Why should you care?

Online casinos like Rollbit managed to acquire a large user base encompassing not only crypto-native players but also individuals from outside the crypto ecosystem. By delivering unique gambling products they solidified a prominent position in the market and consistently generated substantial revenue even during bear markets. Keeping the transaction records offchain allow users holding crypto could to swiftly deposit funds and start playing without wallet frictions and unnecessary quirks of onchain protocols that are a huge entry barrier for most people. These platforms are highly user-friendly as they don't require an understanding of sophisticated blockchain mechanics. However, their centralized approach creates a massive problem due to the lack of transparency and leaves place for manipulation. Keeping money on custodial wallets creates a lot of attack vectors that were exploited in the past by bad actors and resulted in substantial losses for the platforms and users.

In recent years, numerous attempts have been made to address these issues by bringing the gambling industry onchain. There are several decentralized protocols on the market that have shown us that transparent and fair casinos are possible, however to this day they all share the same huge drawback, they are simply unusable for 99% of the people. The revealed preference is that although people seem to care about trustless solutions, when they have to sacrifice the user experience and usability, they won’t do that. CoChilli stands out in the crypto betting landscape by pioneering truly decentralized trading mechanisms without sacrificing the UX keeping it indistinguishable from the CEX trading or playing in a centralized casino thanks to the implementation of the Virtual Engine, making decentralized gambling a viable and appealing option for a broader audience.

Last updated