Written by: Announcements

EarnBet Moves to the WAX Blockchain

EarnBet 3.0 is moving to the WAX blockchain and we’re relaunching EOSBet.io.

EarnBet 3.0

We are thrilled to introduce EarnBet 3.0 on the WAX blockchain. This move will enable EarnBet to better serve its current user base and allow for sizable growth in 2020 and beyond. This will be a relatively smooth and painless transition for our players (EarnBet accounts will not even notice a change). We will also continue to serve EOS account users by bringing back EOSBet.io!

Background

EarnBet (formerly EOSBet) is committed to delivering the world’s first commercial-scale decentralised application. The project originally launched on the Ethereum network in early 2018, and routinely reached the top of dApp lists. However, Ethereum faced scaling issues that significantly hindered our aspirations, causing EarnBet to transition to the EOS blockchain shortly after the mainnet went live. This transition was an unpopular decision, but we were confident that EOS could scale well and allow us to offer substantially more transactions per second at a cheaper cost than on Ethereum.

This turned out to be true, and we quickly began processing more transactions than every application on Ethereum combined. People believed in our vision of a decentralised future, where profit was equitably distributed to participants and in-game fairness mandated by code. We pioneered new tokenomic incentive models, kicking off the dApp mining craze and laying the groundwork for a new wave of dApps. We became the first dApp with a gaming license and distributed over $4 million in dividends to our BET token holders. 

However, we eventually outgrew the EOS mainnet. As outlined in our blog, recent events have created a difficult and costly environment to operate in, forcing us to stop attempting to attract new users. Luckily, Dan Larimer’s vision for EOSIO was never to have just one chain, but rather a network of sister chains each with different benefits and governance. After evaluating a wide-range of options, we determined there was no better place for EarnBet than the WAX blockchain. 

Why WAX?

WAX is built by a team of veterans in the tokenization and virtual items space. The team has significant experience in consumer products (Disney), digital asset exchanges (IGE, OPSkins), and cryptocurrencies (Tether). Thanks to OPSkins, a massive virtual item marketplace, the team has deep inroads with the CSGO gaming community—a target demographic for EarnBet. 

WAX will soon be porting all OPSkins transactions (2+ million per week) over to the blockchain. Skins gambling and marketplaces are a multibillion dollar industry and we are incredibly excited to share our provably fair, profit-sharing platform with this group of users. 

Wax Benefits:

  • High-quality Block Producers
  • Free accounts for users
  • Emphasis on usability
  • Strong relationships with target user demographics
  • No REX
  • Ability to create EarnBet NFTs

WAXP tokens can be purchased on Bittrex, Bithumb, Huobi Global, HitBTC, KuCoin and Upbit (although withdrawals currently suspended). You can read more about the WAX blockchain on their website: https://wax.io

Transition Details

EarnBet will be offline beginning Wednesday, December 11th beginning at 3:00pm UTC. We will make an announcement in all channels when we are live on WAX.

We have moved up our migration date in order to become one of just three dApps participating in WAX’s million dollar giveaway promotion.

What you need to do:

EarnBet is extremely committed to providing a great user experience. We have made our users transition to WAX as seamless as possible. The official tutorial can be found here: https://blog.earnbet.io/wax-blockchain-transition-tutorial/

EarnBet Accounts: 

All EarnBet accounts will be migrated to the WAX blockchain automatically and will not notice any differences when visiting the site. If you would like to be automatically ported over to WAX, simply deposit your BET tokens and any pegged tokens to your EarnBet account.

EOS Accounts:

  1. Free WAX accounts have been created for all BET token holders (and pegged BTC/LTC/ETH/BCH token holders).
  2. These WAX accounts have been staked with WAX tokens, so that users can perform transactions on the WAX blockchain.
  3. User balances have been ported over, and the EOS versions of these tokens will be discontinued. These new WAX accounts will have the same key structure as your EOS account, so it will be as simple as “searching” for a WAX account in your Scatter wallet, and adding the account that appears! 

Continued Support of EOS Mainnet

In November, over 95% of our players used our fully decentralised EarnBet account system instead of EOS accounts. 

However, we understand that some people prefer using their EOS accounts, which is why we will be supporting betting on both the WAX blockchain and EOS mainnet! That’s right, we’ll be going cross-chain and bringing back EOSBet.io for those hardcore EOS fans. BET holders will now receive dividends from two different sites (EarnBet & EOSBet)…and perhaps a third in the future.

Unfortunately, we can only have one “true” BET token so players betting with EOS accounts on EOSBet.io will not receive BET tokens. EOSBet.io is currently live!

BET Token Standard

BET tokens will now operate on WAX instead of EOS. No token balances will change: there will be the same amount of circulating, non-circulating and total fixed supply as before the migration. 

However, we will be making BET a “Binance-Chain-First” token, meaning that it will be our preferred token for exchange listings. The BEP-2 token standard is much more widely accepted on exchanges, software wallets and hardware wallets, making adoption of our token easier.

Looking Ahead

Minimum Bet Improvements

We will immediately be lowering the minimum bet to $0.01 on WAX. This will allow bettors to test out our site with a small deposit and is competitive with centralised gambling sites. 

WAXP, XRP and BNB Betting

We will be launching with WAXP betting. XRP and BNB acceptance will come later in the week. Once these integrations are complete, all BET holders will begin receiving dividends in these currencies. 

Our bettors have been extremely lucky over the past quarter, having won over $300,000 from our bankrolls. Part of offering a low house edge and provable fairness means that the house sometimes takes a loss. All bankrolls will be refilled after our transition to WAX, and to our big winners we say “game on!” Congratulations to you all!

Promotion Time

We will be one of three dApps participating in WAX’s one million dollar giveaway promotion! You can learn more here. We will also be running our own volume-based leaderboard promotion with big prizes in BTC and BET!

This is another significant step in the progression of EarnBet, as it brings additional stability to the platform and opens the door for large-scale growth. Regardless of our technological infrastructure, we will always remain committed to offering a fun and fair gaming experience and rewarding our community.

Thanks for your continued support,

The EarnBet Team

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