Gambling Helps EOS and XRP Challenge Bitcoin

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As a leader of the cryptocurrency pack and the original coin that started it all, Bitcoin has enjoyed a great deal of popularity with both investors and gamblers over the past years. But according to a new report from established rating agency Weiss Ratings, Ripple (XRP) and EOS are now challenging Bitcoin’s dominance not only in the investment sector but also the cryptocurrency casinos it helped build when it was the only digital asset that allowed players the benefit of online anonymity.

Bitcoin’s Supremacy Challenged

According to the new Weiss Cryptocurrency Outlook report which was released this month by Weiss Ratings, XRP and EOS coins are now among the top three cryptocurrencies available on the market together with Bitcoin. The report was prepared by a digital asset unit of the rating agency which studied exactly 122 cryptocurrencies using a variety of metrics and found that, contrary to popular belief, there isn’t a big decline in the use of cryptocurrencies.

As the unit’s research discovered, the leading crypto assets are now enjoying 3x more volume in on-chain transactions than they did in 2018, with three cryptocurrencies leading the pack. Graded with the highest score given to any cryptocurrencies – B – Bitcoin, Ripple, and EOS found their way to the top of the report while the remaining coins were given ratings of C, D,  and some even E –a rating which is considered really “weak”.

According to the Next Web, who spoke to a chief analyst at the agency, the ratings were formed after considering four main metrics: risk, technology, adoption, and reward. As one of the metrics showed, at present EOS has the biggest on-chain transaction volume across the globe, with the volume hitting $4.6 billion per day, which is 14x times the volume of Bitcoin and 8x higher than the volume of Ethereum which didn’t even make it to the top five spots on the list.

Online Gambling to the Rescue

Although the report indicated that the EOS network is responsible for processing a large number of transactions, it was not as specific as to point out exactly which dApps are driving the volume. However, Weiss Crypto Ratings’ chief analyst, Juan Villaverde, said that it was worth pointing out that a large part of that traffic was due to online gambling.

According to Villaverde, the data collected during the research wasn’t further studied to pinpoint the exact sources of the high transaction volumes because the agency doesn’t like to “discriminate” the “transaction quality” at this time. However, as he puts it, a brief review of the information quickly reveals that the majority of volume is coming from dApps related to online gambling and gaming, which the agency believes is the “niche” that smart contract platforms and cryptocurrencies have presently found.

As we reported two months back, EOS has become the dominant coin for dApps protocols, surpassing Ethereum and coming up ahead of the TRON (TRX) cryptocurrency. And, according to historic data, approximately 70% of the $5.5 billion traffic EOS generated since its inception last year was thanks to gambling-related dApps.

March 27, 2019: • No Comments

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