Ethereum Based Casino Platforms
Cryptocurrencies for years were a domain for only a select (geeks and nerds) few in society. However, after users noticed that they could use them to hold anonymous transactions, they suddenly become the craze. Bitcoin led the crypto world into instant fame, and today it’s still the most recognized cryptocurrency globally, and it has made people around the globe take a keen eye into other cryptos.
The gambling sector is one domain that has embraced cryptocurrencies, and with every passing day, they (crypto coins) continue gaining more traction in the online gambling niche. Many award-winning platforms such as Casino Fair online slots alongside more established gambling platforms are investing in technology that will see them incorporating cryptocurrencies.
Moreover, newer gambling platforms that are purely crypto-based are being introduced into the fray almost every day and are gaining traction.
Bitcoin remains as the most popular and trusted cryptocurrency when gambling online; however, other cryptos are raising in popularity such as Ethereum. Both these currencies come with their equal share of pros and cons, and below, we find out which outweighs the other.
Crypto Gambling Acceptance
Bitcoin takes the mantle home with this one. Being the first ever produced cryptocurrency and the one that jumped into the limelight first, it remains as the most widely accepted coin. Its stature in society makes it the most commonly used crypto-coin in casinos.
Fortunately/unfortunately, its popularity has started to wane since its network is congested continuously, thus making depositing and withdrawing a frustrating task. Before the entire world rushed to trade through Bitcoin, the platform facilitated fast transactions, charged almost zero fees on transactions. But due to the congestion, it’s now associated with; more cryptocurrencies are gaining popularity as punters seek for other alternative and expeditious ventures.
Enter Ethereum Gambling Platforms
In as much as Bitcoin still rides on its popularity wave, Ethereum comes in as the second most recognized and used cryptocurrency. It runs on the blockchain platform and comes with a plethora of features as well. A prominent feature is its dependency on smart contracts that oversee and facilitate transactions on the cryptocurrency domain. The coin is gaining traction in the online gambling world thanks to the advantages it fronts both developers and gamers. Ethereum based casino transactions are processed faster than those found on Bitcoin.
The transnational fees are also lower than the ones charged by Bitcoin-based casino platforms. Speed and cheap costs are the two factors that attract gamblers to various platforms. Gamblers that know the two crypto-coin based platforms are leaning more towards Ethereum to profit from both aspects.
Bitcoin still reigns as the cryptocurrencies king, as it’s accepted widely and developers are taking this advantage to reap by charging higher fees despite the decreased speeds. If this platform fails to change and give Ethereum gambling competition, the latter will in future become more popular and might knock out Bitcoin from the throne it now occupies.
EOS And TRON Lead The Way In Decentralized Gambling Apps
Ethereum’s introduction to the cryptocurrency world disrupted developers focus on Bitcoin, and they shifted focus to blockchain technology. The sudden change bred the ongoing wars we are witnessing as developers rush to create blockchain based crypto-coins. Gaming Platforms are pouring money, experts, and expending their energies to attracting dApp developers who they urge to be part of their development platforms to propel their companies into the future.
In as much as Ethereum propagated the disruption, it’s not the only contender today as other blockchain coins such as NEO, EOS, Cardano, and TRON are seeking to rope in developers who will help them propel their platforms into stardom. Moreover; each cryptocurrency above has its vision of how the blockchain tech platform should run. The community based around these platforms is now gauging how successful each is using the number of dApps they produce and how favorite their apps are with the masses.
The dApps Gambling Era
A lot of dApps dedicated to gambling are being developed and published almost daily. These apps are created to not only to attract but remain relevant to punters. TRON and EON platforms mastered the art of developing creative dApps that are becoming popular by the day. Blockchain-Casino-Games.com has been reviewing the new generation of dApps and attests that their popularity is having players ditch Ethereum based dApps for TRON and EOS dApps.
dApps activity and usage is prominently in the Ethereum, TRON, and EOS platforms, however, with the ever-changing gaming platform, gamers seem to favour TRON and EOS dApps more thanks to their attractive offers that ETH looks not interested in providing. In January 2019, only 2% of Ethereum transaction volume was driven by gambling dApps. EOS platform had a staggering 70% of its transaction volume coming from dApps. However, TRON took the cup home by having a whopping 95% of its transaction volume come from its dApps platform.
Coming back to Ethereum, only two out of its 25 popular dApps are gambling related. Half of the 25 apps are gaming apps, while a quarter is dedicated to trading and converting tokens and coins, while the remaining two apps act as auction houses for ERC-20 tokens.
TRON And EOS Leading The Way
TRON and EOS dApps are either labelled gambling or high risk apps. Out of TRON’s 25 popular dApps, only 7 are labelled as high risk and don’t relate to gambling. Two of the seven apps are gaming apps, and the remaining five are conversion and token exchange related. Moreover; punters are requested to carry-out individual research on high risk apps and come to informed conclusions before trying them out.
17 out of EOS 25 dApps are gambling related. Two of these apps act as conversion/exchange applications, and only one is categorized as high-risk. 28% of EOS dApps are dedicated to other purposes, while the remaining 72% of these apps are high-risk or gambling related.
The gambling aspect in the crypto domain is ruffling feathers within the industry and regulators. The Ethereum casino platform for starters uses PoW that attaches fees to transactions that are later used to avert spam transactions and for rewarding users. EOS casino platform makes use of the DPoS to arrive at a consensus, thus eliminating transaction fees. The platform is attracting dApps developers by the droves since they can use it without paying any fees to create apps and attract more players who will also not be charged any transnational fees.