This week we are met with an exciting new announcement from the VeChain project, the launch and roll out of the latest VeChain decentralised application, giving VET the chance to pave it’s own way into entering the market that is currently dominated by Ethereum and EOS. This announcement is important as DBET, or Decent.bet, the dApp that has moved to the VeChain blockchain was initially an Ethereum project. Could this be the start of of a mass Ethereum exodus, onto the VeChain blockchain?
What we should consider is that VeChain does offer some alternatives to the Ethereum network and therefore, if DBET find success within VeChain, success that could not be found on Ethereum, we can only expect other dApp creators to follow on and use VeChain to their own advantage.
According to the official Decent.bet announcement:
“The middle part of 2018 was primarily occupied with pushing ahead with our mainnet launch on Ethereum. We ran tests, audits, and even a slot skin competition to help add value to this endeavor. However, as we closed ever closer to the end of June, and our original deadline, we were presented with an opportunity that would allow us to take our offering far above and beyond what was possible at that time. This was of course the chance to be the very first dApp to launch on the VeChain blockchain.”
It seems that DBET have noticed that the VeChain blockchain better suits their dApp than Ethereum, simply put, VeChain has more to offer:
“VeChain was, and still is, a blockchain that is simply more scalable. For a solution and offering like ours, this is key. We need to present a seamless gaming experience to our desired audience, or we will not gain a significant and lasting consumer base, period. The extra value-add here, however, was the access to specialized developers to aid in the porting process and overall platform development. This is incredibly rare for the cryptocurrency sphere, where most projects exist in their own autonomous isolation.”
But of course, the decision to move wasn’t taken lightly. This was a huge decision, one that could have a very big impact on DBET:
“After weighing up all the positives and negatives, we made the tough decision of porting the DECENT.bet platform to the VeChain blockchain. This meant we were forced to delay our mainnet, but, it gave us the ability, and the impetus, to deliver a product capable of meeting consumer needs and wants. It’s not practical for slots players to wait minutes between spins and now they won’t have to.”
What is DBET?
We need to understand what DBET is in order to be able to truly appreciate this announcement. According to DBET:
“DECENT.bet is an open-source peer-to-peer blockchain gaming platform where anyone with an idea can build a game, a predictive market, or a casino room and share in the revenue. Beyond that, we are also an organization that is building a sustainable means of growing token value.”
In simple terms, DBET is a dApp that has been built to allow other people to produce gaming and gambling related dApps for the VeChain blockchain. Through this, DBET are building a community that exists around a product (the dApp) and a currency, a currency that has been produced by DBET to help ensure the future of the product. This is the really important part of this announcement as simply, DBET is not just a dApp that will encourage people to use the VeChain blockchain, DBET is also based around it’s own native token, a token that could accrue value of its own as a result of this new move.
By moving onto a faster and more scalable platform, DBET will increase in value, giving the entire company access to better funding that will in turn be used to improve their products and services.
So, what does the future hold for DBET?
The team are focusing on adoption and regulation – the two key factors that many in our community understand as the keys needed to pull cryptocurrency and blockchain technology into the mainstream. According to DBET:
“Adoption has been our primary focus, and regulation isn’t something to run away from, rather, it’s something to embrace and mold yourself around. And now, more so than any other point in our history, we are truly poised to do so and to make real headway into a market that is heavily regulated from a number of standpoints.”
With this in mind, how bright does the future really look for DBET?
According to the official DBET announcement, with a pending mainnet launch, DBET will be working very closely with the VeChain team:
“For one, there needs to be more testing, more audits, and more in-depth discussion with VeChain’s engineers. With all of the benefits that blockchain technology comes with, it also offers less flexibility for error. We have to take the time to get it right, to safeguard our investors, community and our own product and brand from any potential side effects that may occur.”
Further into the future, after the mainnet launch (which will remain as a closed beta for now), the team will be working to make their token more accessible with the view to gain more exchange listings, including a potential listing on HaloDEX.
Lastly, as mentioned earlier a focus will be placed upon regulation in ensuring that DBET does have a future as a part of the growing crypto-universe. This is important for DBET as the dApp is operating in two tricky areas, firstly, cryptocurrency and secondly, gambling. It’s a regulators worst nightmare, which is why DBET are ensuring they are able to keep up with standards now, from the very early stages of the project. According to DBET:
“Now beyond liquidity, one of the most important things for a gaming token and organization is, of course, relevant licensing. We already have our Dominica gaming license, but in order to gain a greater market share, we need a greater customer base. This is where Malta comes in. Next year will see us conduct the Malta sandbox process from which we will be one step closer to obtaining our Maltese license and achieving access to some of the key gaming markets around the world.”
A move to Malta before total world domination? Their aspirations are high and DBET promises to be both disruptive and transformative. I have a strong feeling that this is something the VeChain team are now very excited to be a part of.
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