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Leading Ether Gaming gambling site

8Zen Insights: An Introduction to Ethereum, Smart Contracts and the world of Ether Gambling.

By the end of this article, you are going to understand blockchains and Ethereum well enough to decide what they mean to your life.

Cryptocurrencies astounded the world in 2009, popularising the concept of decentralised, secure monetary transactions. However, we can apply the concepts underlying it too much more than just digital currencies. Ethereum is a prominent crypto that attempts in combining the power of decentralised transactions with a complete smart contract system.

To comprehend how Ethereum and smart contract's function, we must first fully understand an Ethereum blockchain.

  1. Ethereum: A Programmable Blockchain

    Ethereum is a blockchain-based open-source software platform. It even has its cryptocurrency called Ether. Ethereum enables the development of smart contracts and decentralised applications known as dapps.

    In a nutshell, Ethereum "codifies, decentralises, secures and trades almost anything." 

    Before Ethereum, Bitcoin held the monopoly in digital currencies. Millions of dollars were traded into Bitcoins each day, making Bitcoin one of the most leading examples of the viability of the blockchain. Have you ever thought to yourself, "What would happen if the provider of this service or application disappeared?"

    1. Blockchain?

      Blockchain is a decentralised node system made up of a network's resources from each connected device where transaction data is distributed and stored. All transactions are carried out through computations. First, a user initiates a transaction. The block containing the transaction data is generated automatically. This block is then sent to each network device (node), and each node is responsible for validating the request.

      Blockchain provides transparent access to transaction history. Participants can always examine these records to determine the validity of a transaction. It does not necessitate any additional documents, IDs or confirmation. All of the confirmation data is stored on the blockchain.

  2. Smart Contracts

    "Smart contracts are a way for people worldwide to do business with each other even if they use the same currency."

    You have probably heard of smart contracts if you have read recent reports or kept up with technology trends. Since blockchain became a phenomenon in 2017, smart contracts have piqued the interest of both investors and average customers.

    The concept of transaction verification, which is critical to the blockchain, leads us to smart contracts. It is a self-executing agreement where code algorithms specify the terms and conditions. As Blockchain transactions are based on computation, smart contracts take advantage of this by developing systems that either promote or block transfers. 

    1. How do smart contracts function on 8Zen?

      The code is distributed to all network members – there is no centralised authority that holds all documents and control over the process. There is no human factor involved here and the transaction is automatically monitored by code.

      Transactions are invariably documented in each block and it is simple to track every transfer. Both parties can inspect the condition at any time and receive detailed information about the transaction after it has been completed. 

    2. The role of smart contracts

      Smart contracts serve a variety of functions. Many industries are ready to embrace innovation because of their transparency and secure data storage. Smart contracts use cryptocurrency to power up transactions. Ethereum uses its coin – Ether, to work with transactions on the platform.

      Developers create Ethereum-based smart contracts, which require users to use Ethereum to sell and acquire services.

    3. How do Ethereum Smart Contracts work?

      Ethereum gives network members access to the Ethereum Virtual Machine (EVM), a decentralised blockchain computer on which 8Zen developers build smart contracts and embed them in the application. It is a virtual computer that executes all Ethereum contracts.

      Smart contracts eliminate the need for a third party, which is typically a central government authority, in transactions. It serves as the third component by algorithmically confirming, validating, and auditing asset movement. It ensures that all transactions are secure, transparent, and completed on time.

    4. Ethereum Smart Contract Gambling

      The cryptocurrency market has advanced over time, with Ethereum smart contracts being the future of crypto gambling. Ethereum is a platform for cryptocurrency transactions. With the introduction of Ethereum smart contracts, the future of online betting looks bright.

      8Zen offers a smart contract-based betting platform where users can bet in ETH on the outcome of any event of their choice. Depending on the outcome, the winner receives his bet and the money as a winning prize.

      Smart contracts help build gamers trust by allowing the users to access the games historical data publicly. The information is readily available and accessible to users who can verify the fairness and accuracy of the games. The gaming platform can barely change or alter the displayed pay-out ratio when using smart contracts because the ratio is cryptographically secure.

    5. Metamask Integration

      To ensure application interaction with Ethereum blockchain, the platform needs MetaMask integration. This reduces unwanted frictions and makes the performance process more fluid. The betting platform interface uses MetaMask for dApp logging, transaction sending, ETH staking, and checking information about the user's holdings. It also saves the existing user account, which is used to receive funds and rewards.

  3. Conclusion

    Given the benefits of using Ethereum and Smart Contracts, most online gaming sites focus on implementing this program. Because of its versatility, Ethereum is the preferred blockchain for the majority of these online stores. Smart contracts are clearly the future of the online gambling industry.