concerns of the world. With the proposition of blockchain as a potential solution to energy problems of the world however, the industry may just gain a bit more acceptance to improve the standard of living around the world.


Source
Author: Shedrach Kongvong
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NEO says ‘Hi’ to ‘Decentralization’ and ‘Bye’ to ‘Centralization’?

NEO has reported its initial move towards decentralization while connoting it as the new period of NEO’s ecosystem that will be uncovered soon. The declaration mentions the date of the “enormous uncover” as of July 4th, 21:00 [GMT+8].



NEO, posted the following image on Twitter:

Decentralization describes the design of a network that isn’t managed by a central party. Instead, peer-to-peer interaction drives the network, as no third party is needed.
While discussing predictions for the industry in 2018, decentralized exchanges were the innovation Hongfei, the founder of NEO was most excited about. One of the speculations at the moment is the possibility that the team of NEO is overseeing the transformation that could release the nodes for the network.

NEO is a not for benefit organization based blockchain venture that uses blockchain innovation and advanced character to digitize resources, mechanize the administration of computerized resources utilizing smart contracts, and understand a “smart economy” with a conveyed network.” NEO, earlier known as Antshares, is frequently known as the “Ethereum of China”.

On Reddit, the discussions for NEO turning to decentralization has been on the run.
Jiyt Hoj, a Redditor commented:
“for the record — and to those downvoting — I’m fully onboard with NEO’s plan to decentralize. I think it’s the right way to do it. All I’m saying is that this is the argument we’re going to be faced with as decentralization happens. Prepare for it, and have a little spiel ready.”

Elmer1000 another Redditor says:
“Adding nodes makes the network distributed, but if adding a node requires permission from a central authority the network cannot be decentralised. The difference to mining pools is that they do not require permission to function. However , permissionless creation of nodes does not guarantee decentralisation but only makes it possible”
As of now, NEO has not commented on the boarding of decentralization apart from the shared image.



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Author: CryptoCrimsonStaff
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MeFy is Set to Revolutionise the Healthcare Industry

At MeFy, we are developing the Future of Integrated Decentralised Healthcare Human Platform.


Sydney, Australia/Durgapur, India…

Have you ever stopped to wonder what it would be like if a fifth of the world’s population had their health record stored on a single digital platform? A platform open to doctors and healthcare providers that would speed up the process of sharing information while still ensuring the integrity and confidentiality of patient data. With this comes improved medical care to patients and medical research on new treatments and cures could be carried much more quickly than in the past.

We are not talking about a group of  countries here, just one – India.

This would sound like an impossible dream if we were to look at some of the current facts on India’s Health sector;

· India is a country of 638,000 Villages, most of them having no medical facilities

· 840 million population living in these villages or 70% of India’s population

· Just 1 government doctor for every 10,189 people

· One state-run hospital for every 90,343 people

· 11-12  beds  per  10,000  population  in  India

· PHC and CHS, either have no doctors or no equipment

The bottom line– It is a healthcare system at breaking point.

MeFy is here to change this situation for the better. Mefy endeavours to achieve this by deploying 5,500 secondary care clinics (MeFy  Edge Clinics) across India and 250,000 primary care clinics (MeFy Nano Clinics) across all Panchayats (Village Councils). This will have the effect of shifting much of the patient work-loads from oversubscribed and under-resourced public primary and secondary care facilities.

MeFy is an integrated health platform run on a distributed private blockchain network. The MeFy IOT powered diagnosis device is at the heart of the MeFy platform and used to diagnose patients accurately based on their past medical data, treatment adherence and current health parameter measurements. MeFy is using state of the art technologies like Artificial Intelligence, Internet-of-things, Blockchain and services like telemedicine to deliver high-quality healthcare services to all. By allowing patients to run an unlimited number of tests annually for a fixed fee, it typically reduces the cost of healthcare by over 80%, savings are even higher for chronic patients needing regular and frequent monitoring of their condition.

This has the potential to dramatically improve the healthcare industry and usher in a revolution in drug research and development, reducing doctor and hospital workloads as well as offering true “anytime & anywhere” medical access.

Mefy is a platform that will be leveraged and deployed globally in all countries, but we have a vision to especially empower developing and underdeveloped nations with “Accessible, Affordable and Authentic” healthcare.

At MeFy we are developing the Future of Integrated Decentralised Healthcare Human Platform.

Visit us at https://mefy.io for more details.

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Twitter:                                          https://twitter.com/MeFy_MeFy
LinkedIn:                                       https://www.linkedin.com/company/mefy/
Facebook:                                      https://www.facebook.com/mefysupport/
Bit Coin Talk:                                https://bitcointalk.org/index.php?topic=4266620.0

 

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