Cross chain tokens EOSBTC, EOSETH, and EOSUSDT are coming next week to all users to bet their BTC, ETH and USDT in their gambling DAPPs. While I'm not a huge fan of all of the gambling DAPPs taking over the start of the EOS chain, I think this has the potential to be a great innovation for future more mainstream DAPPs.
You can read more about the launch from their Medium press release HERE.
We have partnered with BitPie, who will be creating these EOS-based coins, which will be pegged to BTC, ETH, and USDT, respectively. These tokens will be available for use in all our games on 12-Dec. They are also working on an API so the tokens can be swapped directly on our site!
Here’s a brief description of how the token swap will work:
The user deposits the corresponding currency into a specific gateway address. They will be issued an equal amount of the EOS-based coin. For example, a BTC deposit will give the same number of EOSBTC coins on EOS. The user can redeem their EOSBTC for BTC at any time. The cold wallet address will be publicized and managed by multi-sign, and the balance of the hot and cold wallet will be updated in real time on the website of our partner. The total balance of these two parts is equal to the circulation of BTC on EOS.
We have carefully considered this partnership with BitPie, and after much
in-depth conversation with their team, we believe that we share similar goals. We will continue to cooperate closely with them, to foster growth in the EOS network as a whole. We will fully support and jointly promote these currencies.
Personally, I'm going to keep my ETH & BTC in my own wallets holding my own keys. No centralized exchanges or "multi sig" 3rd party wallet promise tokens for this guy. I'm also not down to gamble on anything where I don't have an edge and guaranteed to lose to the house. These guys are just sucking up EOS that have the potential to be worth quite a lot down the road. I work too hard for my money to lose it to a virtual machine.
But I do like the more practical application for this tech down the road.
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