Dennis Stets

Decentralization, metaverse, cryptocurrencies, iGaming, independent financial systems – a few years ago, people who talked about them were considered almost crazy, but today they are our future. The era of Web 3.0 had arrived, Whether we like it or not – and we should have started to be interested in its basic principles and vectors since yesterday.

Web 3.0 or Web3 — is a new decentralized Internet where everything is built by users, owned by users, and managed by users. At a time when the Internet space is monopolized by large tech giants, Web 3.0 allows users to dictate their own rules.

At the intersection of technological advancement, Web3 heralds dramatic changes that could upend entire industries and redefine how people interact with digital worlds. This is not just an evolution, but a revolutionary change in the essence of user experience. Looking at the statistics, it’s clear that numerous industries are on the brink of substantial transformation.

The casino area promises to be particularly exciting – this sector is an optimal place to adopt Web3 top features and drive a wave of innovation by redefining the dynamics of user interaction. Nowadays the iGaming business prospers, with an estimated worth of $116 billion in 2017, projected rising to $128 billion by the year of 2023. It could be an outstanding results.

Among the main advantages:

Decentralization. Ownership is divided between developers and users;
Minimum of permissions or their complete absence. Each user has equal access to Web3 technology, without exceptions;
Own payment system. In Web3, all payments will be made using cryptocurrencies, and users will choose convenient payment methods. This will allow to move away from outdated payment processing tools;
Does not require trust. The absence of a third party will allow you not to rely on others, everything will be decentralized based on incentives and economic mechanisms.

Introduction to Web3

If you’re reading about Web3 for the first time, it can be difficult to grasp its essence right away. How can a network be decentralized? How can users exchange data without intermediaries?

This concept is based on the fact that the World Wide Web is currently a fairly centralized structure managed by corporations such as Google or Meta. They are the ones who prescribe the algorithms for what information to show you when you open your Facebook news feed or make a search query. In particular, these companies allow you to use their services for free in exchange for data about you: your interactions with content, digital habits, etc.

Later, companies use this knowledge to provide access to you to advertisers and, accordingly, to show you their promotional products. This business model is what Web 3.0 ideologues want to change. They believe that information can once again be exchanged from person to person, without the involvement of a third party, as it was in Web 1.0. Usually, an intermediary is needed to verify an action. However, it is possible to do without it thanks to blockchain technology.

Despite the fact that the first manifestations of Web3 in 2023 are already functioning, the idea has not yet been fully implemented. Currently, there are many different projects and areas around the concept of the decentralized Internet that businesses are actively investing in.

So, in 2023, Web3 will include the following components:

Cryptocurrencies. These are digital currencies that are an alternative to traditional money that is dependent on the central government of a particular country. The most famous cryptocurrency is Bitcoin, created in 2009.
NFT. This is a digital asset that can be exchanged or sold. It can be presented as a photo, music, video, or any other work of art. NFT is an abbreviation of Non-Fungible Token, which means “irreplaceable token”.
dApps or Decentralized applications. These are decentralized applications that run on the blockchain and have a built-in mechanism for distributing data across the network. The most famous decentralized platforms are Ethereum, EOS, TRON, and others.
Smart contracts. These are contracts in the format of program code written on the blockchain, which should become an analog of legally certified documents in Web3.
DeFi or Decentralized Finance. This term covers a variety of online platforms that allow exchanging cryptocurrencies, obtaining loans in digital assets, and making deposits.

iGaming stands at the intersection of online gambling, presenting itself through websites and mobile apps. At its core, this sector offers users unrestricted access to online casinos, breaking free from the constraints of location or time. Gamblers can indulge their interests wherever and whenever they please.

Gaming, also known as Internet gambling, gained momentum in the 2000s due to technological progress and widespread access to high-speed Internet. Nowadays it’s experiencing heightened productivity, marked by the emergence of new websites, applications, and associated services. iGaming doesn’t seek to replace traditional casinos; instead, it supplements them, offering players additional features and options.

In the modern context, certain Web3 technologies possess the capacity to profoundly influence iGaming, introducing a revolution that extends beyond gameplay to encompass user management and transaction security. Cutting-edge web developments now facilitate the secure storage of player data, mitigating the risks associated with hacking and other forms of manipulation. The incorporation of blockchain technology elevates the security of online transactions, eradicating the necessity for intermediaries, cultivating trust among clients, and paving the way for innovative possibilities. Additionally, decentralization simplifies integration and communication across a spectrum of platforms, including online casinos.

