7 Excellent Benefits of Mr. O Casino’s Support of ERC-20
For a few years, a new day was dawning for the iGaming community. That day has arrived. As new technologies like ERC-20 keep driving industries forward, merchants and service providers are being pressed to “stay up with the times.”
Mr. O Casino is an iGaming operator in the international market. Like so many other new iGaming operators, they have decided to embrace cryptocurrencies as a primary banking option. By doing so, they now find themselves having to deal with the technological intricacies of crypto technology.
The following information will be directed at the seven (7) ways Mr. O Casino can benefit from ERC-20, a token initiative linked to the Ethereum blockchain.
About Mr. O Casino
Established in 2023, Mr. O Casino operates under the ownership of Geolen Tech Ltd. Notably, the operator is not currently licensed by a viable regulatory agency anywhere in the world. That’s not necessarily bad, but it does warrant caution on the part of new potential customers.
The operator’s gaming portfolio is small by today’s standard at around 200 slots and table games combined. Spin Logic Gaming seems to be the primary software developer, with support from several smaller software developers within the industry.
While Mr. O Casino offers fiat-based banking options like credit cards, they tend to operate largely as a crypto casino, preferring to accept deposits and withdrawals via popular cryptocurrencies like Bitcoin, Bitcoin Cash, Litecoin, Binance, and Ethereum. Note: The games are geared towards crypto play.
What is ERC-20
Ethereum’s presence within the iGaming community has grown over the past five (5) years. That matters for online casinos like Mr. O Casino because each cryptocurrency comes with its proprietary blockchain and set of protocols.
Ethereum’s protocols have evolved because of the development of fungible assets over the past few years. These protocols fall within a new network referred to as ERC-20.
ERC-20 is a technical standard of protocols for establishing fungible assets on the Ethereum blockchain. These rules have been set forth to ensure purveyors of fungible assets can properly navigate Ethereum’s complicated ecosystem. Essentially, these rules dictate how assets will be transferred back and forth and recorded on the Ethereum blockchain while using ERC-20 tokens.
7 Ways Mr. O Casino Benefits from ERC-20
ERC-20 was found to have implications beyond the trading of fungible assets. These protocols also apply in the crypto-casino stratosphere, where deposits, withdrawals, and iGaming results get recorded into perpetuity.
For Mr. O Casino, there are ways they can benefit from these ERC-20 rules as they allow customers to interact with Ethereum tokens. Let’s look at seven (7) excellent benefits they can derive.
1. Token Value Standardization
Under ERC-20, each token is identical to every other token in terms of type and value. This works well for an online casino operator like Mr. O Casino because each Ethereum token in the operator’s platform will have a clearly stated standard value. This makes it very easy to integrate tokens into different wallets, exchanges, and other decentralized apps.
2. Liquidity
When online casinos deal with multiple fiat and cryptocurrency options, things can get complicated. Because of Ethereum’s ERC-20 rules, dealing with the crypto provider’s coins is very easy. That’s because ERC-20 tokens are easy to buy and sell, making it easy for online casino operators to convert ERC-20 tokens into other digital or fiat currencies. That helps a great deal when trying to track deposit and withdrawal transactions.
3. Functionality afforded by smart contracts
ERC-20 tokens are transacted in “smart contracts.” These smart contracts help with maintaining transaction transparency, the automation of deposits and withdrawals, the enforcement of game rules for each casino game, and the final distribution of tokens. This functionality decreases costs for the online casino operator while raising the confidence of players who experience fair and consistent results.
4. Flexibility and Utility
A great added feature connected to ERC-20 tokens is they can easily be customized. This works well for casino operators that can brand the tokens. Also, the tokens offer enough utility that they can be easily connected to bonus promotions and VIP programs or used to grant access to exclusive casino games.
5. Increased transaction speed and lower transaction costs
During non-peak hours, Ethereum transactions will process very quickly. That benefits online casinos looking for fast gaming results and the ability to process banking transactions quickly and efficiently. As for fees, Ethereum transaction fees are very low in comparison to other cryptos and fiat currency banking options. Casinos benefit from the need for fewer employees to address issues, and players always appreciate speed and saving money.
6. Ease of Intergration
Using standardized coding, it’s very easy for casino software developers to integrate ERC-20 tokens into almost any online casino format. This results in software developers being emboldened enough to start creating gaming features that would only work with the assistance of blockchain technology.
7. Enhanced Security
This list would not be complete without mentioning the high-security level afforded through blockchain technology. While players will get the transparency they crave from their game playing activities, they will also benefit from the anonymity afforded by the Ethereum blockchain. It’s a win-win on both sides of the ledger.
Summary
We have finally reached the point where the future has become the present. The technical standard Ethereum’s ERC-20 initiative has set will surely be duplicated by other crypto developers very shortly. This bolds well for an international iGaming community looking to improve the iGaming experience for casino players all over the world. With sites like Mr. O Casino willing to embrace the idea of crypto casinos, players can expect the following from operators: more transparency, faster transactions and gaming results, and added confidence that they are being treated fairly when their hard-earned cash is on the line.