The Internet-of-Things is a new term to most crypto enthusiasts. This term came along with the emergence of IoTeX Casinos. But what are these crypto casinos, and how do they work? Let’s find out more below.
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IoTeX is a Layer-1 blockchain founded in 2017, with IOTX as its native cryptocurrency, by Raullen Chai, Jing Sun, Xinxin Fan, and Qevan Guo. The blockchain is fast, secure, decentralized, and highly scalable, serving an Internet-of-Things (IoT) to provide interaction between humans and machines. The IoTeX blockchain powers a decentralized network of DApps (Cyclone and Mimo), digital assets, smart devices (UCam and Pebble), and services (ioPay and ioTube) to deliver topnotch value to end users.
IoTeX’s developers said businesses and individuals could own and control their devices through a blockchain-to-blockchain mechanism by connecting a single root block and multiple sidechains to IoTeX. This blockchain employs a roll-delegated proof-of-stake (Roll-DPoS) consensus mechanism to connect IoT devices block by block through improved speed and scalability.
IoTeX’s vision for the Internet-of-Things is expansive. They envisioned moving control from profit-oriented institutions to daily users reliant on a trusted ecosystem where your devices work for only you. To achieve this, IoTeX had to possess a significant mass of trusted devices as a foundation for sustainable growth.
IoTeX launched a new tokenomics design, Burn-Drop, to enable IoTeX-powered devices to attract new service providers and devices to ultimately drive the long-term growth of the IoTeX network to the first 1 million devices. This invention was guided by two primary concepts – Metcalfe’s Law and the device-infrastructure innovation cycle. Metcalfe’s Law links a network’s value to its unique connections during the device-infrastructure innovation cycle evolution of tech ecosystems. Every new connected device unlocked several network effects, bringing new utility and value to IoTeX.
The IoTeX platform employs decentralized identity (DID) for self-sovereignty on the entire network. IoTeX has developed a unique DID system focusing on devices and people, unlike blockchains focusing solely on people. People and devices can easily transact directly with each other since their identities are standardized and interoperable across the IoTeX blockchain. Besides, IoTeX DID users and devices utilize their data and identity on the platform since they directly control them.
Together with the Identity & Access Management (IAM) system, IoTeX DID technology is now standardized in enterprise technology consortiums, including the Industrial Internet Consortium (IIC). The IoTeX DID and IAM frameworks can connect heterogeneous application silos to enable decentralized, user-centered data sharing across global IoT ecosystems, including various manufacturers.
IoTeX launched two products in 2020 to improve trust and privacy in real-world data processing on its blockchain.
IoTex also created an extra layer of security on its backend to keep its data. Whereas IoTeX’s customer-facing infrastructure runs on the Google Kubernetes Engine (GKE) for flawless scaling, the IOTX operates its virtual machines on Compute Engine to index IoT data on the IoTeX blockchain. The IoTeX blockchain implemented a new Google Cloud solution in 2022 called Confidential Computing to derive value from devices and users’ data without infringing on their privacy.
“We approached the Google Cloud team about our security needs, and they went beyond the call of duty, sharing the prototype Confidential Computing solution. And together, we made it work. It’s this teamwork where we co-develop the relationship and find solutions together that makes working with Google Cloud so satisfying.” Raullen Chai, IoTeX Cofounder of IoTeX.
IoTeX Casino fees vary depending on the exchange you decide to use. The gas fee on IOTX tokens is too low compared to established cryptocurrencies like Bitcoin and Ethereum. Depositing in IoTeX Casinos is free, but withdrawals attract some small transaction fees. Binance, Crypto.com, CoinEx, and BitGet have some of the lowest transaction IOTX fees. Some crypto exchanges like Coinbase only accept transactions of ERC20-IOTX from Ethereum. You are advised not to send native IOTX to Coinbase directly since it will result in a loss of funds.
IOTX tokens can be converted to the internal currency in specific crypto casinos, like the BCD for BC.Game. You’ll, however, have to convert your internal currency to IoTeX coins to withdraw the funds earned in your IoTeX gaming experience.
As a player, you can enjoy IOTX-supported games seamlessly at any time. However, you are advised to check and confirm if the game you want to play accepts IoTeX cryptocurrency. Otherwise, you’ll have to convert your crypto to the accepted cryptocurrency before proceeding.
