BetHash - dApp Review
The fall and winter of 2018 felt like the era of the gambling dApps on EOS. The craze truly began with the announcement of the Lynx wallet launch and integration of the first gambling dApp - EOS Bet - onto this wallet. After the EOS Bet success became obvious the team behind DICE (formerly known as BetDice) released their dApp and new economy of the dividend-paying, token-staking EOS dApps was born.
Nowadays it is pretty safe to say that these gambling dApps pretty much propelled the EOS ecosystem forward. While the rest of the crypto economy remained in shambles, EOS gambling tokens were seeing tremendous growth and were paying out dividends not seen in the past.
Second wave of the gambling projects followed immediately after when tens of new gambling dApps began entering the market.
Some of of them were pretty successful, others crashed and burned and yet others were like outright scams.
Fairness Is Key
In the environment of monopolistic competition projects try to differentiate themselves in various ways: some offer prettier user interface, others pay out higher dividends or integrate more games. But one of the key features that the true gamblers always look at is reliability of results. Gamblers needs to be certain that the crypto casino games they are playing are provably fair.
The project positions itself as the most provably fair online casino in the world. This is how BetHash describe themselves:
The FAIREST Satoshi-style Decentralized Crypto gaming platform Built on EOS.
When it comes to validating results of the gambling action there are two potential outcomes.
Validation here can only take place AFTER the game is already played. Projects in this category generate random numbers using a proprietary algorithm on their own host server. In a lot of cases this result can be verified, but confirming every single result is a tedious and expensive exercise. Just imagine checking results after each roll (some dApps generate tens of thousands of these rolls in a day!).
House can still selectively manipulate some transactions. For example, it can reduce likelihood of high-value wins, yet give extra edge for smaller bets. Overall results will still appear normally distributed.
In this technique random result is not generated by the gaming platform’s algo, but rather by the 21 Block Producers of the EOS network.
All winning numbers of BetHash games are generated using the latest EOS transaction hash, a sequence of numbers and letters produced by the 21 EOS block producers.
Unlike other platforms that generate outcomes using a random number generator on their own server, potentially opening opportunities for the platform to modify the results and cheat players, BetHash cannot interfere with the results, as the generation of EOS transaction hash IDs is completely out of our control.
If you are looking for a vast diversity of unique gambling games, you won’t find them on the BetHash platform, as this is not what their specialization is. Currently there are two games available on the BetHash platform: Dice and Lottery. Baccarat, Jacks or Better, Blackjack and Slots are in the pipeline.
However, if you are looking for a piece of mind that the gambling results are 100% provable, random and accurate as described above, BetHash is the place to be.
ETH, BTC, TRON and Other Blockchain Integration
In an effort to attract blockchain-agnostic gamblers, BetHash is rolling out integration of non-EOS blockchain users into their platform. This will allow crypto enthusiasts that hold Bitcoin, Ethereum, Tron and other tokens to play on the BitHash platform.
In March ETH support was added. A user from the Ethereum platform can deposit 0.05 ETH into his/her account and in exchange receive a free EOS account which they can use to play on the BetHash platform. CPU and RAM resources which the Ethereum users aren’t too familiar with are being sponsored by the BetHash project.
The goal is to integrate BTC support in a few weeks followed by TRON later in the spring. This is really exciting news as the blockchain community is large and eager to participate in the gambling phenomenon - something that the slowness of the bitcoin blockchain and the fees did not allow them to do in the past.
TRON blockchain also receives a lot support from the crypto community. Gambling dApps on TRON are also highly popular, so introduction of the EOS gambling dApp to the TRON community will surely be met with curiosity and enthusiasm, which will likely further expand BetHash visibility in the marketplace.
Recently BetHash also announced integration for the IOST wallet. They created a step-by-step guidelines for setting up your BetHash account out of the IOST wallet. You can read it here.
Let’s be honest: the gambling dApp ecosystem equally attracts both gamblers and non-gamblers. The former come to satisfy their playing urge and adrenaline rush. The latter mostly come for the dividend opportunity. Blockchain dApps created a new and completely unique opportunity not only to receive passive income indefinitely into the future, but also to own piece of the project that the users believe in. Imagine if you liked the Wynn Casino in Macau and had a chance to participate in its profit-sharing plan? Well, most dApps provide you with such opportunity these days.
BetHash offers one of the highest passive income opportunities on the market. According to the cryptocurrency rating site Crypto Dividend it’s ranked 6th with the 24hr dividend yield of 0.63%:
In summary, BetHash differentiates itself from a throng of other EOS-based (as well as non-EOS)
gambling dApps in two ways.
First, it’s the provable fairness and randomness of the outcomes. If you are a player who needs to be 100% certain that the results he/she is getting by throwing a pair of dice are random and fair EVERY SINGLE TIME, you will like what BetDash offers. There are a lot of players out in the market who don’t care either because they don’t understand the statistics behind a casino operation, or because they operate with tiny bets where non-randomness isn’t noticeable.
Second, the team is working on bringing non-EOS players to the proverbial BetHash casino table by integrating other blockchains and making the gambling process using other tokens a seamless experience. If you are an ETH-holder and want to try your luck playing a game with no gas fees where you don’t have to wait for 5 minutes each time your throw a pair of dice, BetHash would be a great platform to utilize.
Try it out and let us know what you think!
User Interface: 8
User Experience: 8
Token Economics: 8
Disclaimer. EOSwriter does not endorse any content or product on this page. While we aim at providing you with all the important information we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.