Crypto Casino EOSBet, One of the Most Popular EOS dApps, Receives Online Gaming License

Siamak Masnavi
  • 2 Dec 2018
  • /
  • In #EOS

EOSBet, one of the most popular EOS dApps (by daily number of users and 24-hour volume), has become the world's "first licensed on-chain blockchain casino."

On Friday (30 November 2018), EOSBet announced that it had "secured an official certification from one of the world’s oldest and reputable online gambling regulator, Curaçao eGaming," which has a Master Gambling License from the island nation's Ministry of Justice; this means that Curaçao eGaming "has exclusive powers that allow It so sub-license other gambling platforms.."

The Curacao gaming license allows EOSBet to "operate all forms of interactive gambling," and makes the company "the first of its kind to receive a license" and "benefit from the trustworthiness instilled in it thanks to the recognition of a respected gambling authority."

According to DappRadar, as of press time, in the past 24-hour period, EOSBet had 3,522 users, and a volume of 332,954 EOS (approximately, $972,225). Furthermore, EOSBet says that since it went live in late August, "users have made almost 10 million bets, with a total of over 70 million EOS wagered." 

By comparison, the most popular dApp on Ethereum, decentralized exchange IDEX, for the same 24-hour period, had 813 users, and a volume of 2,152.96 ETH (approximately, $251,901).

Crypto casino EOSBet is "an on-chain gambling dApp,in which "players can wager their EOS tokens on either a dice throwing game or a uniquely designed baccarat game."

EOSBet Baccarat Screenshot.png

EOSBet says here's how it uses smart contracts on the EOS blockchain to offer "provably fair betting":

  • "Every bet you place with us is secured by our novel randomness generation technique. You may submit your own seed, or leave it blank. Your bet will receive a unique ID in a smart contract, which will be signed by our server with a predetermined secret key."
  • "This signature will be passed back to the smart contract before being verified that the correct secret signing key was used. The contract will then derive a deterministic random number from the signature, which will be used to resolve your bet."

Finally, this crypto casino wants to be known as the first "community-driven online casino;" holders of its native utility token, BET, "receive instant dividends in EOS, collected from 100% of the profits made on EOSBet." The payouts "are calculated and distributed based on the number of BET a token holder owns." As of 26 October 2018, reportedly, EOSBet had paid out $1 million in dividends (roughly two months after it started its operations).

Images Courtesy of EOSBet

Diar: Over $300 Million Now Staked on Cosmos, Only A Week After Launch

There are several new proof-of-stake (PoS)-based cryptocurrency platforms that are expected to launch this year, Diar Newsletter has noted.

Blockchain interoperability platform, Cosmos, which also uses PoS as its consensus mechanism, saw its mainnet go live recently. According to Diar’s estimates, “over 80% of the validator slots picked up with the network” and there’s now more than $300 million that has been staked on Cosmos’ blockchain platform.

More Than $430 Million Staked On Dash's Network

Notably, the total staked amount on the Cosmos network already places it in third position - with only Dash (DASH) and EOS having higher staked amounts. Currently, there are over $431 million staked on Dash’s mainnet while EOS, the world’s largest delegated proof-of-stake (DPoS)-based network, has over $1.8 billion currently staked on its platform, Diar’s data reveals.

The leading crypto newsletter service further notes that Cosmos’ initial coin offering (ICO), which was completed in 2017, managed to raise around $16 million. Last week, Cosmos released the first version of its software on its mainnet and already 40% of the platform’s native token, Atoms, have “been bonded to 82 of the 100 possible validators,” Diar’s post noted.

Cosmos' Stakeholders To Decide Whether To Activate Intercommunication Blockchain Protocol

As explained in Diar’s blog, the number of validators on Cosmos’ platform may “reach a maximum of 300” during a 10-year period, however the blockchain network’s management could also decide to increase the number of block producers within this timeframe. In the next phase of Cosmos’ ongoing development, its network stakeholders are expected to vote on how Atom-based transactions are to be conducted.

Additionally, Cosmos’ network participants are planning to reach consensus regarding whether to launch the platform’s Intercommunication Blockchain Protocol (IBC). This protocol has been created to facilitate communication between multiple different blockchain networks by first connecting to the Cosmos Hub.

More Than 70 Projects Now Using Proof-of-Stake 

In addition to Cosmos’ PoS-based network, there are more than 70 other blockchain-based projects that are presently using some form of PoS-based consensus to manage their respective networks. In total, Diar has estimated that there’s nearly $4 billion being staked by all PoS networks.

Some notable PoS networks expected to launch later this year include Charles Hoskinson’s highly anticipated Cardano (ADA) platform, IOST (based on “proof of believability,” a variation of PoS), Nebulas (a PoS-based network that will reportedly not require hard forks for management), Aion (a platform that can help separate and independent blockchains connect with each other), and Rchain (a network that aims to manage content at the scale of Facebook in a decentralized manner), and Phantasma (a “next-generation messaging protocol”).