Last year, the Ethereum blockchain had a lot of challenges. Many cost-efficient competing blockchains were created with better scalability driving developers further away from Ethereum. The new research by Diar shows that legions of cryptocurrency gamblers have abandoned Ethereum-based gambling apps and moved to EOS taking their transactional volume along. The study was conducted on Ethereum, EOS, and Tron in a bid to determine the dollar-value that is processed on each network.
The study showed that EOS and Tron dApps makeup for 94% of the total US dollar value that is processed across all three protocols. About 55% of all the traffic came from EOS while 36% came from Tron. The study showed that most of the traffic was generated from gambling dApps. Since last year, EOS has processed about $5.5 billion in cryptocurrency and 70% of this value can be accounted for by gambling dApps.
Of all the traffic from the Tron network, 95% can be accounted for by gambling related dApps. This is an amazing figure considering the fact that the Ethereum blockchain only recorded 2% of its transactional volume from gambling sites. Most of the traffic from the Ethereum blockchain came from cryptocurrency trading on decentralized exchanges. These decentralized exchanges are still struggling to maintain adoption rates.
Diar insists that the gambling industry is bringing in a lot of volume. What this means is that blockchains that host gambling-related apps will certainly experience a disproportionate rise in the USD on-chain traffic.
Gambling dApps Have Been Soft Targets Before
A while ago, EOS-based dApps for gambling were known to be targets for security breaches. A series of coding failures were observed on many betting platforms on the EOS blockchain. The first was a few months after the launch of EOS, hackers exploited a vulnerability in a dice game, DEOSGames using it to win $1,000 twenty four times in a row.
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Shortly after, EOSBet was attacked and the hackers made away with more than $200,000 in EOS coins. This attack came as a surprise to the cryptocurrency community since EOSBet was considered a secure network. The gambling platform had a habit of bragging about its amazing security on social media platforms. Not long after the $200,000 attack, the platform was hit again. This time, $338,000 in EOS tokens was stolen.
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Many proponents of Tron and EOS loud the traffic from gamblers as a sign of an adoption of these platforms. However, the survival of these dApps will depend on the security of the smart contract code that is used to create them. Without great security, these apps can be attacked at any time.
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While EOS and Tron are struggling to take Ethereum’s place, Ethereum is still the world’s decentralized computer and the best smart contract platform in the world. If the scalability issues on Ethereum are fixed permanently, no other platform would be able to rival it. Until then, developers who are interested in creating decentralised applications on a blockchain that is faster and more affordable then Ethereum can use either EOS or Tron.
Do you think EOS or Tron has what it takes to overtake Ethereum?