Yesterday I posted an article about my EOS Casino Dapp dividends, and naturally people are interested in it. For some reason I was a little surprised when people started asking HOW you do it. Then I realised I’m an EOS geek who’s been in this space since the doors opened. So, in this article I am going to hold your hand from not being into crypto AT ALL, to staking your EOS in gambling dapps and earning dividends. Please be aware that cryptocurrencies are volatile and EOS casinos are high risk at this point. This is NOT investing advice, just a tutorial on how to get started. If you all ready have an EOS account and is familiar with how things work, and is only interested in interacting with the dapps, please jump to chapter 4.
To be able to participate on the EOS blockchain, you need EOS tokens. And to get EOS tokens you need to get into crypto. There are several ways to do this, but the most practical way is to buy Bitcoin or Litecoin on an exchange like Coinbase with your fiat money. Then you transfer for example Litecoin to an exchange that supports EOS, like Binance and then buy EOS. Make sure you send for example your Litecoin to the corresponding Litecoin address on Binance. You cannot send Litecoin from Coinbase to a Bitcoin address on Binance.
Once you have your EOS on the exchange, it is time to move the EOS into your own custody. If you don’t hold your own private key, you don’t hold your crypto.
Create EOS account
You can use several tools to create an account. An account is the same as your private public key. Except on EOS you have an account name as well as an address.
Account name = Hastobetwelve letters
Public address = EOS54sddjED839r3 etc.. this is PUBLIC and therefore not dangerous to share.
Private Owners key = This is the most important key, and the purpose of this is to be able to change the active key in case someone should get a hold of your active key.
Private Active key = This is the key you use to make transactions with and log into Scatter with (we’ll get back to Scatter later). This is a PRIVATE key, so never give it away to anyone unless you trust them. Scatter and the wallets like Simpleos and Eos-voter are basically the only ones you should trust with your active key as for now. If there is unknown activity on your account, like someone unstaking your tokens, you have a 3 day window to use your private OWNER key to change the active key, restake your tokens and then the hacker is in the dark. This is unlikely to happen, but it could. The wallets support an alarm you can turn on that alerts you per email if someone tampers with your account.
To create an account I suggest you use Eos Account Creator
- Chose an account name
- Provide public keys
In order to provide public keys, you NEED public keys. The easiest and safest way is to just download Scatter once and for all, because this is the tool you will use for all your interactions with the blockchain. Once you have downloaded the desktop version (there is a Chrome extension but that is no longer being updated, so it’s not as secure) you are going to get a bit overwhelmed. I remember this part..
- Press vault
- Write in name and press create new (call the name something then owner)
- Select EOSIO
Make sure you copy paste this key somewhere safe, like an USB with with a password on it. But wait until you are done with setting everything up.
Now, click back until you are in the main vault and then press your account. You will see this. That is your EOSIO PUBLIC key, as well as keys for ETH and TRON, as Scatter is compatible with them as well.
Now you have created ONE set of keys. But you need two, so do this process one more time. Thats why we called this account Owner. The next one will be the Active account. When you are done with that you have two sets of keys. And two sets of public addresses. We are now ready to go back to creating our EOS account. As you understand by now, it is very important to have an understanding of the correct words. Account, Address and Wallet are three different things.
Insert the Public addresses into EOS account creator
Now you are asked to chose payment option. Chose cryptocurrency
It will show you instructions on how to do it. But it is really simple. Just send the minimum required amount of EOS (or more) to the account they tell you to (accountcreat) please double check that and the amount. And now you own your own account name! Now you have an account-name with two public addresses and private keys.
Setting Up Wallet
Now the hard part is done, and you should download a wallet. A wallet is just an interface for you to interact with the blockchain with. You can delete your wallet, you can use multiple wallets at the same time. The only thing that is important is to not lose or give away your private owners key (and private active key, except to Scatter and the Wallets that you chose to trust) A wallet is ONLY a way to interact. My preferred wallet is EOS-Voter by Greymass. Scroll down on the Github page until you see this. Other wallets are Simpleos, EosLynx and Meetone.