Web3 not only presents unique possibilities for heightened security and reliability, but also instills a sense of confidence regarding the safety of player’s personal data and financial transactions. Overall, the potential of Web3 lies in enhancing the iGaming experience through advanced technologies and robust security measures.

iGaming & Web3 combined

Web3’s ascent provides abundant prospects for the iGaming realm, notably through the adoption of blockchain technology. This cutting-edge approach ensures transactions that are both secure and transparent, fortifying player data and upholding the credibility of iGaming platforms.

Web 3.0 introduces the capability to craft tailored gaming encounters via decentralized applications (dApps), streamlining direct player engagements. This pivot towards user data control signals a move to decentralization and self-governance, instilling heightened confidence in game integrity, especially in the domain of online casinos. Additionally, Web3 ushers in fresh prospects for iGaming by ushering in tokenized in-game assets and non-fungible tokens, enriching the overall player journey. In essence, Web3 sets a novel benchmark, championing equity and safety for every participant.

Web3 technology unveils fresh horizons for gaming, empowering the analysis of player behavior and delivering personalized gameplay. Moreover, Web3 facilitates seamless data interchange and player engagement spanning diverse devices, enhancing accessibility and convenience in multiplatform gaming. Ultimately, the integration of Web 3.0 has the potential to transform iGaming into a social venture, unlocking novel prospects for communities and interaction within the online sphere. Given the continual evolution and proliferation of Web3 technology, its substantial influence on the future of iGaming is unmistakable.

Cryptocurrency benefits for online casinos

Cryptocurrency is a digital currency used as a means of payment. The main advantage of cryptocurrency is that it does not depend on inflation and exchange rates, which makes it more stable. Besides, cryptocurrencies have a high level of security and confidentiality, which makes them attractive for use in online casinos.

Other advantages include:

Absolute anonymity of transactions;
Almost complete absence of betting limits;
It is impossible to block an institution that uses cryptocurrencies for payment;
100% security of payments;
No losses on exchange rate differences.

Using Web3 technologies can determine the future growth and success of the iGaming industry.

Final thoughts

Given how rapidly this topic is developing, I am inclined to believe that this is a revolution after all. Two years ago, it wasn’t even talked about on the sidelines of iGaming and Web3 fusion, but now it’s one of the hottest topics.

To my opinion, the fundamentals of blockchain technology are perfectly suited for a great era of gamification where decentralization, security, tokenization and ownership can play a big part in changing the way we know gamification. We have a unique opportunity to observe and perhaps even actively participate in this development.

Artificial intelligence and fear of the unknown: what will Web 4.0 be like?

Everyone imagines Web 4.0 in different ways. Someone talks about complete decentralization in almost all spheres of life, someone talks about complete robotization. I am a supporter of the fact that the emphasis will be on the interaction of people with artificial intelligence.

Web 4.0 will open up two sides for us. On the one hand, there will be new opportunities, minimal or no censorship, decentralization, and new financial realities. On another – we will become too dependent on robotization. And when we talk about Web3, we understand that we can track all financial transactions in cryptocurrency with virtual casinos. In 4.0 the level of transparency, speed and reliability of communication on the Internet will increase several times.

Web 4.0 will be the era of augmented reality technologies, companies will reach a completely different level, and the virtual world will be integrated with the real one. The impact of technology is increasing every year, which affects the labor market and people’s psychological health. The transition from Web 3.0 to Web 4.0 will be much faster than the transition from Web 2.0 to Web 3.0. Only time will tell whether society will be ready to accept new reality… so what do you think?

Nowadays Twitch is one of the most relevant video hosting/live streaming platforms on the Internet. What was originally a means by which games could be “streamed” (i.e. broadcast to a crowd of people live) has now become a popular place where creators can share their thoughts and opinions on topics ranging from video games to online gambling, even to everyday life. Recently, Twitch streamers have been focusing more and more on gambling, especially crypto casinos. The rise in popularity has encouraged many gamers who would not normally find their way to a blockchain casino to try their hand at poker, roulette, blackjack, etc., all the while betting on cryptocurrency.

What are crypto games?

