DApps that pay is a series of articles that explores blockchain-enabled applications that pay dividends to their token holders. Contrary to the claims of mass media, blockchain-enabled projects can certainly have sustainable cash flow.
At the start of this month, EOSBet celebrated a rare milestone among decentralized applications: It received over 10,500 active users in a 24-hour period.
It’s often said in gaming that the house always wins; EOSBet offers a unique gaming platform, one where the player is the house as platform revenue is returned to the community.
Another note that sets aside EOSBet is that it is provably fair. While all betting platforms on the blockchain tout this factor, EOSBet is the only one offering an open-source dice game. Thus, the smart contracts being utilizing by the platform are open to scrutiny by anyone. This has led EOSBet to quickly become one of the most used decentralized applications. In fact, it often has more users in a 24-hour period than the top 50 Ethereum DApps combined.
The popularity of EOSBet has cemented its position as a genuine blockchain-enabled business. Its team is constantly improving the UI, adding new games, and marketing its development to acquire new users on a daily basis. The success of the development is clear from its dividends, which have averaged around 3,000 EOS/day in the past 7 days.
Everything is for the Community
Unlike a typical enterprise, EOSBet does not feed profit to any central company; instead, 100% of dividends are distributed to the community members that hold BET tokens. Thus, players, ergo token holders, receive the platform’s revenue and become the de facto house.
The tokens can be acquired either by trading (OTC at the moment) or playing the different games that are available on EOSBet. For every 20 EOS that is wagered, a BET token is airdropped to the player.
Thus, BET tokens are essentially available for free to EOSBet players. There are currently 2 games on EOSBet: Dice and Crash. A third game, Baccarat, will be released soon.
Crash, one of the most popular games in the industry, has a straight-forward mechanism.
Each round, a player can wager an amount of EOS and a counter starts at 1x. Each tick, the multiplier increases and this multiplier becomes the player’s payout at the respective tick. The player can stop the growth of multiplier and claim the payout by clicking “cashout.” The player receives the amount of EOS wagered times the final multiplier; additionally, a BET token is airdropped to the player for every 20 EOS that had been wagered. These BET tokens allows players to earn dividends every day.
The more a player waits before cashing out, the higher the his/her multiplier will be. However, the player must cash out before the crash. Every tick of the game has a chance of crashing, and if the player does not cash out before the crash, he/she loses the wagered amount.
EOSBet’s Crash game is controlled by smart contracts and is therefore free of tampering; the tick that crashes is 100% randomized. Incredibly large multipliers, as shown on the right, have been cashed out. The tamper-free environment ensures players can wager without concerns of corruption.
The Dice game is a classic among blockchain-enabled betting platforms. However, EOSBet stands out in 2 ways: the smart contracts are open-source and the platform’s revenue is returned back to players that hold on to their BET tokens.
Additionally the house edge is only 1.5%; this can eb further reduced as a player can refer himself from a different EOS account and claim 0.5% of the house edge, rendering the effective house edge to just 1%, which is below not only edges of competing industry giants but also below edges of competing blockchain-enabled developments.
To play the Dice Game, a player must wager an amount of EOS and bet that the resulting, random dice roll will score below a certain amount. If the dice roll turns out to be less than the player’s bet, he/she wins an amount of EOS times a multiplier that is proportional to the amount of risk taken. If the dice roll is higher than the number that had been bet, the players loses the wager.
Irrespective of whether a player wins or loses, BET tokens will be airdropped to him/her for every 20 EOS that had been wagered. These BET tokens will earn dividends from the platform forever.
BET tokens have a finite supply (88 million). About half of the supply is already in circulation; thus, the ability to earn free BET tokens from any play is available for a limited time. Even once the entire token supply enters circulation, BET holders will continue to earn daily dividends.
To date, over 518,000 EOS have been paid out in dividends. This amounts to almost $1.5 million dollars, and as the game continues to grow its user base and portfolio of games, the amount allocated in dividends will continue to grow even though there’s only a finite amount of BET tokens.
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