From the beginning of cryptocurrencies, betting has been a major use case. Betting carries a strong user base, and providing these users with the ability to play easily from the comfort of their homes is bound to be successful. Of these virtual websites, there are major differences between the traditional online betting platforms and cryptocurrency betting platforms that have spurred on the latter’s growth. Wavesbet is the latest in a long line of such platforms, but is it the revolutionary one we have all been waiting for?
Let us first consider the benefits of cryptocurrency betting. The first and arguably most important difference is verifiable transparency and fairness. Most cryptocurrency betting platforms are built on a blockchain using smart contracts, and due to the transparent nature of cryptocurrency transactions, all bets and the algorithms used to calculate their results can be checked by anyone. This means that the betting platform cannot cheat users out of their money by upsetting the balances in their favor, because the users would be able see it if it happens. Sure, the platform could build a big imbalance into their smart contract, but users would be able to see this unfairness and avoid it.
Another benefit is security. Blockchain technology is widely known for the almost unbreakable security of transactions, whereas centralized betting platforms often have weak points in their security. Being decentralized means that no one can just hack in and steal all the funds of the platform, giving users more peace of mind when placing bets. Often, the cryptocurrency platform does not even take ownership of user funds through deposits, instead relying on token microtransactions.
However, one of the issues with cryptocurrency betting is legality and regulation. These betting websites often thrive by allowing people who are restricted from betting on traditional platforms to bet on their platform. Some platforms may not even have the proper licenses to operate in many regions. Even though this provides users with much more freedom, this illegality often causes all of these cryptocurrency betting platforms, even the legitimate ones, to be stereotyped as illegal.
Now let us consider the project at hand. Wavesbet is a modern cryptocurrency betting platform built on the Waves blockchain using smart contracts. All transactions and platform code are visible on the Waves Network, and users can create accounts and play Dice and Coinflip for a small fee. Looking deeper at the Wavesbet roadmap, we can see that they are planning to launch several new gambling games, such as Baccarat, Blackjack, and Texas Hold’em, with the view to pit players against each other instead of just the player against the house.
Wavesbet takes a small fee for each bet, and this fee is typically smaller than other gambling platforms built on blockchains such as Ethereum because of the lower Waves transaction fee. This means that the impact on a user’s balance is minimal. Another area to consider is sharing advertisement revenue, which Wavesbet plans to do. Holding Wbet tokens gives users a claim to a proportionate share of this revenue, incentivizing them to help support the platform through their investment.
Looking at some of the existing industry leaders, we can see that they typically only offer one or two games with relatively low fees compared to Wavesbet. However, the existing platforms have a longer track record and much more momentum in the community. Wavesbet could possibly become the biggest betting platform if what they envision becomes a reality, but we will have to wait and see how the platform grows and matures.
WavesBet is doing a token burn next week, meaning their will be less of a supply of overall tokens.
THE BAD:
Now, let’s get to the gritty. The WavesBet team owns a large amount of the supply, and it DOES look like they have been selling (even at relatively low prices). Their team is impossible to get ahold of, and are never online in their very own Discord group. Their telegram chat & overall community is filled with people whom are not impressed by the project and the lack of developments. Those whom they have worked with do not have anything good to say about the project, and it almost looks like the team is ready to pull an exit scam. I am not saying they WILL pull an exit scam, but be VERY cautious with this project. This project has the potential to make you a nice sum of money, or lose everything you put into it within the blink of an eye.
Project links:
Website: https://www.wavesbet.io
Telegram: https://t.me/Wavesbets
Traded on: https://app.stex.com/en/trade/pair/LTC/WBET
Bitcointalk: https://bitcointalk.org/index.php?topic=5120719.0
