End of Year Development Overview
The close of 2018 saw some great accomplishments from the DBET technical team. As with most new businesses and products, the roadmap for our platform ultimately evolved, but still stayed true to our original vision of changing the gaming industry for the better.
To start the year, the vision was to create a decentralized casino on the Ethereum blockchain. To end the year, that vision shifted to creating a decentralized gaming platform on the VeChain blockchain allowing anyone in the community to participate in a host of verticals including traditional casino games, P2P betting, and the ability for individuals to collaborate in creating games and rooms together and share in the rewards. So far, great strides have been made, and as a team and a company, we are incredibly excited about the future.
Overall, these visions have common overarching goals, but they are far apart in terms of scope and implementation.
So how did we get here and why did we choose to migrate chains?
One primary reason for the shift involved Ethereum’s scaling issues. Ethereum has had well-known scalability problems for quite some time now. At the beginning of 2018, there were talks of solutions being built, like Casper. In fact, to close out 2017 Ethereum introduced some scaling improvements to handle the load of Cryptokitties. With this, Ethereum devs had shown that they can work together quickly to solve a problem — an encouraging sign. The reality has turned into solution after solution being proposed, development started, then discarded for the next. While we believe Ethereum can scale and will eventually fix these problems, the ultimate decision was made that it was too risky to wait for a scaling solution when other Dapp blockchains provided better scaling out of the box. This was what led us to select VeChain.
VeChain uses a Proof of Authority consensus mechanism that allows for a more scalable solution. That was appealing, but the biggest attraction was a feature called MPP, short for Multi-Party Payment Protocol. In a nutshell, this allows anyone, like DBET, to pay transaction costs. What this means is that in the near future we could implement this in our smart contracts and DBET could pay the VTHO for transactions costs for our platform gameplay, requiring the user to only need DBETs to play. If we remained on the Ethereum platform the user would need ETH and DBETs, increasing the friction for any potential user.
We’ve also had the opportunity to connect with other development teams working on the VeChain platform, including the VeChain team themselves. This has given us vital resources as we build out our smart contract gaming solutions to help us along the way and act as a peer review method prior to any mainnet launches.
Ok, so what have you accomplished?
The key accomplishments post-VeChain migration include:
- Upgraded Token. We successfully migrated our token over and launched a wallet that will allow users to upgrade their DBETs and send and receive any version (ETH or VET).
- Dapp Launch. We’ve also launched the first Dapp on the VeChain platform in the form of our Slots product. We are currently operating in all of our licensed countries to allow users to play slots with provably fair odds through our smart contract solution.
- Porting Other Products. Also, we are, and have been, actively looking at all the development that we did for our Ethereum products and porting over everything we can still use. In particular, we are using components from the Sportsbook to help build out our P2P platform. We’ve started work on infrastructure and scalability solutions to allow us to plan for the best, which I think will happen in 2019 *wink wink*.
Alright, but what’s next?
Moving into 2019, we are focused on our P2P betting platform as well as some business development initiatives that marketing won’t let me get into (just yet).
The goal of these business development initiatives is to create products with a mass market appeal that can be used by anyone, anywhere. Our regulated gaming products will play a strong role in our development and future. Our skill-based gaming products, like P2P betting, will allow us to operate in far more jurisdictions to gain greater market share while we apply for more regulated licenses. This will allow us to grow a healthy user base to maximize the value of our Bet-on-Bet and DBET Labs products.
Beyond this, I will personally be supporting our technological development communication through not only monthly write-ups such as these but, regular interaction in Telegram and Discord, including the ask-c-level channel. So, if you haven’t already, make sure to join in our socials and come armed with plenty of questions which I will do my very best to answer.
Head of Product