For those who may not know, we first need to understand what crypto gambling is. The name speaks for itself. This means simply gambling in which you use cryptocurrency to play. In recent years, this industry has been experiencing a real renaissance. As you can imagine, online gambling involves playing all your favourite games on a website. It is from online gambling that crypto casinos have evolved. Blockchain casinos are not much different from typical online casinos. In fact, the only real difference is that when playing cryptocurrency games, players place bets using cryptocurrency. Recently, these casinos have become very actual, especially because they are promoted by many online streamers on Twitch. Blockchain casinos emerged in the 2010s when online gambling, in general, wasn’t as widespread as it is today. However, in the last five years or so, there has been a significant surge in the popularity of both traditional and crypto casino websites. These platforms have undergone notable improvements, becoming safer, better regulated, and gaining widespread exposure. Despite these advancements, the rise of crypto casino livestreams on Twitch has sparked concerns for some individuals.

Twitch to ban live streaming of crypto gambling

With the surge in popularity of livestreams featuring crypto casinos, speculations have emerged suggesting that Twitch might enforce a ban. In other words, the company is considering a complete ban on any live gambling broadcasts, especially those that include cryptocurrency gambling. So, what prompted Twitch to ban these streams? Over the past couple of weeks, a number of Twitch streamers, some of whom are extremely popular, have criticised the platform for allowing these live streams to go unchecked. It was because of this criticism that the platform considered stopping these types of live streams. The idea is that the popularity of these streams is leading to more and more people getting hooked on crypto casinos and gambling in general. Many of the more popular influencers make the argument that blockchain casinos are dangerous and that most Twitch users are too young to use them. However, there are several problems with this argument. First, crypto casinos, like any online casino, have to go through a licensing and registration process. A license is only issued when a platform meets certain standards of safety, security, and fairness. This means that a crypto casino is just as safe as any other online casino or even a land-based casino, of course if it is licensed. So, if these Twitch streamers are broadcasting blockchain casinos with the appropriate licenses, there should be no problems.

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WIRED published an article about the phenomenon of crypto-casinos and their cooperation with popular streamers, and we have selected the main points from it. Crypto-casino advertisements started appearing quite recently — since April 2021. One of the first streamers who agreed to participate in their promotion was Tyler Nicknam, better known by his nickname Trainwrecks. His channel now has over 1.5 million subscribers, and his broadcasts average 25,000 viewers each. He mostly streamed games like World of Warcraft, but since April, he has completely switched to crypto-casino Stake. Since then, he has been streaming up to twelve hours a day.

Tyler’s excitement can be explained by several factors. First, the recordings of his game broadcasts on Stake gather up to two million views. Secondly, he earns several hundred thousand dollars a day on bets. But the author of WIRED believes that his interest is mainly due to his contract with Stake: the casino pays him a lot of money for advertising the site. For this reason, Tyler even moved to Canada to avoid problems with the law.

Many streamers who advertise Stake and other similar casinos may also move from the US to other countries. The fact is that this business is illegal in the United States: crypto-casinos do not have a license to operate in the country. These companies are registered on the territory of Curacao and other island countries, so their owners do not have to pay taxes on profits.

American streamers have to log in to crypto casinos via VPN to get around the restrictions. So far, this scheme is working, but WIRED experts believe that soon these sites may be interested in the US authorized bodies. The owners of Stake and other crypto-casinos are not threatened, but streamers risk their freedom by advertising illegal gambling.

According to WIRED, at least 64 streamers from the list of most popular streamers on Twitch have been broadcasting their crypto-casino games. Most of them work with the company under an affiliate program. Twitch representatives claim that only the most reputable streamers who can “serve as role models for viewers” are included in the program. It was also recently revealed that streamers do not invest a dime of their savings in crypto-casinos. The owners of the sites replenish their accounts in case they lose, so that they continue to play. This was revealed by streamer Matthew Rinaudo, known by the nickname Mizkif. According to him, under the contract for each hour of broadcasting on crypto-casino he received 35 thousand dollars. At the same time, he undertook to broadcast ten hours of casino games for a month. In June 2021, Matthew refused to cooperate with the crypto-casino on moral grounds. I wasn’t spending my own money in crypto-casinos. Then my conscience woke up. That’s right. I felt shitty about the gambling ads. And I can certainly be told, “But Mizkif, you’re already advertising stuff all day long.” But if you buy some Dungeons & Dragons, you risk losing only 40 dollars and a couple hours of your time. And casinos are a different story. WIRED experts said that the management of Twitch should ban such streams. In their opinion, online casino ads could potentially harm any viewers, especially minors. However, Twitch rules do not prohibit the broadcast of gambling. Nevertheless, representatives of the company assured WIRED that they are closely monitoring developments and checking crypto-casino broadcasts. Perhaps they will be banned soon: Facebook and YouTube have already done it. But right now, streamers are still making millions of dollars from advertising illegal businesses.

