How Monet Will Significantly Impact The Gambling Industry
Monet is a mobile ad-hoc blockchain platform seeking to have a massive impact on the blockchain sphere. Currently, blockchain protocols are being served by old-fashioned and outdated centralized servers which go against the focal point of blockchain decentralization. Protocols cannot be faulted for such moves; inadequacy in innovation at the time may have resulted to such decisions. Developers at Monet have come up with the mobile ad-hoc approach that is set to bring in a new dimension in our understanding of blockchain.
A number of real-world applications are likely to be affected positively by the changes proposed by Monet. One of the areas that are likely to benefit from the mobile ad-hoc blockchain set up is Gambling. There are a lot of monetary and efficiency benefits that are likely to accrue from the use of ad-hoc blockchains in the gambling industry.
Growth In The Gambling Industry
The gambling industry is projected to grow well beyond $59 billion by 2020. This is according to data obtained by Statista. These projections may even be underestimated as more betting companies are cropping up in developing countries which are likely to increase the market value of the gambling industry. Another clear indication of the dominance of gambling can be seen is in the English Premier League (EPL). A number of clubs in this top-flight league are sponsored by betting companies that have roots around the world. For example, SportPesa, a betting firm operating worldwide, sponsors Everton Football Club. Stoke City is being sponsored by BET365 while Dafabet is sponsoring Sunderland, while further examples are viewable through this link.
This growth is responsible for a number of economic activities around the world. Advertising is an important factor in any economy. These betting firms play a huge role by supporting these economies through the ads that they run all year round. They are also important in bridging gaps between various communities-such as the football matches SportPesa organizes between top-flight English teams and top-flight East African teams. A lot of experience and growth is gained from such exposure.
Blockchain and Gambling
It was only a matter of time before developers ventured into the gambling industry to display the great positive influence that blockchain could accomplish within the gambling industry. Decentralized gambling apps such as Wagerr came about to improve the world of gambling. Others such as Dragoncoin focused on the casino aspect of gambling. They tried to make it easier to use cryptocurrency in gambling and also reduce the frictional cost that arises during the transfer of funds from different countries.
Monet’s addition provides a new dimension to what these decentralized gambling apps can do. Monet’s ad-hoc blockchain plan will interest developers as it allows them new grounds through which they can test their creativity and come up with revolutionary ideas that will change the world of gambling. The known benefits of blockchain in gambling are security, safety, and privacy; however, Monet dials it up a notch or two providing even safer and more economical ways of gambling especially in regulated spaces such as casinos. It also has the potential to create gambling areas wherever a certain number of participants are gathered.
How Monet and Gambling Can Work
Gambling is a fast-paced activity that may require numerous transactions to be completed in record time. It involves games that may be a bit heavy for a number of systems especially when there is an increase in the use of these games further simultaneous requests on the same platform. Therefore, the blockchain that supports gambling has to be well equipped technically to provide the kind of service that gamblers would appreciate. It also has to consider the many departments that may exist in structures such as casinos. These parameters can, however, be done by developers while the main blockchain focuses on how best applications can work with it.
Monet is well suited for gambling. Its ad-hoc approach is one that gamblers and casino owners will appreciate around the world. Monet can literally create a gambling den in any part of the world as long as participants are within a certain proximity. This could greatly increase the number of participants in organized gambling activities which would further increase the value of the gambling industry.
Classic Gambling in Casinos
This can be where the change starts. Casinos can streamline their whole administration by placing specific requirements for those who want to participate in any gambling activity within the casino. This has to include joining an ad-hoc blockchain network for the casino. Monet can easily make this happen. The greatness of mobile ad-hoc blockchains is that all participating parties conduct their businesses transparently such that deposits made to the casino are reflected in the gambling decentralized app in use, while winnings and losses are also recorded there. It can be useful for both physical and online games taking place in the casino.
Bets can be placed using the DApp integrated with the Monet platform. Everything from the winnings to who has won will be displayed on the DApp. Privacy will still be maintained despite all the transparency that will be exhibited. Developers can come up with ways whereby participants join ad-hoc blockchains with pseudonyms or with hashed login details to protect their identity or just to maintain the privacy for those who value theirs as much. The data that will have been generated during the game will be stored in mobile devices of participants as no server will be used to store any data.
Chips and other gambling paraphernalia can also be obtained through the ad-hoc blockchains depending on the services developers offer through their applications. They can work with casino managers to find out what gamblers would prefer in a decentralized application.
The beauty of Monet is that gamblers can still have the same thrill and emotion they get from gambling while using their platform. Gamblers can participate in these activities as they usually would- the only difference being their smartphones will make the processes that much more efficient. The gameplay will remain the same as the processes get more efficient for better services.
Gambling Beyond Casinos
Online betting firms have revolutionized the gambling industry. People are joining them in the millions. Most people are participating to place bets on their favorite sports. However, lately, gamblers have been placing bets on other sports besides their original choices in a bid for greater winnings. The ones who are profiting most from this set-up are gambling firms who make millions of US dollars from lost bets and fees charged on their platforms.