Once you have download, open the wallet and go to tools – manage wallet
Then Import Accounts
Then paste in your private active key and you are good to go. One more important thing though. Staking. You may have heard about it before, and I realise it might sound weird to beginners. But if you remember the old Ethereum blockchain where you had to pay gas for each transaction as a fee, and when the network had high traffic and eventually got congested fees went up high if you wanted the transaction to go through at a normal phase. You could still pay a low fee, but you’d have to wait a long time. On EOS, things work a little differently. Instead of paying fees and letting the network take care of the resources, you yourself have control over it on EOS, or at least over your own resources. So, we have RAM, CPU and NET. Neither Ram nor Net is very important at this time, but it is adviced to have some of it. CPU however is the resource that will get depleted if you make a lot of transactions. However, it has a cool off period, so you never really spend any CPU, it is more correct to say that you LEND it to yourself. So once you have transferred your 10 or 100 or 1000 EOS to your new account, make sure you put everything you don’t need into CPU. In order to have fun 24/7 with dapps right now I’d say you need 1000 EOS staked in CPU. 500 will get you a long way, 50-100 is doable if you trade, play some simple game or just claim dividends every day. If you got less than that you have three options right now.
- Rent from Chintai
- Buy ZKS on Newdex (log in to ZKS with your Scatter and fill up your account with CPU for 3 hours. It works best if you have two accounts, and you use one to fill up the other)
- Wait for the upcoming REX (resource exchange) to solve all the worlds problems..or at least hopefully the CPU issue
If for some reason my tutorial is lacking something regarding the account creation and Scatter setup, there are tons of videos on Youtube. You should look at several sources of info anyway and take your time. If you take the entire day and dive into this you will have done a lot of important ground work in understanding how EOS works.
Interacting With EOS Dapps
Finally here. Now this is where EOS is different from other blockchains..well..meaning that it is actually functional. You can use it! It’s true. You don’t believe me? Gambling dapps or Casino Dapps is the hottest thing right now. And if you think about it, it makes sense. We have to start thinking “where does blockchain have utility, and if it has to start with something, where will that be?” A lot of people including myself talked about gaming. Sure. Ownership of digital assets is an amazing idea and it will change A LOT. But casinos! Hey..people forget to mention that one. Huge utility. So what is the process here?
- Buying the token on an exchange
- Staking/collecting dividends
- Freaking out on Telegram daily
Number 4 is avoided if you don’t invest more than you can comfortably lose, but personally I like to invest a little bit more than I enjoy losing. What is the fun of not taking some risk (not investing advice)
First of all we have to break down the different gambling sites and how they work.
The most popular one and by far the largest. Are you late to the party on this one? Probably if you are investing 10 EOS. If you are investing 1000-10K EOS you might get back 2,5 EOS per 1000 EOS invested per day. For me the daily ROI has been 1,95% weekly last week. Betdice has 24h support and are always helpful.
There are two ways of getting a hold of the token. Mining it through betting or buying it on Newdex.
As you can see you get 3,124 DICE per 1 EOS wagered at 96% probability of winning. So you can go on for 10-20, maybe 30 bets without losing. I’ve been trying both methods and to be honest the best way is to buy at an exchange. Usually I end up spending a little bit more dicing than buying. Of course, in the beginning we were getting I’m not sure, but I believe it was 100 DICE per bet and 2000 DICE for just logging in the first time. I remember I just threw away 100K Dice on bets back then. How foolish. So as you can see I have 0 Dice on this account. If I had 10 or 1 million I could press payoutpool in the header menu and then chose stake
Press stake and you are now staking. Different Casinos use different contracts. Dice locks up your tokens for 24h, but the contract makes it possible for you to see your tokens in your account using block explorers (use Eosflare.io bloks.io or eospark.com) Block explorers don’t interact with the blockchain, but you can view every action that has ever happened, yours or everyone elses for that matter.
In order to claim your dividends go to my balance and press claim, and thats it. Different casinos use different methods. Some let you claim whenever you want, some has hourly, daily and weekly. Most operate with 24h unstaking, which means you have to press unstake and wait for 24h before you can access your funds
Endless(ET) is another OG platform that has proven themselves to be reliable and honest. Although, as honest as some or many of these teams may be, keep in mind that most of them (all of them?) are anonymous and is operating within the laws and regulatory legislation of where their business is registered. So there is risk involved. Governments usually like to have monopoly on gambling because like with drugs, alcohol and sex – these 4 things is essential to humans. That’s why governments want control over it. Because of guaranteed income. Make this drug illegal, but sell this one in a drug store. Make this type of gambling illegal, but government gambling is OK..you get the idea, that’s why you are in crypto right?
