Written by Kel Green

Technical Writer/ Blockchain Journalist / Advisory Board Member at NGO Xchange
November 6 2018

BetDice Report: EOS dApp Explainer

BetDice is quite the popular EOS dApp these days. In this short video, we explain how it works and why users just can't stop rolling.

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ICO Alert disclaimer

 

What is BetDice?

The leading dApp on EOS by highest transaction and volume rate is BetDice, a gambling game application. BetDice is currently running on an EOS smart contract, which is completely decentralized. 

 

Quick Facts:

  • BetDice did more than $250 million in volume in a single week.
  •  BetDice is secured by specialized encryption technology. 
  • Gamification of playing incentive through growing lottery pots, where users automatically win tickets just for playing.

 

Why dApps are a big deal in cryptocurrency today

When people think of blockchain, there is an automatic correlation with cryptocurrency and the investment in token sales. Yes, digital currency is disrupting traditional financial markets by challenging the value of dollars. However, there is an infinite number of ways to implement blockchain technology. Proof of success with decentralized platforms sets the foundation for mainstream implementation to tag along.

Scalability has always been a major roadblock in the blockchain ecosystem. Does blockchain have the capability to replace traditional centralized software applications? Popular cryptocurrencies like Bitcoin and Ethereum who use Proof of Work to verify transactions do not have the infrastructure to support the same volume of Visa transactions.

Gambling chips and dice

dApps pushing the ICO market to new era

There are projects who are breaking records with new concepts set to revolutionize scalability by expanding the usage of blockchain technology.

"dApps" are decentralized software applications and, like cryptocurrency, have yet to be adopted by the mainstream. Yet, decentralized applications are gaining popularity within the the cryptocurrency ecosystem. The performance of dApps is quickly evolving and competition is driving innovation. The popularity of new dApps changes on a monthly basis.

Ethereum has contributed a lot to the dApp ecosystem in its early stages. The most infamous dApp being CryptoKitties, which is notorious for crashing the protocol’s blockchain.

However, the EOS blockchain, which was launched four months ago, has surpassed the transaction rate of all blockchains. So far, EOS has made good on the premise to solve blockchain scalability limitations. In Q4 2018, EOS is now overtaking Ethereum in dApp utilization and decentralized applications. Unlike Ethereum, the EOS blockchain uses Delegated Proof of Stake (DPoS) protocol for verifying transactions, which allows it to compute millions of transactions per second.

With an evolved blockchain, EOS has the most dApp users:

  • EOS combined top 3 dApp users in 24 hours: 12,453
  • ETH combined top 3 dApp users in 24 hours: 3,303.


Perspective

Will dApps be the catalyst for the blockchain and cryptocurrency market to rebound? If you're looking to invest in ICOs or blockchain startups, dApps may be the next logical steps for ICOs and startups to show and prove success as responsible industry players. 

 

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Topics: ICO, Cryptocurrency, Dapps, Video, Blockchain, Gaming, Gambling, Crypto