With the expansion of blockchain networks such as Ethereum or EOS we have seen a growing ecosystem of gambling decentralized applications (dApps). However, there have been some challenges for these legacy blockchain networks such as scalability and interoperability.
Nonetheless, there is a relatively new blockchain network that is attracting a larger number of users. We are talking about the Binance Smart Chain (BSC). With several improvements in terms of scalability and interoperability, the Binance Smart Chain gambling ecosystem is thriving. If you do not know what BSC is and how it works, this article will answer all your questions.
🤷 What is Binance Smart Chain (BSC)?
Binance Smart Chain is a blockchain network created by the Binance cryptocurrency exchange that focuses on smart contracts, decentralized applications and decentralized finance (DeFi) protocols.
This blockchain network became a strong competitor to Ethereum. Indeed, Binance Coin (BNB), the virtual currency used to engage in the Binance ecosystem, soared to third place in the market right after Ethereum. This shows that this is a strong ecosystem that could eventually attract an even larger number of users in the coming years.
Binance Smart Chain has solved one of the many issues that were affecting Ethereum: scalability. When we talk about scalability we make reference to transaction times and fees paid to process a transaction.
Compared to Ethereum, the Binance Smart Chain blockchain is faster and cheaper, which makes it ideal for dApp developers to launch their smart contracts and solutions on top of this blockchain network rather than on Ethereum.
One of the main reasons behind the success of the Binance Smart Chain blockchain is related to the fact that it relies on a delegated Proof of Stake (dPoS) consensus algorithm compared to Proof of Work (PoW) on the Ethereum blockchain. Although there have been some claims saying that Binance Smart Chain is more centralized than Ethereum, the blockchain network is definitely faster and cheaper to use than Ethereum.
Due to the fast growth of the BSC ecosystem, we have seen different decentralized applications being released on top of it, including several gambling dApps. Moreover, decentralized exchanges (swapping platforms) are now one of the main types of apps released on top of this blockchain network.
In the future, Binance Smart Chain could host a larger number of decentralized applications, including gambling solutions. With its advantages over Ethereum, this ecosystem could definitely offer gambling services on the blockchain without having to be worried about fees and transaction speeds.
👍 Advantages of BSC gambling
As we can already see, there are some advantages of using the Binance Smart Chain blockchain network for gambling. Using centralized casino platforms requires users to trust a third party: the casino operator. In this case, there are different ways in which users can enjoy a decentralized gambling experience.
However, most blockchain-based gambling sites are slow and require users to pay very large fees for simply rolling a dice. This changes with Binance Smart Chain, as it tackles one of the long-standing issues that affected blockchain gambling: scalability.
As we mentioned in the previous section, the Binance Smart Chain network has lower gas fees than Ethereum and other blockchain solutions. This is very important as you would not have to pay large fees for executing smart contracts. Every single time that you interact with the online gambling site, you would have to pay a fee. Nowadays, this fee is large on the Ethereum blockchain, this is why BSC becomes a very suitable alternative solution.
Additionally, the Binance Smart Chain network is not only cheaper, but it is also faster. That means that you would not only pay lower gas fees when making a transaction, but you would also receive this transaction faster.
If we are playing at a blockchain-based casino where we have to wait for several minutes for a simple action to be confirmed by the network, then we would not have fun at all. Instead, by using the Binance Smart Chain, transactions get executed in seconds, letting you enjoy a high-quality gambling experience without relying on centralized third parties.
Finally, we can also say that BSC is less congested than other blockchain networks. Usually, when there is a popular dApp release on Ethereum, the network gets congested. This has been very common in recent years. Congestion directly affects playability as you would have to pay higher fees or wait longer for a transaction to get processed.
Although Binance Smart Chain is a relatively new blockchain network, it has never been as congested as Ethereum. Hence, it would be a great alternative to enjoy some of the best online casino games.
There are other positive things related to playing casino games that run on top of the Binance Smart Chain network. Firstly, you would not have to share private information. There are no know-your-customer (KYC) checks using BSC casinos. If you care about your privacy this is definitely something to take into account.
Secondly, gambling dApps on the BSC would rely on provably fair games. Thus, your gambling experience will be even better: you can confirm in just seconds whether the results of a specific game were provably fair.
👎 Drawbacks of BSC gambling
Although the Binance Smart Chain blockchain network is a great option to enjoy the latest gambling dApps, it also has some drawbacks we should pay attention to. The first thing to note is that each dApp relies on smart contracts. Smart contracts are programs that run on top of blockchain networks and that get executed if certain conditions are met.
In some cases, smart contracts could be exploited. That means that if you are playing at a BSC-based blockchain casino platform, then you should know that you are exposed to smart contract issues. If a smart contract through which you were interacting gets exploited, you might end up losing your funds.
Another thing that you should take into consideration is that despite the fact that Binance Smart Chain is cheaper than Ethereum, you will still have to pay transaction fees. Therefore, you should know that there will be a small fee added to your original bet just to execute the smart contract. If there is no congestion, the fee should be just a few cents.
Furthermore, compared to traditional online casino sites, gambling using the Binance Smart Chain platform is still a new thing. There might not be a wide range of alternatives available in the market right now and it might require you to search before finding a good online casino running on the Binance Smart Chain blockchain.
Finally, there is a lack of games that you would already find in different traditional casino sites. The variety of games available is not as in centralized casinos. That could make it more difficult for you to find the game that you want to play.
🎲 What games can you play on BSC?
Despite the fact that the variety of games on the Binance Smart Chain network is not massive, you can still find some of the best games to play using digital currencies on BSC. The games would also change depending on the casino that you are playing in.
Some of the best games that you can play right now using BSC include Coin Flip, Barbell Roll, Roulette, Dice It and Treasure Chest, among others. This is just a list of options available in most gambling dApps on top of BSC.
It would be up to you to decide which of these games you want to play. Generally speaking, the variety of blockchain-based casino games is smaller. Don’t be surprised to find the same games across different dApps.
🔮 The future of Binance Smart Chain gambling
It is now time to talk about the future of the Binance Smart Chain network for gambling. As we can already see, this blockchain became very useful in different industries: from decentralized finance to blockchain-based games. It is also now becoming a very important player in the market in terms of casino dApps.
In order for BSC to grow and expand, projects will have to work on offering new games and titles for players to have a similar experience to the one they have at centralized casino platforms. At the moment, the variety of platforms and games is limited, which makes it difficult for players to find the games they want.
Additionally, BSC has yet to pass a stress test. That means that the community still needs to see what would happen if there is a fast increase in the number of transactions on BSC. Would BSC become as congested as Ethereum? Would transaction fees grow and make gambling on this blockchain a more expensive thing?
These are some of the challenges that Binance Smart Chain will have to face in the gambling industry. Of course, there are many others, but we focused just on the most important ones. Finally, BSC is becoming an increasingly useful blockchain network with new and unique functionalities that could make blockchain gambling available to everyone in the coming years.