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Blockchain and cryptocurrency startups often struggle to establish a legitimate grounding for their operations, which is due to governments and regulators approaching the nascent sector with an overly cautious attitude.
However, this new technological frontier has become an extremely hot topic with such entities in 2018, having demonstrated the broad scope of applications that blockchain can churn out, the industry has slowly begun to prove that cryptocurrencies and related activities aren’t as dangerous to the world had previously thought.
What may be one of the most contentious areas for lawmakers and regulators is gambling; it’s a heavily regulated sector that requires startups to make leaps and bounds to be approved and legitimized within their jurisdictions and for good reason. With so many scam sites that utilize either traditional fiat currency or cryptocurrency, being backed by an official regulator is something the industry should be boastful about.
Cryptocurrency gambling sites, casinos and the like have proven a favorable application of blockchain technology; centralized platforms are often distrusted due to a lack of transparency and odds sitting in favor of the house, they are also often slow to distribute winnings and withdrawals whilst offering little incentive for players to return.
One startup that is reversing the trend is a crypto-casino named EOSBet; built on what is touted as a next-generation blockchain, the EOS network, this decentralized application has found legitimacy with a world-class e-gaming regulator. EOSBet recently announced that it has received official accreditation from Curaçao eGaming, a world-renowned online gambling regulator based in the Caribbean. The regulator is in possession of a Master Gambling License, acquired from the states Ministry of Justice, allowing for it to sub-license other gambling platforms.
On EOSBet, players can wager EOS tokens on a classic dice throwing game and a unique baccarat game; the platform prides itself on providing fairness to players, utilizing smart contracts on the EOS blockchain in tandem with a “novel randomness generation technique” to ensure that bets submitted are unique and cannot be tampered with.
The platform has experienced volumes of over $5 million USD which according to statistics gathered by dappradar and trackers, making EOSBet one of the highest rated Dapp on the EOS network, which is no easy feat. The platform has separated itself from the rest by being easy to use, having instant transaction times, close to zero latency and zero fees.
Positive for Players
EOSBet has set itself as the first ‘community-driven online Casino’ through its native utility token BET. Holders of this token receive instant EOS dividends, which are gathered from 100% of the profits made on EOSBet. Payouts are logically calculated and distributed based on the number of BET tokens a player holds. To put this ‘community’ focus into perspective, EOSBet has already paid out $1 million USD in dividends within two months of the platform going live.
Over this period, players have placed almost 10 million bets with over 70 million EOS wagered, indicating that the platform has found solid footing amongst the e-gaming community. There is also a rather generous refer-a-friend scheme allowing for users to gain 0.5% of their referrals bets, and those who were referred to receive a 0.5% bonus on their winnings.
EOSBet is also soon to add a new game to its listing and finalize the website overhaul what had been recently announced. For further updates and to witness EOSBet in action, head to the official EOSBet website here.