DAOBet is growing – and has outgrown its ERC-20 shell. The gaming solutions provider has announced a token swap to their native BET token, running on a custom-built blockchain designed to enhance the player experience.
Swap Is Easy As 1,2,3,
- Create a DAOWallet here. Login if you already have one.
- First-time users should enter an email, use the validation code sent to the email, and create a personal password plus confirm a mnemonic.
- Once logged in, click the BET (ERC-20) button.
- Click the Receive button to get a receiving address and QR code. Send the ERC-20 tokens to this address.
- After receiving tokens, click the Convert button to begin the swap. Make sure you have enough ETH to pay for the gas cost of this transaction.
- Wait until the swap is completed. You will be informed by the wallet about it.
As for why the swap is occurring they can be boiled down to just growing pains. Having a new and unknown token piggybacking off the security and userbase of another well-established entity is a smart move in the beginning, but as the userbase for that token grows, the rigid specifications of another coin’s blockchain can begin to inhibit your tokens growth.
Furthermore, your tokens (in this case DAOBet’s) transactions are competing with every other ERC-20 token, which can lead to seriously astronomical prices or wait times. One only has to recall what occurred in late 2017 when the popularity of Cryptokitties led to so many transactions that Ethereum’s network was brought to a screeching halt for weeks.
Perks of A Native Token
Having a native token built on a blockchain just for that token allows for a degree of customization and optimization that simply running your operations on another coin’s blockchain won’t ever be able to compete with.
While Ethereum is good for general transactions and is the reason why it’s so popular as a launchpad for new projects, it’s also the same reason why it fails to be what DAOBet needs in their extremely…