Monet comes in with the best alternative while still providing superior services. This will also require the input of creative developers who can help change the online gambling scene. Developers can create applications where gamblers can participate in gambling activities real-time.
For example, there are a number of fans who travel to watch their teams play Football, Rugby or any other sport. These fans can form their own ad-hoc blockchains which have their own betting rules. They can then participate in gambling with minimal frictional costs during the process as there are no third-parties involved. Since anyone can form the ad-hoc blockchains, different betting ad-hoc blockchains can be formed for a given match with Monet users participating in as many betting ad-hoc blockchains as they would like.
Such a set-up could be a disruptive force in the betting industry. This is, after all, is what blockchain will ultimately cause- full decentralization in every industry where there is a community of individuals.
Incorporating Other Forms of Gambling
There are various sports worldwide that are universally recognized as being betting favorites for people invest heavily in; there are also others that are less known and less invested in. Activities such as underground racing usually attract gamblers. Monet can help streamline the gambling scene by incorporating these activities into their online gaming DApp’s.
Gamblers can download the DApp’s then use them within a specified area- for example where the race or the fight is taking place. Betting can then be streamlined and more transparency can then consequently be created in underground sporting activities. Privacy and anonymity will still be maintained as only the participants are allowed access to the data that is within the ad-hoc blockchain formed. Without any centralized servers, hacking of these platforms becomes an uphill task as there are no links to any data except through the participants.
Integrating Casinos
There are those who love to travel to gambling cities such as Macau and Las Vegas to experience different types of gambling in different cultures. Monet can provide a great way through which casinos from the same firm in different areas can be integrated to offer the same top-quality services in all their branches worldwide. This will also depend on developers who can create various parameters that would make this possible. Winnings from one ad-hoc blockchain can be made to transfer to another ad-hoc blockchain. Developers will have to stretch their creativity to make this happen.
Monet has the technical capabilities for such a set-up to work effectively on their platform. Casinos can then work together to provide the ultimate gambling experience for every participant who steps onto their premises.
How Monet Will Make it All Work?
All these applications require the right technical applications. Monet is well-equipped with the right technical features for gambling. One of the features required in any gambling platform is the reaction time or the rate of transactions that can be carried out per second. Most blockchain platforms are unable to meet the required scaling attributes for most consumers due to the limited technical features they have. Monet meets the demands of the people through its platform.
Its mobile ad-hoc approach reduces the need to have a highly scalable platform. Its ad-hoc blockchains can serve as many people as can possibly be supported by one ad-hoc blockchain. When practically in use, Monet may end up serving a maximum of thousands or even less per ad-hoc blockchain. This would be very lightweight for their architecture. Its service may, however, depend on the devices of its users. The more powerful the mobile devices, the faster the performance is likely to be.
The silver lining in this is that mobile devices are getting better and better by the day such that by the time blockchain is fully adopted, mobile devices will be at their peak. Blockchain smartphones are also being developed. This would sit well with the Monet protocol.
In terms of constant service delivery, there is always the looming danger of inadequate nodes to support all the activities of a platform. Monet employs Babble which makes use of the BFT (Byzantine Fault Tolerance) to help deliver services even in the midst of low node availability. This will allow services to proceed normally up to a certain threshold. However, due to the reward system that is going to be employed by Monet, there is likely never going to be a time when the platform experiences such low node numbers. The Tenom token is going to be used as a reward for nodes who offer services to Monet.
Wireless technology is going to be the main method of communication between mobile devices. It is also the main way through which the mobile ad-hoc blockchains will be created. Depending on the intended size of the blockchain and the distance to be covered, services such as Bluetooth and Wi-Fi can be used for this service.
These are however limited in their service delivery. LTE-Direct may provide the type of wireless connectivity that may be required for services such as gambling in an expansive field. Device support is another important factor that cannot be overlooked. The number of devices intended to be on an ad-hoc blockchain will play a major role in determining the type of wireless connectivity used.
Inter-blockchain communication will play a crucial role especially in an application such as this. In order to integrate services provided by casinos worldwide, there will be a need of having a system that can verify certain transactions took place over a different ad-hoc blockchain. This is where Inter-blockchain communication comes into play.
Regulations
Gambling is an activity that is attractive to people of different agendas. It is, therefore, necessary to put restrictions on the type of people that can access the services offered through Monet. Monet will itself have its own general filtering process that determines whether one is eligible to join their network or not.
For the gambling industry, the gambling apps created can have their own ways of determining who can or cannot use their services. This will help keep these platforms clean without any issues of fraud or such like cases. Regulations also increase the confidence participants will have in such gambling platforms. They can be assured that their money is well kept. Support of both fiat and cryptocurrency is likely to feature on most DApp’s that will be offering these services through Monet.
Gambling is an entertainment activity that has been there for a long time, dating back to 2300 BC. It has evolved over time and it may be another point in history where it gets better through blockchain and Monet. Safety, anonymity, efficiency and an overall increase in performance are what Monet brings to the table. There is a lot to gain for the gambling industry through Monet.
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Disclaimer: The above article is strictly to be taken for informational purposes. I do not have any involvement with this project and any investment advice should be taken after thorough individual research.
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