I couldn’t help but notice on DappRadar over the course of this week a flurry of betting app appearing. Last week we had 50 dApps listed and then bang a 50% increase of dApps showed up taking this to 75 this week. Majority of the dApps were for betting or games but why so many and what is the benefit with EOS vs traditional online casino. I will try and deep dive into individual projects over the next week or so to breakdown what each dApps from user interface, game play, rewards and incentives and the dApps community so people have an overview.
Real world Problems with traditional Casino’s
So before I dive into the individual dApps lets reflect upon the journey of how this has occurred. Traditional Online Casino has a poor user experience but what do I mean by user experience. So imagine you want to play in an online casino what is the journey:
- Player registration fill out long forms
- KYC process a cumbersome forcing you to hand over sensitive information such as passport, ID Cards, Drivers ID, etc
- Super long Terms and Conditions to confused the hell out of you
- Lack of Trust and Fairness from new users on the platform
- No Auditable trail
- Cash in and Cash Out is very slow, hours or sometimes days
- Withdraw Fee
EOS is perfectly placed to solve all of the above in one single platform with superior user experience. EOS allows users to spend any of their coins without having to deposit or withdraw as this is handled efficiently through the smart contract. Thus providing a near or almost near instant payment or payout giving the providing the users reassurance that the system is safe and trusted. With all transactions being recorded on the Blockchain to provide transparency and audible. How you win or lose is contentious and after signing to the T&C’s you are obligated to play under the House rules which determines the payout odds and whether there is a any rigging by the Casino is very hard to determine. The EOS Blockchain Smart Contract is maintained by the Block Producers so the any dApps cannot modify. Most Games are also Open Source which makes the codes and algorithm used public available for anyone to scrutinise.
Online Casino have a tradition to collect your personal information and make sure you are Know Your Customer compliance for Anti Money Laundering and stored somewhere in a centralise server which can be prone to be hacked or misused. EOS Scatter provides this happy user experience where with a click of a button the dApps remove all the troublesome problems highlighted above with traditional Casinos.
I want to start with EOS.Win and make my way through the other dApps one by one so you know what to expect
Upon landing on the UI you are immediately prompted by their latest contest held by EOS.WIN. This is a great initiative to engage and provide rewards and incentives to back to their top players. They currently have 2 Games EOS Lucky Dice and EOS Lottery, although limited but happens to share what all the other betting dApps are doing due to the simple nature of the Smart Contract it is able to deploy. It is easy to connect with the integration with Scatter which also enables you to play with other 8 different types of Tokens EOS, Lucky, TPT, ADD, ATD, EOASDAC, HORUS and KARMA. So no need for players to sign up, just click and play. As players play consume their own resources such as CPU which can deplete fairly quickly the more you roll the more resources you shall consume.
They also have a Random number algorithm which shows the the test simulation result in their Rules http://docs.eos.win/web/viewer.html? file=eoswin_rules_en_v2.0.pdf which has been verified by EOSPARK BlockABC and Slow Mist.
EOS Lucky Dice
Like all dice games out there, it is typical with the same game play experience. You can roll over under or over a number between 1-100 and the more risk you take the more rewards and less risk the less reward. Although it is between 1-100 the minimum number is greater than 4> or <95 or under giving the House an edge if the rolls are either side. Players are also rewarded with 0.5 LUCKY tokens for every 1 EOS played of which 80% will be distributed to the players account, 10% for the team and 10% for the referral. I’ll detail more on what the LUCKY token circulation and rewards later.
I’ve actually never played by judging by the looks it would seem that you purchase a quantity of EOS to purchase Guess Numbers. In return you shall receive 7.5 LUCKY for every 1 EOS spent with an added countdown trigger for the first player to trigger the Button will receive an additional Bonus of 1% or not greater than 10 EOS.
LUCKY TOKENS, DIVIDENDS AND PASSIVE INCOME
So it would seem like there is 100 Million LUCKY tokens being printed. However the number currently in circulation is 1,593,789 which means that if you have some LUCKY tokens you can claim the DIVIDEND POT every 24 Hours. If you are in luck and there is lots of players and a big Whale hasn’t claim then you can get a decent payout, as of today the pot stands at 291 EOS for anyone with LUCKY tokens to claim. Which is represented by the 100 LUCKY = 0.0183, but how much is 100 LUCKY tokens in EOS terms, currently on Newdex is being traded at 0.0182 equating to around 1.82 EOS. With this the return of investment would represent around 10% a day, not bad PASSIVE INCOME huh. Although a note of caution is this % fluctuates with the POT sizes if a sizeable whale comes in and swoop up his sizeable share. Also DO NOTE a small print at the bottom corner which shall deduct “0.5% LUCKY TOKEN FEE” so if you have a 100 tokens then 0.5 shall be deducted. From my calculation you decide to HODL on for the dividends then 100 LUCKY will provide you around 800 Days of payout until the fee catches up. If for argument sake the payout remains stable at 0.0183 potentially with that calculation it would generate you 3.6 EOS but as more LUCKY are released the more holders reducing your slice of the pie but if play rate increases then if can compensate for the differences. Although in my opinion the 0.5% should be removed as the team is already receiving the 10% every time a LUCKY is released into the world. Also do note the other TOKENS with the padlock it seems like this feature hasn’t been enabled yet so i’m speculating here but maybe you can earn dividends from the other tokens that have been played on the dApps.
The Telegram community seems fairly active and the admin is pretty responsive to ideas and suggestions which is fed back to the development team.
If you like a flutter and earn passive income or you can purchase the LUCKY on Newdex where it is being traded. I’ll try and review more in details other Betting dApps so that people have a good overview. But anyway enough and do gamble responsibly if you play if not then enjoy the PASSIVE INCOME.