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Published Wednesday, March 21st, 2018 in

Nano (NANO) Gambling Sites

Nano – formerly known as Raiblocks – is a new approach to peer-to-peer electronic cash that launched in December 2017 with some audacious goals. Its usefulness as a gambling currency could be enormous for players and casinos alike as the Nano team claim that their technology can be scaled infinitely with zero transaction fees. Compare this to the likes of Bitcoin or Ethereum, where casino deposits take minutes and fees can be in excess of $1 and you have a very interesting proposition. This page will build a list of all the available casinos which accept Nano deposits and withdrawals and this list can be seen below.

Nano is not currently supported at any online casinos

Nano Explained

Nano is not like other cryptocurrencies in that it uses what is called a “block lattice” as opposed to a blockchain. Rather than a chain of blocks, the block lattice is a tangle of blocks (note: it is not the same as a “Tangle” which has been pioneered by IOTA and Byteball) where each wallet is its own self-contained blockchain. Wallets create blocks for each transaction and these blocks are added to and recorded on the ledger. This lattice structure is key to the benefits of Nano as the blocks created do not need to be verified by a miner or staker. Instead the sender’s wallet carries out a small proof of work for each transaction it creates. The difficulty of this proof of work is a minute fraction of what is required for Bitcoin, so much so that even a basic smartphone is able to carry out this work in seconds. The purpose of this proof of work is to remove fees from the network and increase speed whilst retaining important security aspects required by any cryptocurrency (even this small proof of work is enough to deter spam attacks).

Nano’s goal is to bring peer-to-peer electronic cash to the masses. Fast transactions with no fees make for an extremely sound value proposition and one which would sit very well with online gamblers. Unfortunately, there are a handful of negative aspects to Nano’s use as a gambling currency:

  1. Untested at scale
  2. Despite Nano’s audacious goals, the cryptocurrency has yet to be tested at a large scale. While the concept sounds promising, at this stage it is very much theory with both the mobile and desktop wallets still in beta. If Nano is capable of delivering what it has set out to do, then the value to online casinos could be enormous, but that may be a big “if”.

  3. Lacking privacy
  4. Nano is a public blockchain and as such all of its transactions and wallet balances are transparent. Whilst there is no personally identifiable information associated with each wallet or transaction, it can be possible to reveal a user’s ID with a little bit of detective work. This introduces a major problem for casino-goers who wish to have their spending habits anonymous. For now, Nano does not have any privacy features in development and users who are privacy-focused should consider Monero gambling sites instead.

  5. No smart contracts
  6. One of the most promising areas of cryptocurrency gambling is in the use of smart contracts. With a smart contract, casinos can be forced to play fairly and payout their users instantly upon winning with no possibility of fraud or foul play. These smart contract casinos are forming the foundation of a number of provably fair Ethereum casinos and their potential to disrupt the industry as a whole is huge. Nano does not support smart contracts and instead players will have to trust Nano casinos to operate in good faith.

Nano promises to offer a huge amount of value to gamblers looking to bet with cryptocurrency. It is inevitable that we will see the first few Nano casinos join the market this year, and this page will be updated when that happens. For now, there are plenty of Bitcoin gambling sites and other cryptocurrency casinos for players to choose from. Pick one and have fun!

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