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Coronavirus Saw More Players Switch to Crypto Gaming, Here’s Why

Joanne P - November 2, 2020

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Ethereum is undergoing a seismic shift. The smart contracts blockchain is upgrading its blockchain for scaling and efficiency reasons. Accordingly, developers and startups are in the race to becoming the top Ethereum Layer-2 scaling solution. Crypto gambling will benefit immensely from this upgrade. Many of the best crypto games rely on smart contracts. These games will have more efficient payment processing capabilities with Eth 2. Such efficiency is a plus for the industry as a whole. Online gambling casinos are also gaining popularity by the day. Classic games like Bitcoin crash have online versions that are catching on. This trend is the embodiment of digitization. It is only a matter of time before online casinos dominate the gambling industry. Bitcoin gambling games caught some tailwinds from Bitcoin’s rally. It will be fascinating to see whether Ethereum rising can have the same effect. The Eth 2 rollout is vital if that effect is to come true. Defining Layer-2 Layer-2 is a term that collectively refers to solutions that aim to scale the Ethereum blockchain. These solutions take transactions off the main Ethereum chain (Layer-1). They offer scalability because the main chain can handle fewer transactions. Transaction congestion makes speed lower and fees higher. This effect dampens user experience in dApps. Crypto gambling applications fit in this category. High gas prices are a problem for regular users. Layer-2 solutions aim to take off this burden. Blockchain games will make more sense with quicker transaction times. Additionally, lowering transaction fees ensures that micro-transactions are viable. Independent entities can run a scaling solution. Alternatively, a large group of people can control these solutions. This model would be similar to how the main chain functions. They differ in technology but offer from 50x to over 1000x more throughput than L1. This improvement is vast and represents relief from the main Ethereum chain. The Layer 2 solutions fall into the following categories: Rollups--including ZK rollups and Optimistic rollups. State channels. Plasma. Validium. Sidechains. Hybrid solutions Issues to Consider Ethereum Layer-2 scaling solutions need nuance. Many startups will claim to be trustless, secure, economical, and easy to use. Achieving this balance calls for due diligence. Accordingly, there have been promising solutions that fail to live up to the billing. Builders need to evaluate different scaling solutions before settling on the most suitable. Aspects like security, performance/ economic, and usability need consideration. This exercise is vital for Ethereum’s long-term success. Accordingly, the solution providers need nuance when talking up their solutions. Many teams are actively researching and building solutions. Some of these solutions compete directly, while others are complimentary. This dynamism is all in the spirit of innovation. The solutions present unique strengths, weaknesses, and tradeoffs. Ethereum only recently implemented its migration to Proof of Stake mining. The solutions offer shorter block times and faster finality within the sidechain. These solutions are already showing results. Having faster and cheaper transactions without compromising on security would be huge. Trials Already Underway In January, Ethereum transaction costs went past $15. This figure is absurd for the network if it hopes to become a true applications hub. Fortunately, many Layer 2 solutions are ready to go. Optimism announced that their Layer-2 scaling solution was going live. This firm ran the trial in liaison with decentralized exchange protocol, Synthetix, which has activated Layer-2 staking. Optimism has the Optimism Virtual Machine. If the name rings a bell, the firm intends it to work similarly to the Ethereum Virtual Machine (EVM). This solution is still in testing. The deployment of the OVM mainnet should be in a few months. Before then, trials can show problems that remain hidden. Optimism is just one of the leading Layer 2 solutions. These solutions provide valuable off-chain throughput and permissionless blockchain security. The following are select Layer 2 scaling solutions: Lightning network, which aims to provide rapid transactions to the Bitcoin blockchain and other major coins. It provides a layer 2 payment protocol on top of the existing blockchain. Accordingly, platforms can use it to enable fast transactions among participating nodes. It is gaining consensus as a Bitcoin scalability solution. The OMG network previously went by the name OmiseGo. It is a trustless off-chain scaling solution for the Ethereum network. It makes the base layer enterprise-ready by using Plasma side chains to scale up Ethereum transactions. The fact that it focuses on businesses elevates this protocol above most other solutions. The Matic Network is another famous Layer-2 solution. This project has a scope beyond Ethereum and aims to be blockchain agnostic in the future. It utilizes side chains for off-chain computation while ensuring asset security using the Plasma framework. This solution deploys a decentralized network of Proof-of-Stake (PoS) validators. These projects are at different stages of implementation. The bottom line is that they are all vying for a piece of the pie. Other major blockchains can also benefit from these solutions. Bitcoin community members look at the Lightning Network favorably. Already, BC.Game, for fast and cheap deposit and withdrawals of BTC, runs a Lightning Network node. Ethereum Needs Successful Layer 2 Solutions Ethereum intends to be the backbone of the decentralized applications world. This position can gain a vital foothold with Layer-2 solutions. Ethereum needs to have faster, cheaper transactions if it is to retain this position. Accordingly, Ethereum will be better at fitting scaling solutions. These implementations could be a watershed moment for a platform at the heart of a new decentralized economy. Scalability problems have cast a cloud on DeFi growth. Thousands of traders and developers remain on the sidelines because of ridiculous gas fees. With these solutions, they can truly find a hub in the Ethereum network.

