Several years ago, the online gambling industry began to feel the pressure of a new technology – blockchain. As a result, it was ripe for disruption. This was especially true in the area of poker, which is a game with complex gameplay that is difficult to regulate or monitor. In this context, the use of a decentralized system could be a great opportunity to improve trust and transparency, while also eliminating centralized middlemen. Read this Pocket Aces Club blog to learn more about this topic. One of the main problems that a decentralized Poker platform needs to address is how to keep some information private while still allowing multiple players to agree on the outcome of a hand. This is a problem that has been extensively studied in the academic literature and is known as “Mental Poker.” There are several ways to overcome this issue, including by using cryptographic proofs or other similar technologies to verify and enforce the outcome of a hand. However, the solution is not without its risks. Moreover, this method can be prone to abuse and fraud. Another approach is to rely on a centralized authority, which would be in charge of determining whether or not a particular hand was rigged. This strategy would be a little easier to defend against potential hackers and is often favored by the gaming industry. A recent development in the field of multichain poker is Virtue Poker, a Malta-based platform that uses its own tokens, called VPPs, and Etherium. The platform was able to secure a license from the Malta Gaming Authority and plans to launch on Etherium’s BSC chain in May 2021. According to Ryan Gittleson, the CEO of Virtue Poker, this is a significant milestone for the company. He claims that this will enable the platform to reach out to a completely new audience of crypto-enthusiast poker players and bring them on board as users of the application. As a part of this process, the team worked closely with regulators to achieve their goals and obtain a license to operate in the country. This was a crucial step towards bringing the technology to mainstream adoption and delivering its promises of fair playing and transparency. The Malta Gaming Authority granted the license after nearly two years of consultation with the Virtue Poker team and other stakeholders. The license is a key step in the company’s mission to bring blockchain-based betting to the mainstream globally and deliver the promise of transparency and fair play. In addition to gaining the Malta license, Virtue Poker has also recently secured a spot on the Binance Smart Chain, becoming the first licensed multichain Pocket Aces platform to launch on this network. With the launch of the platform on the Binance Smart Chain, Virtue Poker will become the first blockchain-based poker app to be able to offer its services to a wider range of players and make them more accessible to a new generation of gamers. Virtue Poker, which has been incubated by Consensys, has a mission to “deliver the best, safest, and most fun online poker experience on the market” by combining P2P networking with the verifiable nature of the blockchain. The company is backed by Consensys and stakeholder Phil Ivey, and aims to bring blockchain-based poker to the world in a sustainable way. Please view this site: https://www.britannica.com/topic/poker-card-game for further details on the topic.
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