What does that mean?
Ethereum Gambling you say…’on-chain’?
Well, vDice is a website running a UI/UX for Dapps. This betting Dapp lives on the Ethereum network. It is decentralized. There is no server.
The Ethereum blockchain is the server! The gambling code lives on the Ethereum network.
Most betting games, even for cryptocurrencies, are centralized.
You send your money to the owners of the game. You trust them to hold it, like an exchange.
You play. Then, when you want to withdraw, you try to withdraw.
You hope the people who run the game are honest! If so, you get your withdrawal. If not, too bad. 🙁
Once you send them your Ether, you are trusting them.
Ethereum gambling on blockchain has no accounts, no server and no trust. You are sending your Ether to a contract on the blockchain.
The bet is processed, by the Ethereum blockchain, automatically. A win is returned to your playing address.
No one controls the game. The gambling code is public. It belongs to the network.
Your playing funds stay in your wallet, the whole time.
You don’t even really need the site or anything, if you think about it. You just need to know the contract address!
Ethereum is a really cool technology. vDice is a really cool interpretation of and web-interface for really cool Dapps. It allows for this kind of trustless gambling.
I mean really, what’s the point of doing gambling with Ether if it’s not a Dapp. Then it’s just like every other site. Right?