What Is Ethereum Layer-2 Scaling Solution?

Blogger Anon - February 7, 2021

Score Big At BC.Game Chat Room

Joanne P - December 17, 2020 0

The world of online gambling should be wildly exciting while still meeting the standards of responsible, trustworthy gaming. Do you know what is even...

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Joanne P - November 5, 2020 0

Modern-day crypto trading is nothing without Stop Loss and Limit Order features. Here is your chance to know these tools and learn their usage. Although...

BC Game 3.0! Features of The New Version

Joanne P - March 23, 2021 0

Prepare to get your mind blown! BC Game 3.0 is here! This much-awaited launch brings forth tremendous new features and exciting rewards! Read on...

How to Play Keno: The Best Crypto Casino Game?

Joanne P - January 12, 2021 0

Keno is a simple game of chance and one of the best crypto casino games. By following a few rules and strategies, you can...

Crypto Casino trends To Watch Out in 2021

Joanne P - December 23, 2020 0

Crypto gambling has brought incredible dynamism to the gambling industry at large. The decentralization and payment efficiency of blockchain technology has been a revelation...

Bitcoin Dice Strategies That Will Get You Winning!

Joanne P - December 17, 2020 0

Whether you’re a high roller, or new to the online Bitcoin gambling scene, Bitcoin dice is an ideal way to win big via a...

BC Game Deposit Bonus Guide

Blogger Anon - March 24, 2021 0

With BC.Game 3.0, we all got to see a new feature! The BC Game Deposit Bonus! Are you wondering what it is and how...

List Of Best Casino Games in 2021

Joanne P - December 24, 2020 0

Online casino games are dynamic and captivating. There are countless opportunities to have fun and potentially cash in as well. Crypto gambling has added...

Top 5 Cryptocurrencies To Watch This Week-BTC, DOT, XLM, DOGE

Top 5 Cryptocurrencies To Watch This Week: BTC, DOT, LINK, XLM, DOGE

Blogger Anon - February 12, 2021 0

Cryptocurrency markets are on a roll. Analysts have noted particular distinctions from previous rallies. The difference is in both the underlying fundamentals and actors...

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Why Is Promoting Responsible Gambling Necessary?

Blogger Anon - September 27, 2021 0

Finding balance is essential in every activity you undertake. This need is heightened in activities like online gambling, where you can drive yourself off...

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Welcome! To the BC.Game blog. You read the name right, my dear Crypto Degens. This site and the treasure trove of information within has been carefully chosen and hand crafted by the industries finest. I’m not talking about those stick-up-the-butt, blockchain and iGaming “experts” that you find writing about the same boring stuff on every other site. What makes our content creators so much better than the rest? Aside from their witty dialogue, charming personalities and undeniable sex appeal…. They are not afraid to tell you the truth and are always seeking out cutting edge breakthroughs in provably fair casino technology to analyze and share with you. You will also find frequent updates regarding BC.Game, the best crypto casino with highest paying games and an abundance of no deposit bonuses that are always, truly no strings attached

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Featured

Coronavirus Saw More Players Switch to Crypto Gaming, Here’s Why

Retire Rich And Early! Add Bitcoin In Your Investment Portfolio

How to Play Keno: The Best Crypto Casino Game?

What Is Ethereum Layer-2 Scaling Solution?

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How to Play Keno: The Best Crypto Casino Game?

Crypto Casino trends To Watch Out in 2021

Bitcoin Dice Strategies That Will Get You Winning!

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List Of Best Casino Games in 2021

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Why Is Promoting Responsible Gambling Necessary?

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