Market Report Shows How Gamblers are Driving Ethereum DApps
Several sectors and some major industries are currently benefiting from blockchain and digital tokens,
but arguably nothing is driving up the adoption of crypto greater than gambling—specifically Ethereum, EOS, STEEM and TRON, which reportedly have the most active users in the market.
David Canellis’ story on The Next Web details how more than 500 new decentralised apps have been listed in the first quarter of this year alone. Dapp.com’s latest market research shows that Ethereum is still the number one choice for dapp developers. However, it turns out that Ethereum’s network may not be the most active, with arouind 600 dapps on its platform not having seen any activity in the past three months.
Metrics Demonstrate Strong Growth
Further data reveals that EOS leads the way on the activity front, with 95% of dapps on its own platform witnessing some activity in the first quarter of this year. Meanwhile, for TRON the same metric registers in at 80%, but when it comes to overall growth in dapp numbers, TRON has been the fastest growing dapp ecosystem so far in calendar year 2019.
CryptoNewsZ reports that TRON’s mainnet wallets and new users increased the most, at least when compared to the four other chains that were analysed during the same period – no surprise given its increasing domination of the market. Last year, TRON’s CEO Justin Sun took to social media to announce the launch of the company’s new $100 million gaming fund, which aims to empower developers to execute on their ideas, introduce new games, as well as building a strong community of content. The number of wallets created on TRON mainnet has exceeded $2.3 million (HK$15.3 million) in the first quarter, with more than 15% being dapp users.
Ultimately, the study confirmed that gambling mainly drives user growth, as nearly 350,000 accounts engaged in gambling on these networks. Games and exchanges were found to have attracted a whopping 90,000 users.
The use of cryptocurrencies in gambling is solving many common problems faced by online gaming portals, particularly in regards to decentralisation, transparency, and security. Blockchain allows gamblers to transfer money anywhere in the world through digital tokens. It also allows an unbiased and unadulterated gambling experience that allows players to feel safer.
This reflects the shift in how many gamblers now play. It was not until 1994 that the gambling world saw the introduction of the first online casino, with the industry since exploding to become the most popular form of gambling on the planet.
Blockchain a Natural Fit
The introduction of blockchain technology and Ethereum Smart Contracts have made online gambling even more impressive. Developers have been able to make fully decentralised applications, where betting rules and all the internal workings of a casino are embedded within smart contracts, including payment handling, random number generating, and even bonuses. All of these can significantly reduce transaction costs and increase security and integrity.
However, perhaps the most attractive feature of blockchain in gambling is how it helps eliminate fraud and corruption. Sandlot Games points out that payments made through blockchain are unknown and not easily untraceable. No details are linked to a player’s personal information, which means identities are kept safe and no paper trail is left when it comes to gambling activities.
Apart from that, blockchain-based gaming platforms also provide a better user experience. In the future, gamers can expect to see an increase in new blockchain gambling ecosystems, as more dapps are used to improve how they play.