DAOBet is growing – and has outgrown its ERC-20 shell. The gaming solutions provider has announced a token swap to their native BET token, running on a custom-built blockchain designed to enhance the player experience.
Swap Is Easy As 1,2,3,
- Create a DAOWallet here. Login if you already have one.
- First-time users should enter an email, use the validation code sent to the email, and create a personal password plus confirm a mnemonic.
- Once logged in, click the BET (ERC-20) button.
- Click the Receive button to get a receiving address and QR code. Send the ERC-20 tokens to this address.
- After receiving tokens, click the Convert button to begin the swap. Make sure you have enough ETH to pay for the gas cost of this transaction.
- Wait until the swap is completed. You will be informed by the wallet about it.
As for why the swap is occurring they can be boiled down to just growing pains. Having a new and unknown token piggybacking off the security and userbase of another well-established entity is a smart move in the beginning, but as the userbase for that token grows, the rigid specifications of another coin’s blockchain can begin to inhibit your tokens growth.
Furthermore, your tokens (in this case DAOBet’s) transactions are competing with every other ERC-20 token, which can lead to seriously astronomical prices or wait times. One only has to recall what occurred in late 2017 when the popularity of Cryptokitties led to so many transactions that Ethereum’s network was brought to a screeching halt for weeks.
Perks of A Native Token
Having a native token built on a blockchain just for that token allows for a degree of customization and optimization that simply running your operations on another coin’s blockchain won’t ever be able to compete with.
While Ethereum is good for general transactions and is the reason why it’s so popular as a launchpad for new projects, it’s also the same reason why it fails to be what DAOBet needs in their extremely specialized situation of gaming.
DAOBet needs a blockchain and token that not only is frictionless with transferring earnings from website to wallets but still remains a fair level of security. Furthermore, the blockchain needs to handle large amounts of these transactions simultaneously, while maintaining scalability and not being bogged down in years from the sheer volume of transactions.
DAOBet managed to do all of that by first drawing their initial code from the EOS Blockchain and then adding their tweaks to make it perfect for them. What comes out on the other end is a blockchain that can process transactions in one second, process 3,000 transactions simultaneously, and uses the innovative deterministic block finality to mitigate congestion as the blockchain increases in size from years of usage.
While Ethereum has network security only rivaled by Bitcoin, enforcing a minimum of 100 validators for DAOBet’s blockchain network will ensure that hackers and malicious parties have an extremely hard time penetrating a majority of nodes and altering data for their economic gain.
Additionally, Gaming Laboratories International certified Signidice RNG verification is used, ensuring that advertised odds are the ones players will have and that there is no greedy house here.
Last but not least, the new DAOBet blockchain will provide all the tools and resources needed for all participants of iGaming industry from players and game developers to affiliates and operators – and it will all be controlled right within their DAOWallet. Swapping started a little over a week ago, with the mainnet to come online soon after that.
This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content above.