Hey everyone!
As part of this article, we’ll talk a little bit about the history of EarnBet - a decentralized, non-custodial, profit-sharing, and on-chain casino aiming to reshape the cryptocurrency gambling market as we know it.
Before we get started with the history lesson, a brief presentation of EarnBet is warranted. At this moment, EarnBet represents a popular crypto casino boasting five highly-entertaining games designed by its in-house developers. Users throughout the world can play Dice, Blackjack, Baccarat, and HILO, while having every single bet recorded on the blockchain in a provably fair manner. Anytime you wager, EarnBet will give you BET tokens, which can be staked to reduce the house edge and to receive dividend payouts as part of the casino’s profit-sharing philosophy. So far, over $4.4 million have been distributed to BET token holders, thereby making EarnBet not only a popular casino, but also a lucrative investment opportunity.
Given its exponential growth, many users may wonder how EarnBet came to be.
The early days
Initially, there was no EarnBet. The company running the casino first created a dice game based on the Ethereum blockchain network. Scalability concerns encouraged the move to the EOS blockchain, which fixed all issues for a while.
The game is open source and provably fair. All wagers are recorded on the blockchain network, thus ensuring full transparency. In late 2019, EOS was dealing with governance issues and expensive transactions, so the company evolved past its initial EOSBet venture and created EarnBet, a fully-fledged gambling platform.
The shift from the EOS blockchain to Wax
The creation of EarnBet has officially marked the transition from EOS to Wax, another blockchain network that’s more suitable for gaming purposes. Why was this shift necessary?
Well, the EOS blockchain had a series of economic problems. dApp owners had to stake a significant amount of EOS in return for CPU resources that would be used to perform the transactions. As EarnBet grew, this approach proved unsustainable over the long-run since EOS is unable to sustain decentralized apps with commercial-scale aspirations.
Wax is known for providing free accounts for its users, the ability to create non-fungible tokens, alongside great scalability and theoretically free transactions.
Following the seamless transition to Wax, the development team introduced new features and games. Such an example is the staking function - players and investors can lock-up their BET tokens to reduce the house edge by up to 1%, or to receive dividend payouts.
These developments quickly led to a large influx of players and an overall boost in the popularity of EarnBet. After all, who wouldn’t prefer to gamble via a decentralized, non-custodial, and profit-sharing casino? This question is especially relevant since no other casino provides these features within a single ecosystem.
What’s next?
Okay, so EarnBet is fun, profitable, transparent, and advantageous. But what’s next? Is there any room for further growth? Should investors buy and stake BET tokens? Should players get involved now?
The common consensus is that EarnBet’s growth factor is far from reaching a plateau. The team has recently announced that they’re working on an integration with Chainlink. This would allow the casino to access off-chain oracle data in a transparent manner, which would allow EarnBet to create a fully-fledged sports betting service. Reports indicate that EarnBet will also increase its game catalog by adding slots. In doing so, the casino will likely become an all-inclusive gambling network that fulfills just about any player demand.