This month of October 2019 saw another Gambling application hacked, as it was so far reported that around 6000 EOS tokens (Currently worth approximately C$30,000) were stolen from the decentralised gambling application known as SKR. This is the latest hit, in what was once touted as being the most robust block-chain based decentralised application platform. We say the latest, as last month saw around C$130,000 worth of tokens stolen from the EOSPlay gaming application. EOS is a cryptocurrency based on block-chain technology, which you may be familiar with, due to the rise and slight decline of Bitcoin and their representation in the mainstream media, since their inception in 2009.
While, it is unknown whether the two instances are linked, it certainly puts into question the legitimacy of block-chain being the most secure payment networks available within the online world. While Dan Larimar the CTO of Block, which is EOSPlay’s parent company, was reported as saying these incidents are contained instances that do not affect the entire network, EOS tokens do seem to have taken a sharp decline in their net worth over this period.
Cryptocurrencies and the block-chain technology they are built on have become the latest trend for online casinos, due to the secure and digitally anonymous capabilities that this newfound technology has enabled when it comes to transactions made online. So much in fact that several casinos and banking applications have adopted various cryptocurrencies as supported and valid currencies, while some online casinos how outright set themselves up with the premise of being cryptocurrency exclusive sites. Even some casino game developers have enabled the functionality of wagering directly via the use of cryptocurrencies, the most notable being Bitcoin, which still reigns supreme amongst the multitude of various cryptocurrencies currently available. Even larger casino game providers, such as Betsoft, have developed partnerships with block-chain focused online casinos, as recent developments show that they have teamed up with PlayRoyal casino in order to support the rising trend of cryptocurrency casinos.
EOS is just one of many block-chain based cryptocurrencies. With similarities to other cryptocurrencies such as Bitcoins and Litecoins. The platform is essentially a digital bookkeeping method that stores transactional data in virtual ‘blocks’ of information that are held together by a linking method, where the ‘chain’ term comes into play. These blocks store various pieces of information such as the currency amount, date and time of any given transaction on the network. The security and anonymity lies with the fact that none of the information stored are directly personal or identifiable pieces of information and any transactions with an organisation are associated with a digital signature, much like an account username works, as opposed to your personal real world information. Every individual transaction is stored in a new block that has its own unique identifier. In essence, this means that whether you make a single transaction on a variety of products or services; or make several singular transactions, every instance of payment comes under a new block with a new digital signature that does not directly link back to you.
This payment method has therefore seen a rise in the online gambling industry, as many users wish have placed a higher value on their online anonymity across the web, due to the fact that there are no interferences with banking institutions and other third parties who may try to exploit your online transaction history.