EOS Blockchain has been up and running less than 4 Months, yet the platform has attracted a host of betting and gaming dApps (decentralized applications) and most noticeably BET.DICE. Which is just a simple dice roller where the player picks a number from 1 to 100 and digitally rolls a 100-sided dice. If the number they choose between 2-96 is lower than the number they have rolled, they win. The payout odds are is determined proportionally to the number they choose.

Within the last 24 hours, at the time of writing of me writing this BET.DICE has turned over 8.7 Million EOS($47 Million USD or 23 Million weekly volume($126 Million USD) according to DappRadar. Since my article last week the DICE volume has more than double along with the price it trading 0.001481(0.008 Cents within 24 hours of this article. I will breakdown what these number actually means further down in this article. https://trybe.one/bet-dice-overview-and-a-cool-15-roi-for-all-dice-holders/

BET.DICE goes one step further by decentralizing an entire Online Casino. Anyone can “invest” by buying the DICE tokens or MINE it. Owing DICE tokens is essentially like owing a piece of the DICE dApp with 50% profit to be shared distributed to the DICE whom have staked their tokens.

Why the Betting industry should be scared of Blockchain disruption?

The online gambling industry was estimated to be worth $52 billion in 2018 according to Statistica and this is projected to keep growing at 10% annually to by 2020. This has attracted a host of cryptocurrency and blockchain startups such as BET.DICE, EOS.BET to this space with the aim of disrupting it the tradition.

By the look at what BET.DICE is doing there is a likely chance they shall succeed. Traditional and Online Casinos are all about the trust between players and the house, and that trust is very often abused, ie the game being rigged, the books kept behind the scene away from public scrutiny and often legal. With today’s players whom often will try and shortlist only option reputable online gaming platforms carefully and then simply trust it even if they know it’s probably not actually trustworthy.

However with distributed ledger technologies like blockchain this will offer a permanent solution to this seemingly unsolvable problem by allowing for transparent, decentralized and trustless systems.

Transparent: Players can see the complete smart contract behind each game. This allows them to fully audit and verify that the house edge is mathematically exactly as advertised and that the game is completely “provable fair.” In the case of BET.DICE, for example, anyone can see that the dice is randomly chosen as it uses cryptographically secure pseudorandom number generator.

Decentralized: No authority or individual can control the system, and it cannot be rigged from the inside or the outside. In the case of BET.DICE, it’s simply a dApp running off the EOS blockchain. No one, not even the creators, can tamper with it.

Trustless: The Blockchain transparency and decentralized elements of distributed ledger technology can bring the concept of “100% trustworthiness” to online casinos and other spaces. If something is 100% guaranteed trustworthy, then you’re not actually trusting it anymore. It’s simply a proven fact, hence the word “trustless.”

With the above advantages, it’s easy to understand why Blockchain will help evolve and provide the more reputable providers in the gambling industry an alternative solution and this also provides a nightmare for the unscrupulous ones. Especially in an area as heavily-regulated as the gambling industry, it’s very easy to see how transparent decentralized systems could become a mandatory industry standard.

So who will be the DISRUPTOR

There are a lot of dApps currently in the market for EOS, ETH, BTC and other ALT coins. However with BET.DICE has all the necessary ingredient to push Blockchain technology to the the next level and which I belive they are currently doing. What other gaming dApps can put their hands up and say they have over 8 million in DAILY transaction volume on a Blockchain. They have changed the status quo and now testing the EOS network performance to the extreme, this will also benefit EOS to improve by finding innovative solutions to ensure these volumes are sustainable for DICE and the entire EOS dApp ecosystem. CPU in the EOS CPU network spiked over the last 48 hours of me writing this article which not only affected DICE but the entire EOS network due to the sheer adoption of playing on DICE.

The dApp is only 3 weeks old and DICE has the genuine potential to become the industry standards to revolutionise and take Blockchain gaming to a whole new level.

BET.DICE UPDATES

BET.DICE milestone last week was to released 88k EOS and around 290 Million DICE as dividend for the community who held DICE tokens. The team started the first step, which enabled DICE tokens holders to stake their tokens 3 days prior to the first payout, at first many players were reluctantly with a  portion of the community reluctant to do so in the first couple of days. However by the final day and the run up to the dividend payout this number had surged to 88% and those who had staked their tokens before the deadline received their DIVIDENDS at around at 23.00 UTC on the 14th October 2018 without any major problems and the whole operation ran as smooth as a baby’s bottom.

