Much has been said about the benefits that blockchain brings to the gambling industry. The technology doesn’t only make gambling payments easier, it also provides transparency—particularly in iGaming.
Hayato Terai, co-CEO of GanaEight Coin Ltd., tells CalvinAyre.com: “One thing that we value the most is transparency of the games. Players always think that they are falsely played, cheated, but actually they’re not. Operators are always fair—some people lose, some people win. With the blockchain technology, players can check that some people really won, some people lost, even the unlucky ones. By doing that, operators could gain the trust that they deserve.”
For GanaEight Coin, a unit of the Ganapati Group, enabling transparency necessitates building its own blockchain-based platform, which paved the way for the creation of its token—GanaEight Coin (G8C). The token offers casino chip functionality and an offline functionality, among others. According to the company, G8C doesn’t take transaction fees and it also does away the need to exchange tokens for chips.
According to Terai, “The biggest difference is we built our own blockchain wallet, own blockchain platform, and own blockchain token. I think that if we don’t have that, there’d be no transparency, we could not bring that in, as I said, the biggest feature of blockchain. And at the same time, the transaction would be a lot more easier as our coin would be directly bet into the casino machine because we have our own blockchain. Players would buy our coin in order to play on our platform.”
He describes G8C as a stablecoin for iGaming world in the sense that “the GanaEight Coin’s value would be the minimum price of each betting.”
“It cannot be like, 20 cents yesterday, 30 cents last night, or like 50 cents this morning. If the $1 was the bottom price, the players would always have to buy it at the bottom price,” Terai said. “If you have a GanaEight Coin, you can always sell it at stable $1, the minimum bet. I just said $1 to make it simplified, it’s not always going to be $1. It’s going to be a minimum bet of the casino machines.”