Since the emergence of the Bitcoin blockchain in 2009, there have been many other blockchains in the crypto world, like the VeChainThor. The VeChain coin runs on this blockchain to support flawless gaming in VeChain Casinos. If you’re wondering what this new token we’re talking about is, hang on – you’ll love it! We’ll discuss it in detail, how it works, supported casinos, and its benefits, among other things.
VeChain is a smart contract blockchain founded in 2015 by Sunny Lu, former CIO at Louis Vuitton China, initially designed to support supply chain management and business processes. It aimed to streamline complicated supply chain procedures and information flow using distributed ledger technology (DLT).
VeChain has two tokens, VeChain Token (VET) and VeChain Thor Energy (VTHO). The former is used for value transfer on the VeChain network, like depositing in crypto casinos, while VTHO acts as gas in smart contract transactions.
Initially running on the decentralized Ethereum blockchain, VeChain transitioned to its own blockchain, VeChainThor, in 2018. It was designed to employ the proof-of-authority (PoA) consensus mechanism, which is deemed to have faster transaction speeds and higher throughput than the proof-of-work (PoW) mechanism.
However, the PoA mechanism lacks the open, permissionless, decentralized, and pseudonymous nature of popular blockchains like Bitcoin and Ethereum. The introduction of this mechanism disadvantaged the VET token since it’s controlled by a central authority known as the VeChain Foundation.
Compared to PoW, VeChain’s PoA consensus mechanism has a limited number of validators preselected by the foundation.
Its operations are centralized, just like in big corporations or governments. Because of this, the VeChainThor blockchain is not free from censorship and blacklisting, unlike other decentralized blockchains.
There’s constant and transparent code development on VET’s Github, which is open to developers for scrutiny. VeChain also partners with reputable security companies like Hosho, Secureware, SlowMist, and HackenProof to identify and prevent cyber threats.
VeChainThor enhances platform security by using a combination of Radio Frequency Identification (RFID) and blockchain to track and manage the movement of goods to reduce the risk of fraud and counterfeit products. This security measure also ensures that goods are tracked from origin to destination. Users of the VET token also have complete control of their funds since a central authority decides who has access to the blockchain.
VeChainThor has implemented several unique features to make its blockchain more sustainable and secure. The Connex API Standard proposed unifying communication between a client application and a running VeChainThor blockchain node. The unification aimed to ensure third-party developers fully leverage the many security features implemented by VeChain.
Compared to the Bitcoin and Ethereum blockchains, VeChain only stores encrypted hashes on its blockchain. Most of their data is stored by authorized nodes on high-end, decentralized servers, not on the VeChainThor blockchain. This storage mechanism makes it light and efficient in transaction processing.
VeChain Casino fees vary depending on the exchange you decide to use. You shouldn’t expect it to be close to the Ethereum gas fee. For example, Binance charges 20 VET for all transactions on the VeChain network and 3.3 VET on the BNB Smart Chain, while an exchange like Bitvavo charges only 0.2 VET. Besides, sending VET between crypto wallets is free since users pay in VTHO, that’s generated for free by holding VET tokens.
You can convert VET coins into internal currency within specific VeChain Casinos. When withdrawing, the internal currency is switched to VET coins, the standard practice in some VET Casinos during VeChain gaming.
You can enjoy all the games available in these casinos that support VET, just like you would with other coins. However, it’s important to note that certain games may have restrictions on the accepted coins. In most VET-supported casinos, you can expect a wide selection of games designed explicitly for VET users. Select a casino that suits your preferences, deposit your VET coins, and try your luck with the best available odds.
Some of the most popular and easy-to-play games in VET Casinos are crypto slots. They offer players high excitement levels, which is what VeChain Casinos offer. You can participate in specific VET bonuses by pressing the ‘Spin’ button and hope the odds favor them.
Most gambling sites also have crypto roulette as one of the simple but popular games. There are usually different permutations of the game in online casinos, and to win on VET Casino roulette games, players must pick the right bracket where the ball falls.
Poker is a challenging but popular game in VET 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 VeChain Casino blackjack games – a higher score than the dealer without exceeding 21.
Crash is an exciting game offered by crypto casinos. Players don’t have to bet on given outcomes with crypto crash game. However, they must decide when to cash out as the multiplier grows. Failure to cash out before the crash leads to players losing the bets.
Playing dice on VET 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 number they chose.
BC.Game has one of the best VET 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 casino review.
VeChain introduced NFTs toward the end of 2018 and offers a user and developer-friendly NFT environment. VeKings, ExoWorlds, and Mad V-Appes are some of the most popular among the over 65 VeChain NFTs. The VIP-181 Standard outlines a set of rules that must be followed by all NFTs on the VeChainThor network in the transfer of tokens and acts as the standardized interface for a smart contract. The standards also allow approval of NFTs to be spent by other third parties on the VeChain blockchain.
Creatives can use the VeChain blockchain to build their platforms and ideas without complexities. By building NFTs on VeChain, developers are assured of lower gas fees, speedy transactions, top-notch security, and a stable protocol. Besides, NFT creators have access to many VeChain-based NFT marketplaces and can easily expand their talent.
VeChain gaming casinos, similar to other crypto casinos, prioritize safety and security, encompassing protection against external hackers and ensuring the fairness of their games.
To assess the safety of an online casino, it is advisable to read online reviews thoroughly.
By gathering information from multiple reviews, you can gain a comprehensive understanding of the safety measures implemented by a crypto casino. This will likely be disclosed online 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.
Like any other token, VeChain has encountered advantages and disadvantages in its journey to adoption by crypto casinos.
VeChain Sync is VeChain’s official desktop wallet.
No, Coinbase doesn’t support VeChain. You can exchange your VET tokens on Binance, KuCoin, and Bitfinex exchanges.
Sunny Lu, former CIO of Louis Vuitton China, owns the VET crypto.
All bonus types are supported on VET Casinos. You will find numerous variations of all the popular bonus types offered in major online casinos. They include deposit bonuses up to the 4th deposit, and a no-deposit bonus, like the free wheel spin bonus on BC.Game.
They work just like conventional casinos. You deposit funds and place bets on the different games. The only difference is that you will deposit VET coins instead of other crypto tokens.
Yes, it is. VET casino gambling does not require any extra transactions compared to other casino gambling. In countries where gambling is permitted, you can be assured that you are not violating any laws gambling with VET.
VET’s robust architecture ensures it is safe and secure for placing bets in crypto casinos. The network’s unique architecture ensures it is not vulnerable to attacks or hacks. Holding VET assets is secure, and there is no risk of losing them to hackers.
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