Some token holders speculated that DICE tokens will plummet after dividends had been paid out to the community and that a large portion shall unstake to sell their DICE to flood the market to put pressure on the price to plummet. However this actually had the reverse impact, since the dividend payout was so good at around 13.5% that most had restaked their dividends of DICE and rebought their EOS dividends. The price of DICE on the exchange nearly doubled from 0.00035 to 0.00056

The volume was also predicted to fall as people were simply mining for the dividend payout. The volume dipped down to 800k from the millions days prior but this has made a 10X the daily volume within days.

A few reasons this has happened:

  • Compound Interest on the Hourly Dividends per 10k DICE at the current volume is around 0.0138 EOS which is phenomenal ROI and passive income and 0.04 of DICE tokens. Any future tokens added will also be applied to the hourly dividends.  Imagine BLACK, IQ, KARMA etc that will be introduced.
  • Mining of DICE tokens will halve every 5%, so the dApp started at 1:100, 1:50, 1:25(currently) and by the next day or so this will be halved again to 1:12.5 which means it will take you a lot more EOS in order to get those DICE.
  • Market liquidity currently 92% of all DICE token holder have staked their coins earning the dividends. Which reduces the availability of DICE in the market place which in turns drives demands from other investors into the dApp.
  • New Games, 1 new game will be launched Thursday of this week and another over the course of next week. This will drive more gamers into the dApps.  According to their whitepaper 1-2 games will be added
  • The rapid releases of features and promotions from the DICE team is phenomenal, adding new promotions every few days to keep players interest and ensuring playing time high. The response from community request and the teams ability to refresh the UI’s to incorporate new features stats, rankings and payout percentages is rolled very quickly.
  • Community Engagement and listening, responding and learning from all everyone in their telegram group.

In my opinion the DICE dApp is a not only learning from other dApps before them in market place, they are now setting new a bench mark of what a successful dApp should really look like. IMO I believe they are now are well ahead of the competition and DICE has so much potentials.

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Responses

  1. Ian Jeffreys @DNAian

    Hi Tony, excellent post on BetDice and why it is ahead of the competition! BetDice dApp is really testing the EOSIO blockchain capability. Despite the CPU issues we saw today, the BetDice dApp is really poised to be a leader in the online gambling industry. The best part of this dApp is the DICE token and dividend payout. The BetDice team is active on telegram and I am amazed at how fast they implement new features. They seem to know what they are doing and many of their features i.e. lucky draw (basically an EOS faucet) has been copied by others. I have always thought the gambling industry is perfect for blockchain and with the EOSIO blockchain and it’s super fast transactions will certainly sway any new Gaming developer to use EOSIO over other blockchains. For those who don’t gamble, we all know that you can’t beat the casino because in the long run you will loose (the best advice i can give). The only way to beat the casino is to be the casino. BUT, now with the DICE dividends you are part of the Casino and as long as people play (human nature says they will) you are sure to win. These are still early days and it will be interesting to see how BetDice dApp evolves. Cheers!
    ian

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  2. Thomas Weber

    Hi Tony, great summary ! Yesterday i bought first time on newdex some dice. As Ian mentioned , being the casino is the right game. The only thing i am concerned about is this: is there a gamling licence necessary? It is a grey area right now. Any thoughts? Greets tomtom

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    1. Tony Lee Post author

      @tomtom I’m not sure on that front since the dapp are geared more to the Crypto community. The Mass adoption will require legal and compliance. There are plenty of offshore sovereign places such as Malta(Binance HQ now), BV Island, Guernsey and Gibraltar where they can register for these gaming licenses. This is what most of the traditional online gaming industry currently does and from a Crypto side should not be too difficult to obtain. DICE is probably what i describe as still in startup BETA mode and to hit those number is a dream start.

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    1. Tony Lee Post author

      Hi @xdebugx SEVEN may have tried to launch prematurely the time they have spent trying to fix 1 game. DICE has produced 2 and about to launch their 3rd game. I have no opinion on SEVEN but hope it does well and look forward to seeing it in action.

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  3. blackpanther

    Good article, I’m enjoying my hourly dividends in EOS and my Dice value has 10x already. There’s no other Dapp that’s giving more back to it’s investors. Imagine this is just the beginning for the EOS ecosystem.

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  4. Ilia

    Thank you for the article is very informative! I sold chips, DICE, expecting depreciation, was I wrong! True I sold at the maximum price and did not suffer losses. But also to pay off on falling of a course I couldn’t. Thanks Tony !

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  5. Siddartha

    Seriously Betdice has outpassed all current Dapps when it comes to innovations, ease and satisfaction. So many new coins are being added now. So many features rolling out after a regular interval. Certainly Betdice is a model example of how blockchain Dapps or projects should be run.

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  6. Dukefish

    Great article, betdice is really becoming the standard, with the recent additions since you published with baccarat and new tokens listed it is really growing fast. I enjoyed your review, I wonder if you are going to do a follow up for the month of Nov, id love to see it if so.

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