Our team been working hard through the holidays to deliver a successful Q1 in 2019. The cryptocurrency space moves so fast it can be easy to lose sight of the big picture and everything we have accomplished together this past year. As the new year approaches, we’d like to take minute to look back on a wild 2018 and lay out our thoughts on the future of the platform.
We launched EOSBet Dice in August 2018, but our origins predate even the launch of the EOS.IO mainnet. The company was started by a team of crypto-enthusiasts and game developers united in their belief that blockchain technology had the power to create a freer world. Our goal was to take the essence of what people loved about online gaming — the thrill and excitement, the social aspect of playing — and remove everything we thought was wrong with the industry: greedy companies, intrusive sign-ups, high house edges, and poor player experiences.
While popular enough, our Ethereum games were painfully slow.
In order to provide an experience on par with centralized online casinos, we knew we had to transition to a more scalable blockchain. After weeks of research, we chose EOS.IO. Our Ethereum experience also served as a useful testing ground for new token models. We iterated upon our initial “bankroll staking” model and created an entirely new token economy on EOS that rewarded holders and incentivized gameplay.
The release of Dice was the most successful dApp launch on any blockchain in terms of volume and transactions. Thanks to a strong player base excited by the prospects of a fully operational dividend-paying platform, we quickly amassed more volume and transactions than every Ethereum dApp combined and even the entire Bitcoin network. We reached another milestone on October 13th when we paid out over $1,000,000 in rewards to BET holders. So far, we’ve had over 12.5M bets and over 83M EOS wagered on the platform.
EOSBet developed strong relationships within the EOS community and worked closely with over a dozen block producers who have provided valuable advice over the past 5 months. We also attended or spoke at a number of conferences, including Consensus Singapore, Blockchain Live, World Blockchain Forum, EOS Global Developers Conference, and EOS Hackathons in London and San Francisco.
Other accomplishments :
- Expanded team to 14
- Became the first and only licensed casino on EOS
- Received dozens of great submissions for our creative contest (winner here)
- Partnered with over a dozen wallets
- Continue to be the only open source gaming platform on EOS
- Developed relationships with game studios in Los Angeles, Costa Rica, and Malta
- Launched a re-designed Dice game and new website, Crash, an autobet feature, and the first chat system on EOS
This success has not come without missteps, though. Leading the way in this industry put a target on our backs resulting in two security incidents. We believe these experiences have led us to become stronger and more resilient.
We also underwent an intense period of internal scaling, where we formalized our organization, incorporated in Curacao, and expanded the team. These moves laid a strong foundation for future growth, but stalled development progress. Lastly, we underestimated the community’s demand for speculative mining programs.
Our team has learned a lot this year, and we stay relentlessly committed to self-improvement. We are getting ready for a successful 2019. Here’s a taste of what’s in store:
User Account System and CPU Free Betting
We will be releasing an account system that allows new users to easily sign-up for an EOSBet account with a name and password. We believe it is essential to make the user on-boarding process as simple and seamless as possible. Importantly, this account system will cover all resource costs on the network, meaning players never have to worry about staking EOS for CPU again. CPU costs have become a significant issue for many players on EOS and serve as a barrier to entry for the non-EOS community. Our account system is one of a handful of solutions we are developing as a solution to this problem. Read more about our musings on scaling here.
After additional testing, we will begin accepting BTC and ETH betting. This will be made possible through the use of a native EOS-backed token system running on the platform. This solution is not reliant upon any third-party wallet, but instead integrates natively onto our platform. This will enable access to whole new markets of players from the BTC and ETH communities. We plan to accept other currencies, including stablecoins, in the future.
Mining / Player Rewards Program
We recognize the importance of catering towards speculative miners, but also understand that longevity comes from attracting “real” players from outside EOS, rather than a few mega whales. There is a careful balance here, and we’re confident we’ve positioned ourselves to attract both these markets in 2019 and beyond.
We will be rolling out our Player Rewards Program in January. The purpose of this program is to incentivize and reward participation on our platform in fun and innovative ways. This program will include:
- A set token release/airdrop schedule
- A VIP system
- Leaderboards and daily promotions
The release of this program will likely come 1–2 weeks before an exchange listing on either a large centralized exchange or Newdex. We will update the community with a more detailed timeline as soon as possible.
We will be doubling down on our marketing efforts in 2019. We have engaged a premier marketing firm that has been working in the Bitcoin casino space since 2013. We will continue to refine our brand and enhance our communication with the community. Importantly, we will also be kickstarting our affiliate marketing and brand ambassador programs as well.
Following community feedback, we have rebuilt Baccarat from the ground up. We also have some other fun titles planned for 2019.
Everything we do at EOSBet is driven by a focus on long-term growth and sustainability. That’s why we didn’t hold a substantial public ICO although some wished us to; why we spent months working lawyers to properly set up the company and receive a license; and why we have been selective in our partnerships and exchange listings rather than taking every opportunity that comes our way. Our philosophy is to be patient and deliberate, even if this comes at the expense of short-term profit or hype.
About a month ago, a friend from China approached me at the EOS Hackathon in San Francisco.
“EOSBet is like the tortoise of gambling dApps,” he told me.
“Yeah, we’ve expanded quite a bit but are still looking for more developers,” I told him, assuming he meant we were moving far too slow.
“No, I meant that as a compliment. In China, tortoises symbolize longevity, wealth, and luck,” he explained to me. “You don’t live to 150 by rushing things.”
EOSBet, like the cryptocurrency ecosystem as a whole, is still nascent. At times, we wished we could’ve moved much faster. However, we are still proud of what we’ve accomplished in 2018 and look forward to a huge 2019 filled with new games, features, and hopefully, a whole lot of volume.
We’d like to extend a sincere thank you to everyone who has been part of this journey so far. We recognize that it’s the community that sets projects apart, and we appreciate all of you very for your contributions. Without you, there would be no EOSBet.
Here’s to a great 2019.
Disclaimer: EOSBet.io is owned and operated by Aurora Tech N.V., a company registered and established under the laws of Curaçao, registration number 148186, and registered address at Ambraham de Veerstraat 7 Willemstad, Curaçao. Gambling License: GLH-OCCHKTW0711072018 . No U.S. or Chinese players. All players must follow the laws in their jurisdiction. Must be 18 years or older to play. BET tokens have no rights, uses, or attributes.