When dealing with online gambling and online casinos, there’s no doubt that everyone questions the legitimacy and true power of the mathematics and algorithm behind the service operator or platform of choice.
The house always wins, but in a provably fair gambling system the customer can rest assured and enjoy gambling, because the operator will have a method for verifying the transaction in each game played. The benefit of this system, the provably fair system, is that the results are hard to manipulate, since there’s a random encrypted server seed hash and number combination being generated with cryptography on blockchain for each game the customer participates.
This means that the websites that have a provably fair system have a certain level of trustworthiness on their service operator, as the outcome of any wager will only be shown once it has been concluded. A provably fair system is a very common terminology used in bitcoin gambling sites, as they have the blockchain element to determine the transaction data in the rolls that are carried out when a person deposits their bitcoins or other forms of cryptocurrency. That data then cannot be manipulated or controlled by any operator, making the system the best for clients who wish to do online gambling or play on online casinos.
Most of the provably fair bitcoin gambling sites, since they use blockchain, do not require you to create an account and respect your privacy. All you need to do is have a bitcoin or crypto wallet, so you can allocate the betting amount to place the wager. Major brands like Fortunejack still require you to create an account before playing, since they are up-to-date on KYC (Know Your Customer) compliance.
Although this system is proving to be the quickest way to determine if you are being cheated or not and its becoming more and more of a tendency amongst online casinos, there’s still a big number of websites that do not portray the fairness in their operations. The provably fair system is fool-proof and cannot be manipulated. It has also very low chances of being hacked or letting any privacy information leak, as it counts on the cryptography behind the blockchain technology. It’s probably one of the most secure ways to bet on an online gambling site or casino in the world.
The first website to ever use the blockchain based provably fair was BitLotto. The way it performed was by carrying out the transaction IDs as their client’s tickets, and the results of a large lottery game run by the government to determine the winning numbers.
You can view more information on websites that are provably fair on the bitcointalk forum, as most of the threads started there have the cooperation of other users.