In a move focused on continually providing a better experience than others in the iGaming market, DAOBet has announced the token swap from Ethereum based ERC-20 tokens to native blockchain-based BET Tokens.
Why Is a Swap Happening And How To Swap?
While Ethereum has network security that can only be outmatched by Bitcoin, it is still a platform for many tokens. In order to be compatible with so many, Ethereum’s network takes a generalist approach, not specializing in one thing but being pretty okay at most things.
In DAOBet’s situation, where the token usage is mostly surrounded around using the token in gaming situations, this is a disadvantage. Therefore having a token built on a blockchain designed specifically for this situation will only serve to enhance the experience of the target audience using it.
Another reason is network congestion – while Ethereum’s widespread knowledge makes converting users to a new token easier, any specific tokens transactions are also clumped together and competing with transactions from every other token.
This can lead to undesirable wait times, transaction fees, or even completely standstill network congestion – just take a look at what happened when Cryptokitties came onto the scene and exploded in popularity.
As for swapping the older ERC20 token version to the new native token that will be used exclusively in the near future, the steps are easy.
To start the swap, follow these steps:
- Create a DAOWallet here. Login if you already have one.
- First-time users should enter an email, use the validation password sent to the email, and create a personal CODE (instead of password) plus recovery phrase.
- Once logged in, click the BET (ERC-20) button.
- Click the Receive button to get a receiving address and QR code. Send the ERC20 tokens to this address.
- After receiving confirmation of the send, click the Convert button to begin the conversion. Make sure you have enough ETH to pay for the gas cost of this transaction.
- You will be asked to enter the amount of ERC-20 tokens you wish to convert. Select the required amount and press the Convert confirmation button below. A pop-up will inform if your conversion was successful.
Benefits of Native BET
With a custom-designed blockchain for the gaming environment, comes a lot of features that surround speed, stability, and a low barrier of entry. These are important due to the kind of situations where tokens will be transferred as well as the target audience.
DAOBet actually draws inspiration from the EOS blockchain and has tweaked the code to better suit DAOBet. Features the blockchain boast include 1 second transaction times, a transaction capacity of 3,000 transactions per second, and deterministic block finality to prevent congestion as the network scales all ensure the experience is never anything but lightning fast.
Having a minimum of 100 validators always ensures the network is safe against malicious parties or hackers, as hackers would have to infiltrate and alter the data of at least the majority of these nodes in order to result in a loss of funds.
Last but not least, DAOBet utilizes Signidice RNG verification, which has been certified by Gaming Laboratories International. This ensures that players are not being cheated by a fraudulent operator and have the chance of winning a game with an edge as advertised when they first roll the dice.
Disclosure: This is a sponsored article