EOS is Born
The EOS.IO network went Live after 15% of 906,245,118 EOS tokens were staked to initiate voting for 21 Block Producer Candidates. Daniel Larimer’s new blockchain or “developers playground” was live and ready to be digitally transformed by blockchain projects. Many blockchain projects have swarmed to Dan Larimer’s creation. Not just original EOS based projects, but other projects built on different blockchains such as Ethereum, NEO and TRON. Migration has been primarily due to the scalability and opportunity that the architecture provides for them.
It is exciting to see other projects uprooted from their original intended blockchains to grow on EOS. So why are they moving? There’s several factors that play a part in that answer. The words “Scalability”, “Third Generation Blockchain”, based on the “DPOS Algorithm” and “Feeless Transactions” are a few reasons that push EOS forward and keep the EOS.IO Blockchain engine running and enticing blockchain developers. Dan has been quoted as saying.
“I built two killer apps (steemit and bitshares) and have a laundry list of apps to create which is why I am building EOS, to support my future apps”.
The aforementioned has been a work in progress for some time now. His previous projects; Bitshares and Steemit are what have given us the EOS of today. Without these previous blockchain projects being tested, brought to life and the support of the Bitshares & Steemit communities, EOS would not have been possible.
In the initial release of EOS, the majority of projects were in roadmap mode or had a basic template of what they were setting out to achieve. Around 9 weeks after EOS launched, many projects were released and grabbed the communities attention at an alarming rate. The Gambling Dapp on EOS was born!
A simple concept built onto a structured blockchain with instantaneous results had captivated users all around the world. With easy access to account login provided via Scatter, the access to Dapps was immediate and the user base grew profoundly. With users gaining traction, so were the TPS (Transaction Per Second).
Gambling Dapps have been around before EOS went live, however, the Scalability that EOS provided (i.e. instant transactions, 500ms drop times), made these Dapps more attractive to users. Pay to play with instant wins, just like being at a real Casino.
EOSBet, TrustDice, and DICE are Gambling Dapps on EOS. They aim to offer fun transparent and provably fair casino based environments. The original Gambling Dapp on EOS was Dice. Users have a slider that they could operate. Sliding left would decrease your odds but offer more payout, sliding right would increase your chances of winning but offer a lower payout.
Scalability has been a major hurdle for blockchains and EOS is able consistently delivers on high transaction speeds.
EOS users only have to wait 500 ms or so depending on how much CPU is staked on the users account. In comparison, Ethereum takes minutes, not including congestion from popular Dapps such as Crypto Kitties, equating to longer confirmation times. This was definitely a turn off for users who wished to gamble using crypto. Ethereum delivers in smart contracts but it’s scalability issues have been a pressing problem.
DPOS Put to the Test
EOS being DPOS (Delegated Proof Of Stake), Gambling Dapps started to offer staked payouts or dividends to users who staked their native, i.e, DICE tokens. Having a good quantity of the Gambling Dapp tokens staked, users were allowed to participate in Passive Income for themselves. based off the Gambling actions of others. Many Gambling Dapps offer different varied payouts and you can view those at Dividend Payouts
Looking at EOSBet we see how much success it’s had. Assessing it’s highest day in volume, EOSBet cycled through 2.38 Million EOS at US$5.01 per EOS on the 20th September, 2018. The total value held at that time was US$11,923,800 for that day alone. Take note that the price of EOS was at its lowest for September 20th, based on CMC EOS Chart. (is the verified?)
Pedal to the Metal
Blockchain Gambling Dapps have brought a new, fresh crisp user experience to online Gambling, and users can be rewarded individually. This is a model that will not just shake up, but change the landscape of Gambling online as a whole. Memberships and bonuses are one thing for centralized casinos and Gambling pools. However, due to EOS as a 3rd Generation Blockchain that has transparency at it’s helm and delivers dividends to its users brings forward a new generation of online businesses. As expected from a new technology, this can be accessed from the comfort of your home or on the go.
Based on calculations via Dappradar’s date of Dapp listings, Gambling Dapp growth is on average of 0.72 released per day on the EOS Network, nearly a Gambling Dapp a day. Other Dapps such as DICE have experienced an incredible run of success. DICE’s biggest day was in December 8th 2018. A record of 21.32 Million EOS was hurled through their Dapp with users no more than 2.97K.
EOS was available for US $1.72 each. Calculating the 21.32 Million EOS and the price of EOS at $1.72 on December 8th, 2018. The total amount in US dollars for that single day, by one EOS Gambling Dapp equates to:
21,320,000 * 1.72 = US$36,670,400
Real Life Gambling Comparisons
Even though for DICE it was a ATH (All Time High), it’s also clearly demonstrated the power of EOS. Of the $US36.6M of Revenue, lets make some comparisons against real world gambling and statistics. Provided by the Center for Gaming Research Universities Libraries. DICE has delivered in one day the same Revenue that it takes for the State of New Jersey to deliver in terms of Sports Betting over a 2 month period. This comparison also includes online and mobile play. If we add Delaware’s 2 month’s of Revenue to New Jersey’s it’s still under DICE’s $US36.6M.
Our last comparison is based on Nevada’s Annual Sports Betting. Nevada the Gambling Capital for America, receives US$300Million in Annual Revenue for Sports Betting, inclusive of online and mobile play. DICE’s Revenue on December 8th 2018, equates to exactly 12.19% of Nevada’s $US300,674,000 yearly Sports Betting Revenue.
There’s a growing range of gambling models that are accessible to all holders of an EOS account. It’s not surprising how successful these Dapps have become. Excelled growth partnered with a reliable blockchain that carries instant transactions is a formula for success. Dan Larimer’s DPOS has proved itself and leads other blockchains in many areas. These are still early days for EOS but what has been achieved already shows the great potential of the DPOS algorithm on the EOS.IO network.
By Richie Munro
GenerEOS is a social enterprise block producing candidate with a mission of promoting and supporting scalable and highly reliable block production whilst giving back block rewards to Social Causes.
Based out of Sydney, Australia, GenerEOS is founded by a team of like-minded blockchain enthusiasts with diverse backgrounds and a passion to make a difference in the world and fostering the spirit of generosity by giving back.
Please remember to vote for ‘aus1genereos’ so we can keep working hard to add value to the EOS community.