All You Need To Know About Smartbox: The Blockchain Gambling Machine

All You Need To Know About Smartbox: The Blockchain Gambling Machine

As we all know Blockchain is the spine of cryptocurrency and trading. Now that it has entered the gambling world it is all set to provide many features to players. Also, online gambling world is getting more enhanced and revolutionized with the use of Blockchain technology and Internet of Things (IOT).

For providing another payment options, cryptos has been used as one of the key feature for betting platforms. This was already being implemented by SatoshiDice, but now more casinos are considering this for future projects.

When we talk about future, inventions like these have definitely left many casinos in a chaotic situation. However, SmartBox will bring back the old traditional gaming mechanics and code, on which casinos used to work on in past. This will bring and connect many players who are trying to invest in cryptos and are passionate about gambling.

WHAT IS SMARTBOX?

what is smartbox

SmartPlay.tech, a platform for Blockchain powered games has recently declared the product called SmartBox, which is a gambling machine that works on Ethereum smart-contracts.

This machine will let the players earn unlimited bonuses, and not only from the bets made by themselves, but also by the bets that are placed by other players as well. It works on Ethereum smart-contracts, and transparency and liquidity of this process is assured to players, as the process can’t be changed even by the owner. This will ensure security for the data and game code as well.

For the enhancement of gambling, traditional methods and new gaming mechanics for slot machines is being used for implementation.

On SmartBox, Philipe Comini, CEO of the Gimmer project, an algorithmic trading platform for Bitcoin and other cryptocurrencies said in a video posted that,

“SmartBox looks pretty reliable and I can see the technology is going forward, so I give my thumbs up and hope everybody can join as well. It’s a very revolutionary technology introducing the blockchain on gambling, and I’m really watching for SmartBox.”

See AlsoWhat Are The New Developments In Bitcoin?

HOW SMARTBOX WORKS?

For developing SmartBox, SmartPlay.tech is using already used software and gaming code used in product SmartRoulette, which is an European roulette. This platform for roulette was launched by SmartPlay.tech earlier this year. Within 3 days of the launch, approx. $ 1,000,000 was collected at the current exchange rate.

Till now, SmartRoulette has proved to be the game that works on random number generation and smart contracts, making it completely transparent for the players. The players can also become the co-owners for the platform and can also get royalty for each time the project is profited.

Roulette Tokens (RLT) are credited to player’s account every time he/she places the bet. And, when the total of all tokens is calculated, player starts to get automatic bonuses as interests on all active users bet.

WHAT ARE THE BENEFITS?

There are several benefits of this project. Let us talk about some of them.

1. No Prior Payment or Deposit Is Required

This is one of the main benefits for the players that before sitting on the table, they don’t have to deposit anything. Only when the numbers are selected, player can place a bet. The funds are only controlled by the player. And, when the player wins, the amount is directly transferred to his/her wallet.

2. Full Transparency, Honest and Guarantee

As we talked earlier, this whole project is based on Ethereum smart-contracts, and on algorithms that confirm and assure that there will be no third person involved, making it fully transparent for the players. With this, changing the code and assuming the predictions will get more difficult and at one point of time it will be impossible.

All the players and investors can see the process of bets and layout of winnings making it completely transparent for all.

3. Anonymous Players

With the use of cryptocurrency, SmartBox doesn’t need registration or any documents for verification of the player.

If you found this helpful, please let us know. You can also drop your feedback in the comment section below.

Next Read: How Can Blockchain Prevent Click Frauds?

Anuj is a content writer for Systweak and being from an engineering background, likes to get more in-depth with technology and gadgets. He likes playing video games and reading in his free time.

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