It’s been over a decade since the term “blockchain” first started floating around the internet. People have found many different use cases during this time, in particular, wherever transparency and anti-tampering measures are essential. Still, many more uses are only starting to be experimentally implemented, and more still that haven’t yet been explored at all.
Whether you think blockchain is the future or just a fad, this article will tell you more about how it could possibly be used at social casinos. We’ll be going into how the technology could be applied to sweeps coins and what that would really mean, both good and bad.
First of All, What Are Sweeps Coins?
Before we get into the nitty-gritty of how blockchain technology could affect sweeps coins, we need to quickly but clearly define just what we’re really talking about.
Sweeps coins are a type of virtual currency used in social casinos. It’s not the same as cryptocurrency or fiat, but a currency specific to a casino that can only be used to play at that casino. That doesn’t make the currency worthless or meaningful, though – as seen on Yay Sweepstakes, many of these Sweepstakes casinos will let you redeem your coins for gift cards, cash, and other rewards.
But how secure is a digital currency like this? Isn’t it just a digital number? Can you trust that the amount you have in your account can be redeemed, and that some bug or other interruption won’t cause you to lose what you’ve won? That’s where blockchain could come in.
How Blockchain Tech Works?
Blockchain technology is especially well-known for being used in certain areas, such as cryptocurrencies and NFTs, but that’s far from the only ones it can be applied to.
The model of blockchain technology is based on what can be called a distributed database. Blocks of data create a chain, and for changes made, each is recorded in this chain.
That means that blockchain-backed data is very hard to hack or change without proper authorization, since that would require changing each record stored separately simultaneously. It can also provide a whole new level of transparency, as each chain in the block makes changes visible.
So, how could this technology be used to support sweeps coins? Simply put, by decentralizing the currency and balance in the user’s account, the data would be much more immune to crashes, hackers, and other disturbances.
The Benefits of Blockchain-Powered Sweeps Coins
The most obvious benefits of blockchain-powered sweeps coins would be security and transparency. The coins would be essentially tamper-proof – something that would benefit both the company running the casino and the customer playing at it. That could also help build trust between the parties.
Perhaps blockchain-powered sweeps coins could also be transferred from and to different casinos under the same company, meaning users don’t have to purchase coins all over again if they want to move to a sister site.
Another benefit of blockchain is that processes can be securely automated. For example, there would be no need for a human to review and authorize withdrawals. This could significantly reduce withdrawal times and give users a much better experience.
Challenges and Limitations
While there are important benefits of having blockchain-powered sweeps coins, there are also certain limitations and challenges that come with them.
The most important one is that blockchain uses a lot more resources than a simple database. For sweeps coins, that don’t need to be powered by this technology to be usable or reasonably secure, that could be a waste of energy.
This could lead to negative impacts on the environment. It’s also relatively expensive to implement, meaning it might be best reserved for specific uses – are sweeps coins one of them?
Are Blockchain-Powered Sweeps Coin the Future?
Some people believe that blockchain will, in the future, power everything. As it’s a more secure and transparent way of storing data, that makes sense on some level. But at the same time, it just isn’t necessary for everything.
Whether sweeps coins is one of those things that actually warrants involving blockchain technology isn’t an entirely straightforward question. For some people, it is. For others, it’s not. In either case, chances are high that in the future, there will be both. Some casinos might decide to implement it, others won’t, giving players a choice.
Final Verdict
While blockchain-powered sweep coins could be a common thing in the future, it doesn’t seem inevitable. It’s true that it would make this digital currency more transparent, contributing to fair play, but the resources spent might not necessarily be worth it. There could be other, more efficient solutions for this particular problem.
Whether casinos decide to experiment with blockchain-powered sweeps coins or not, blockchain is sure to keep creeping into our lives wherever stored information needs to be tamperproof, transparent, and traceable. The decentralized internet has only just gotten started.
