Crypto and blockchain markets have been moving at a great pace for the past few years. After being seen as just a speculation game, the crypto space, in particular, is now growing strongly in terms of adoption.
Several sectors have been benefitted with the emergence of blockchain and digital tokens. And on the flip side, more and more industries adopting them meant better research and development, which ultimately benefitted the digital asset space. Major sectors, including forex, banking, global payments, finance, have adopted cryptocurrencies in their operations.
JPMorgan, Bank of America and HSBC, three of the biggest banks have invested tremendously. JPM rolled out its own stablecoin, BoA filed the most blockchain patents, while HSBC executed forex transactions worth over $250 billion using blockchain in 2018 alone.
VISA is incorporating blockchain in its operations to facilitate cryptocurrencies as valid payment instruments, and Facebook, on the other hand, is launching its own digital token focused towards cross-border payments. Even tech giants like IBM, Microsoft, and TCS have invested huge amounts in the Distributed Ledger Technology (DLT) to capitalize on the rising blockchain and crypto demands globally.
And the best thing is that despite a horrible 2018 for digital currencies, crypto adoption across the globe has only risen. However, as per a report published by dApp explorer, Dapp.com, gambling is the biggest driver of cryptocurrency and blockchain adoption. The report was motivated to provide an insight into Ethereum, EOS, STEEM, and TRON, as they have reportedly had the most active users in the market.
According to the report, about 504 new dApps were launched in the first quarter of 2019, half of which were based on the Ethereum platform. The report states that Ethereum is still the most preferred choice developers to build their dApps. The report also adds that games based on Ethereum have created a stable community and a loyal user base.
But Ethereum’s network isn’t to the most active one, says the report. There about 600 inactive dApps on the Ethereum platform, which haven’t seen any activity in the past 3 months. On the activity front, EOS leads the way, with about 95% of dApps on the platform have had at least one activity in the first quarter of 2019, followed by TRON, which had 80% of dApps with at least one activity during the corresponding period.
As per the data accumulated for the report, most of the activities on these platforms are related to gambling. In fact, 99% of activities on EOS network in 2018 were on gambling dApps, though new games and a few financial services joined the network. In total, about 350,000 active accounts of Ethereum, EOS, and TRON are engaged in gambling activities.
Just to realize the figure one can compare the combined figure of 90,000 users which were attracted by games and exchanges on these platforms. Use of cryptocurrencies in gambling has proved to be a great gamble in itself, as it has solved the majority of the problems faced by online gaming portals. The core features of DLT, decentralization, transparency, and security are the most needed ones for gambling.
By applying blockchain in the gambling space, gamblers can transfer money throughout the world using digital tokens, which is probably the most secure mode of doing so. Also, the transparency and decentralization feature ensure an unbiased, unadulterated gambling experience. The introduction of blockchain has been what online gamblers had been waiting for a very long time, and with gambling become more safe, secure and transparent, new users are also expected to join, which will further increase these numbers.