Gold Poker – A Cryptocurrency Token Revolutionizing The Online Poker Industry
The global digital transformation and internet revolution over the last decade has resulted in a huge community of online poker enthusiasts. Over the last few years, the online poker industry has matured enough and conducts several professional tournaments getting global players on the same dais.
However, the online poker industry remains subjected to the notoriety of dwindling regulations and constant scrutiny from government agencies. This has kept many poker enthusiasts away from being part of the global poker community.
Thanks to the advent of cryptocurrencies and digital assets which has provided a ray of hope. The growing acceptance of the cryptocurrencies has again opened the floodgates of player-participation in the online poker market.
There are some interesting crypto-projects like Gold Poker that has developed poker tokens curated in a way to meet the specific needs and requirements of the poker industry. However, before proceeding towards understanding the features of the Gold Poker tokens in detail, let us look into how digital currencies overcome certain concerns of regulation and security.
Benefits of Using Cryptocurrencies in Online Poker
Regulations: Being completely decentralized in the nature of its functioning, cryptocurrencies help to overcome several regulatory hurdles in the midway. Under the whimsical regulatory approach in different countries, cryptocurrencies help to circumvent those restrictions and increase global participation.
Cheaper Transactions Costs: Use of cryptocurrencies makes it absolutely easy to withdraw funds instantly against other traditional methods like credit cards etc. Under traditional methods, players have to bear the brunt of additional network costs. Cryptocurrencies reduce them to be absolutely negligible. Reduce transaction costs help casinos to incentivize players and further increase participation.
Additionally, cryptocurrencies facilitate almost instant withdrawals against traditional methods which take anywhere around 48-72 hours.
Anonymity: In face of uncertain regulations, cryptocurrencies helps players to maintain an anonymous identity. This way they can prevent themselves from getting into the eyes of regulatory authorities or the taxmen. Additionally, cryptocurrencies also help to overcome the huge of taxes every time you cash out your winnings.
Security: This is one of the most important benefits of using digital currencies. Data security is one of the most essential requirements when you are in the online poker industry. Most of the online poker platforms have got huge data stored on their centralized servers. This includes player data and history, important banking information, credit card details, and other information.
Centralized servers are more vulnerable to attacks from external threats and hackers. Moreover, giving your entire information to a single platform can also make it vulnerable to internal frauds. Cryptocurrencies eliminate all the data storage requirement by providing poker platforms with only public keys. However, players need to take care about the security of their online crypto wallets.
Gold Poker – A Perfect Blend of Cryptocurrencies And Online Poker
Gold Poker is an interesting project that strives towards getting crypto assets to the online poker industry and subsequently bridge the gap between the two. As described in the official whitepaper, “Gold Poker is a developing blockchain codebase encompassed to maximize your privacy allowing you to send or receive your assets privately and securely.”
Gold Poker is a completely decentralized open source and anonymous peer-to-peer digital assets that focus on instant private transactions with minimal transaction fees. This privacy-focused cryptocurrency works on the Proof-of-Stake (PoS) consensus algorithm.
The ultimate goal of the Gold Poker project is to create a robust and sustainable decentralized infrastructure with instant full-time private transactions. The project team aims at providing security to your personal wealth while securing all the currency and future transactions privately. The Gold Poker team believes that this will help to influence higher player participation leading to a scalable growth of the online poker industry.
The cryptocurrency is listed on different exchanges using the GPRK token symbol. The Gold Poker cryptocurrency is developed using a Proof-of-Stake (PoS) consensus protocol. The cryptocurrency is based on the PIVX standards and thus incorporates core technologies like master nodes, instant and private transactions. These features help GPKR tokens stand-out over other digital assets.
Gold Poker Uses Proof-of-Stake
Gold Poker makes use of the Proof-of-Stake consensus protocol. As the name suggests, PoS nodes run wallet software to prove the stake of coins in the blockchain and thus validate transactions on the network. Each participating nodes receives the number of blocks proportional to their stake, in the form of reward.
Thus a higher number of participating nodes ensure higher security of the network. Unlike the Proof-of-Work (PoW) which requires high-end mining hardware and a huge amount of electricity, PoS is more cost-effective, user and environment-friendly.
Gold Poker coin is based on Quark hashing algorithm with a block time of just 33 seconds. The PoS reward for the digital assets is 0.3 GPKR tokens per block. A unique feature of this cryptocurrency is that each GPKR block in multiples of 3 is considered as superblock receives 3 extra coins per block.
Gold Poker Uses Masternodes
Masternodes are the backbone of the Gold Poker network and very crucial to the process of staking. Increase in the number of masternodes makes the community stronger thereby increasing the privacy.
As described in the whitepaper “GPKR maximum supply is 33.333.333 coins, and for running a masternode partners should lock 33.333 GPKR coins. Block time is 33 seconds. Users receive 2618 blocks per day, 250 blocks out of 2618 are superblocks. This means that in total we can have only 1000 Gold Poker masternodes.”
Gold Poker Future Plans and Roadmap
The immediate plans of the Gold Poker team involve pushing its marketing agenda. It has been a month they are already listed on Coinexchange.
As a part of further expansion plans, Gold Poker will be forming important partnerships with online gaming platforms and casinos. The team also plans to launch its indigenous Gold Poker Room by the Q4 of 2019.
Subsequently, the team will also push its listing plans on popular exchanges like Bittrex, Kucoin, and Binance, during next year.