For the past few years, live gambling streams on Twitch have been going unregulated. Only recently, following an outcry from the community, company has taken a strong stand against these cryptocurrency gambling streams. Twitch, on its end, has issued a statement indicating a possible reconsideration of its position on gambling in the future. This deliberation could potentially result in a complete ban on gambling content within Twitch streams. While many say this is not enough, others have issues with the new policy. Many make the argument whether Twitch should ban these streams. Obviously, the company has an obligation to stop this content related to unlicensed gambling, a policy that has been put in place and is being enforced. As for whether the company should ban all gambling, that is worth discussing. Ultimately, as we have said, all licensed gambling sites will require players to provide them with strong proof of their age. This means that these games are only suitable for adults. So, the question is, should we protect the interests of adults who want to try their hand at gambling? We do not have a clear answer, but it is definitely a trendy topic.

Closing remarks

Regardless of the ongoing debate, one certainty remains—there has been enough uproar to compel the company into a thorough reevaluation of its official policy. Twitch is taking significant actions, banning numerous streamers, removing videos, and demonstrating a heightened focus on the oversight of gambling content. Absolutely, ensuring a safe and secure environment for viewers is crucial. Twitch, as a platform, bears a responsibility to shield its audience from potentially harmful content, and that responsibility should extend to unlicensed casinos as well. Prioritizing user well-being is a key aspect of maintaining a trustworthy and enjoyable streaming experience. However, whether this should extend to safe, reliable, and licensed gambling remains a matter of debate.

The prevalence of online casinos embracing cryptocurrency is on the rise, with approximately every third blockchain transaction now associated with online gaming. The demand for cryptocurrency casinos among players is driven by their increasing appeal, attributed to enhanced privacy and transactional efficiency. The advantages of this payment method, including anonymity and swift transactions, contribute to its popularity among a majority of players. Why is cryptocurrency casino in demand among players and what are the pros of this payment method? Let’s figure it out!

First thing you should pay attention to when using cryptocurrency is fast payments. These payments are made without the intervention of third parties such as banks or other financial institutions. All transactions take place directly between the casino client and the employee. For this reason, all money transfers are processed quickly and without delays. Although, it should be noted, some cryptocurrencies have millions of clients. For this reason sometimes the processing of internal transactions can take longer.

The second thing that distinguishes cryptocurrencies from other systems is anonymity. In modern world blockchain technologies are commonly used to make the gambler feel as comfortable and at ease as possible when making any transactions. Therefore, all that can be learned about the player from the history of his monetary transactions is only the wallet address. The rest of the important information (full name, city, etc.) is carefully hidden from outsiders.

Also, the advantage of using crypto is that the commission on deposit and withdrawal can be very low. Or even free. This is due to the fact that the digital currency does not cooperate with any bank, so there is no one to pay the commission to.

An important factor is also the fact that all player’s crypto-wallets are reliably protected and attacking them is pointless and costly. Even for the most professional hackers. In addition, the wallet maintains a thorough history of deposits and transfers, so that a person can easily check all information about receipts and debits.

What problems can a cryptocurrency player face?

A common problem for most players is high price volatility. This is due to the fact that the rate of crypto depends on many factors and can change literally in one day. Most people understand that, but that does not stop them. Why? Answer is simple — the benefit of crypto easily prevails.

In addition, this digital currency has an uncertain legal status. In other words, the authorities of some countries still cannot understand how crypto should be treated, so they have not introduced any rules – both for and against.

The third and quite common problem is that most players are not ready for the change and use traditional payment options. Some explain this by the fact that they don’t have any trust in crypto — while others say that they simply don’t understand how it works.

What prospects await online casinos with cryptocurrency?

According to statistics provided by some online casino operators in 2023, blockchain accounts for 20% of the total number of payments. And the numbers are constantly increasing. Most independent experts predict that online casinos with cryptocurrency will further grow and develop in the market. Perhaps even when there will be a casino that supports only digital currencies.

The inclusion of crypto in the gaming platform is beneficial to operators for the following reasons:

Most players will look at casinos as modern and technologically advanced, keeping up with the times.
The online casino will be on a secure server and will be able to provide customers with all the necessary anonymity and keep all personal data safe.
For countries where casino gaming is banned, the use of blockchain in casinos is the only way to play your favourite slots, because the information about users will be carefully protected and no one will be able to find out whether a person actually played or not.
Every crypto transaction can be canceled and controlled.
The bitcoin casino will be located on a fully secure server and will be able to provide players with all the necessary anonymity and save all personal data.