Decentralization brings many advantages to the gambling industry, such as transparency, fairness, security, and trust. This is why online casinos have started basing their platforms on blockchain. One of the most popular blockchain platforms is EOS.IO. Here, Slotegrator provides a basic review of EOS and its use in gambling.
What is EOS.IO blockchain?
EOS.IO is a blockchain protocol that was introduced in 2017 by the private company block.one and released in 2018. It is powered by the native cryptocurrency EOS and known as one of the world’s leading blockchain networks.
EOS.IO users can take advantage of its smart contracts to create various decentralized applications for a variety of industries, including marketplaces, social media, healthcare, government, finance, supply chains, and gambling.
The main aim of EOS.IO blockchain is to solve scalability issues and eliminate all transaction fees for its users. Apart from that, some of the network’s advantages are:
- scalability and fast transactions;
- a sustainable and energy-efficient consensus mechanism;
The main native token of the platform is EOS. It is a utility token based on the ERC-20 Ethereum protocol. Therefore, it is supported by wallets and exchanges that support ERC-20 tokens. As of July 2019, the cost of EOS is $5.93, and the market cap is almost $5.5 billion.
Use in Gambling
As EOS.IO blockchain provides smart contracts and enables decentralized applications to be builtbased on its technology, it has become popular in the gambling industry, where both of those features are highly valuable.
Around 70 percent of overall traffic on EOS is the result of cryptocurrency betting, and most top DApps hosted on EOS relate to the gambling industry. It is estimated that around 68 percent of EOS-based DApps are gambling platforms.
One popular EOS-based online casino is EOSBet.io, which operates under the laws of Curacao. It offers dice, baccarat, and other casino games, and allows players to earn dividends.
Some of the most popular gambling DApps based on EOS.IO blockchain are:
- Dice - a very popular social gaming platform that allows users to earn DICE tokens and get dividends;
- SKR EOS - especially popular among lottery players in Korea and Taiwan;
- Poker EOS - a trusted blockchain-based platform;
- GP Casino - which offers baccarat, slots, roulette, and dice.
EOS.IO is one of the most widely used blockchain networks for online casinos. It provides an opportunity for gambling DApp development, guarantees high security, and allows gamblers to earn dividends.