Back to Endless..lovely UI, and they are partners with Trybe as well. They are active on Telegram and are very friendly. Weekly ROI has been 3,18% which is good. To stake you either mine or buy their token ET on Newdex. Once you have bought the token and you log into Endless with the same account you purchased with, you should see your token amount when you press dividend pool
Press stake, and you are good to go. Keep in mind that ET requires you to claim every 24h or the dividends go back into the payout pool. It’s kind of a bad system in my opinion, but no big deal really. Keep in mind that claiming dividends spend CPU resources, so what if your CPU is full when you have to claim? Thats when you should have two accounts and one of them should delegate ZKS based CPU to the other (this is even necessary if you want to use Chintai because you cant rent CPU if your account is overdrawn)
If you have multiple accounts with different tokens in them, you can stake them in any gambling dapp too. Each account operates individually. I personally have 3-4 accounts that I claim dividends with daily. Why? I just like to reduce risk and spread my holdings around a little just in case.
EosPokerWin is the first platform with Blackjack, and according to themselves soon pvp poker. Not necessarily texas hold’em yet, but they are for sure working on multiplayer poker. (So are other platforms too, to be fair) Great community, good dividends, updated UI, yet not the best. Some lag. Dividends are paid out automatically every 24h, so no need to claim. To stake go to dividends, then follow the instructions.
Now, I am not going to go into detail on ALL the Casinos. They work more or less in the same way. With these three I have covered Betdice where you can claim whenever you want, Endless, where you have to claim every 24h and Poker where your tokens are automatically claimed. Different platform different system, but they more or less function the same way. You either mine the token directly on their platform while being connected to your account through Scatter – which is a what I call it a “transaction signing authority tool that is also a wallet” just to keep it in simple terms. While I use EOS-voter to vote, delegate CPU to my other accounts, stake CPU/NET/RAM, Scatter is mainly used to sign transactions fast. But you can also receive and send tokens with it. If you want to have fun on EOS, you have to trust the Scatter team. And they have showed to be nothing but complete professionals with WAY to much invested in this to run away, and frankly I don’t think they even could if they wanted to. They are real persons with real names.
Which token you decide to stake and receive dividends on is up to you. Right now there are 15-16 Casinos competing. Personally I am exposed to all of them, because I am a long term investor I am ready to take complete losses in some for the potential massive long term gains in others. You win some you lose some. The 3 I mentioned I consider to be the safest ones, as far as safety goes in this space.
I recently made a post about my expected daily and weekly dividend payouts here, and I will update that each week.
And now that you are getting the hang of it, you are ready to interact with any other dapp that is comping up. We are all excited about more complex games coming up soon. I will hopefully be betatesting Prospectors soon, alongside 500 other lucky people. A complex economic game set in the 19th century american goldrush. With huge maps, live movements, ownership of land, renting and staking, buying selling and crafting equipment, loading cargo on trains, building tracks, forming organisations and much more, this could be taking blockchain gaming to another REALISTIC level. We have seen too much fancy pancy unrealistic games being “created” while in fact they only have some fancy video and no actual product. Because Blockchain gaming is right now at EOSknights which is basically the first and only completely blockchain based computer game. It’s ultra-simple, but it works, and we have to work from that. We can’t expect to just skip and jump to 3d amazing ultraworld VR MMORPG run on blockchain. We have to advance realisticly. That being said, Prospectors look awesome and is a HUGE step in the right direction if they nail it.
Hope this article helped you understand how this all works, and don’t be afraid to ask stupid questions. Another great tip is Telegram. Most of the EOS gamblers and stakers are hanging out there. Join the channels EOSgamble, airdroptraders as well as the individual casino channel. They all have their own channel. Looking forward to see you there, and while the attitude might be a bit “guys-club” in there, most are great and helpful people.
Disclaimer: Although I have done my best to provide accurate information, I take no responsibility if anything should be wrong. Please let me know if you find anything that is not true and I will do my best to change it. Also make sure you double and triple check everything you do. Use this article as ONE of the checks and double/triple check with videos and other tutorials. I take no responsibility if you lose your tokens in any way or form. This is crypto, and freedom requires full attention and responsibility of your actions.
If you liked this you can also check out some of my other articles!
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