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CryptoPunt Announces World’s First Effort at Truly Decentralized Gambling

4 mins
Updated by Shilpa Lama
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The concept of gambling has undergone multiple iterations over the years. What started out as an illegal practice is now considered legal physical and online entertainment in numerous regions.

The role of cryptocurrencies in this segment cannot be underestimated, as decentralized gambling is the next step in the evolution to a truly fair ecosystem.

Crypto gambling is on the rise

Over the past few years, there have been numerous initiatives to combine the best of online gambling and cryptocurrencies. Digital assets provide pseudonymity, improve accessibility, and are widely accepted among casino and gambling providers. It is a payment method that protects both users and providers alike, operating outside the control of banks and governments. 

Whereas the initial push was focused on centralized platforms accepting cryptocurrency payments, that is no longer the case today. Decentralization is the new norm, although it is not always straightforward to achieve. Decentralized gambling applications have gained some momentum over the years, although they mainly cater to existing cryptocurrency enthusiasts. That approach is successful, but it will do very little to convince the mainstream of this option.

That is a bit strange, as crypto gambling also introduces the concept of provable fairness. Allowing all users to verify the outcome of a wager independently creates an unprecedented sense of empowerment. Removing the need to rely on the service provider to confirm whether an outcome is both fair and crucial. The gambling industry has always had a transparency issue, but that can be resolved by innovative projects such as CryptoPunt.

The potential of CryptoPunt

As a platform focusing on gambling and gaming, CryptoPunt goes well beyond traditional crypto casinos. It will support initial games such as Blackjack, Jackpot, and CoinFlip, whilst continuously adding many more entertaining options whose outcomes are always recorded on-chain, staying true to the crypto ethos of decentralization. All bets are recorded on the Polygon Matic ecosystem, a layer-two solution for the Ethereum blockchain. 

Onboarding new users is essential in the decentralized gambling industry. Making this process as straightforward as possible is crucial, and CryptoPunt checks the right boxes. It requires no traditional registration but rather a connection through a Web3 wallet like MetaMask or Coinbase Wallet, forgoing manual deposits/withdrawals, KYC procedures, and other cumbersome aspects. On that count, this solution is far more approachable than most other gambling options on the market today.

Another crucial benefit of dealing with cryptocurrencies is how it leads to faster deposits and withdrawals. For CryptoPunt users, those transactions are instant. The platform is not responsible for the payments, as it maintains a non-custodial solution. User winnings appear directly in one’s wallet, speeding up the transactions and enhancing the control users can experience.

All of this sounds good on paper, but it wouldn’t be worth much without a convenient user experience. CryptoPunt offers a sleek gaming interface to minimize navigational delays and increase the overall gaming enjoyment. The interface looks very intuitive in its current beta version, yet more touch-ups will be introduced prior to the full release.

The PUN token’s purpose

As is courtesy in the cryptocurrency industry, new platforms will usually have a native token. For CryptoPunt, that token is $PUN, rewarding affiliate marketers with a revenue share from referrals. It also grants access to exclusive promotions and better platform rates. In the future, PUN will be useful for accessing prizes and plenty of other incentives. 

On the referral front, markets earn 0.1% of every bet made by referrals. That offer applies to games against house only. Additionally, there is a reduced house edge for PUN holders, allowing for bigger profits to be pocketed when winning. Community members will be able to increase their holdings through various community-oriented campaigns running on Telegram, social media, and so forth. There is also an in-game chat where holders must hold $PUN to deter scammers approaching them in-chat.

Given the backing by renowned VCs, including VYSYN Ventures, DutchCryptoInvestors, CryptoMarvels, ChinaPolk, BMW Capital, and others, there is a lot of attention on CryptoPunt and its PUN token, with the launch leading up to be a success. Unlike other tokens, $PUN supports both the ERC-20 and BEP-20 token standards, an industry first. With trading to go live on PancakeSwap and Uniswap, there will be broad access to the token and overall liquidity, whilst also allowing inter-chain bridging.

Closing thoughts

It is evident there are numerous ways to decentralize the gambling industry further. Rather than just focusing on the decentralized aspect of the games, CryptoPunt goes one step further by creating a sleek and massively entertaining experience, fit for the current state of the online gambling market. Its non-custodial solution for deposits and withdrawals creates a direct line of communication between players and CryptoPunt, whereas its modular features and focus on user-friendliness can make a big difference when catering to millions of players globally.

Provably fair gambling and gaming will become more commonplace over the coming years. Users need the ability to verify the outcome of wagers without relying on the service provider to share details that may or may not be accurate. The dual-pronged approach through gambling and gaming is a breath of fresh air in the decentralized gambling world, as the model caters to the needs of millions of people rather than just cryptocurrency enthusiasts.

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