Crypto slots are some of the best and easy-to-play IOTX Casino games. They present you with a thrilling gaming experience. You can utilize crypto casino bonuses by pressing the ‘Spin’ buttons on IoTeX-supported casinos and hope the odds favor you.
Crypto casinos like BC.Game have crypto roulette as one of their most popular games. There are variations of the game, and to win IOTX Casino roulette games, you must pick the right bracket where the ball falls.
Poker is a challenging but popular game in IOTX Casinos. You must be better against competitors and understand crypto poker rules to win.
Crypto blackjack requires a moderate skill set to succeed. You must understand the rules while playing IoTeX Casino blackjack games – a higher score than the dealer without exceeding 21.
Crash is one of the most exciting games offered in crypto casinos. As a player, you don’t have to bet on given outcomes with a crypto crash game. However, you must decide when to cash out as the multiplier grows. Failure to cash out before the crash leads to you losing the bet.
Playing dice on IOTX Casinos isn’t the same as playing real-world dice. In crypto dice, players randomly pick numbers and guess whether the outcome will be lower or higher than the chosen number.
BC.Game has one of the best IOTX Casino bonuses you can find online. You can earn up to 1 BTC for free by playing this crypto casino’s daily wheel spin bonus. BC.Game also supports three first-deposit bonus options varying between 80-180% depending on how you deposit. BC.Game also supports 2nd, 3rd, and 4th deposit bonuses, with unique wagering requirements discussed in our BC.Game review.
As a player, you can now create and monetize your IoTeX-supported NFT collection while concurrently mining and enhancing your future. Whether you aim to visit the most notable places in your city or compete with friends in collecting rare NFTs, IoTeX Casinos are the place to go. DApps like IoTeX’s Pebble GO let you control and use your data based on your values. Pebble GO uses proof-of-presence technology to let you do what you like most without surrendering your data to a third party. NFTs look like they’ll be a unique component in the future of IoTeX crypto.
Many factors come into play when selecting an IoTeX casino. One crucial aspect is the minimum and maximum deposit amounts. These limits can vary across crypto casinos and may differ depending on the specific crypto token used.
The range of crypto casino bonus offers also matters. Carefully review the terms and conditions of each bonus (including the bonus wagering requirement), which can vary in various casinos. Ensure you’re familiar and comfortable with the bonus terms and conditions so you can easily pick bonuses that meet your standards. Besides, check out the varieties of the games.
A broader selection of games indicates a more comprehensive and enjoyable IoTeX gaming experience. The selection allows you to explore different games till you land on one that suits you.
At Gamblineers, we assess casinos based on various metrics, including player engagement, minimal complaints, prompt resolution of issues, fairness and effectiveness of conflict resolutions, regular and speedy payouts, overall quality of services, and a diverse range of games and promotions. You can read more about how we rate and rank casinos on our front page.
Utilizing an internal scoring system that encompasses these factors, we rank casinos accordingly. In this particular case, BC.Game stands out as the sole IoTeX-supporting casino and has received high rankings in our previous reviews. You can verify this by referring to some of the listings we have posted in the past.
IoTeX gaming casinos, like other crypto casinos, prioritize safety and security, encompassing protection against external hackers and ensuring the fairness of their games. It is advisable to read online reviews thoroughly to assess the safety of an online casino. By gathering information from multiple reviews, you can gain a comprehensive understanding of the safety measures implemented by a crypto casino. The information gathered will likely disclose if the casino has been involved in any scandals or issues.
Based on our assessment of BC.Game, we have determined it to be a reputable casino for several reasons. The casino holds a valid gaming license issued by Curacao, indicating its compliance with regulatory standards. On top of that, BC.Game boasts an extensive collection of in-house games that are provably fair, guaranteeing transparency and fairness. Notably, its operations are conducted on the blockchain, renowned for its robust security measures and transparency.
Besides its impact on the global blockchain infrastructure, the IoTeX network has some flaws. Here are some of its advantages and disadvantages:
Pros
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IoTeX is a Layer-1 blockchain providing a platform for interaction between man and machines called Internet-of-Things (IoT).
Burn-Drop is an innovative tokenomics design that oversaw the burn-dropping of 1 billion IOTX (10% of total supply) and onboarding the first 1 million IoTeX-powered devices. 90% of the 1 billion IOTX was burned, and 10% ‘dropped’ for distribution to voters who auto-staked for 91 days or more.
Real-life applications of IoTeX include the development of tech devices like Ucam and Pebble Tracker.
Apr 10, 2024
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