CasinoLand is Bringing a Decentralised Ecosystem to Online Gambling
By Harry Biswell – Cryptocurrency Expert
Decentralised Financial (DeFi) payment systems are emerging in all areas of the FinTech and Ecommerce sectors. DeFi is playing a pivotal role as more traditional financial institutions, including investment companies, trusted Bitcoin brokers and loan associations, seek to integrate cryptocurrency trading and blockchain technology into their systems. DeFi as a concept is appearing to fuel the development of blockchain while simultaneously, the concept of blockchain is equally fueling the growth of DeFi.
As both the ecommerce and crypto buying industries grow, online gambling sites are showing just as much interest in adopting this technology and CasinoLand is doing just this. Intending to remove the untranspararent and dishonest perception of gambling, the platform aims to use smart contracts to authorize games and results. Such activity will be stored on the blockchain and available to all. In addition to this, CasinoLand are also implementing tougher cybersecurity practices for their customers, while not storing any assets online. Players and network participants will hold their own private key.
With this development, CasinoLand will become the first Decentralised Autonomous Organisation (DAO). These are considered digital entities that operate under strict cryptographic rules and are managed by shareholders without a hierarchical structure. Multiple features will be available to common users, with various ways of adding volume to their wallet. Players will be required to exchange cAssets to CasinoUSD for withdrawals at any time.
The company also have plans to further enhance transparency and credibility to their new ecosystem. The DAOCasinoLand network will use a lending and borrowing program referred to as ‘Staking and Banker.’ These two key features will enable and encourage the earning and spending of the blockchain’s native currency, CLN.