TronBet, the world’s leading blockchain-based gambling platform – and arguably the most successful blockchain-based application created to date, according to at least one site which analyses blockchain usage metrics – has a few hours ago begun its planned migration from the platform’s original native cryptocurrency ANTE to its new cryptocurrency WIN.
The change is regarded as a significant development within the blockchain gambling space for a number of reasons.
Firstly, as a disruptive blockchain-based platform, TronBet has sought to bring blockchain technology’s inherent anonymity, transparency and security to online gambling in a bid to democratise an industry where, amongst other problems, users have found themselves subject to arbitrary behaviour from service providers.
However, the TronBet project team has failed to provide precise details on the nature of the newly minted WIN token, particularly with regards to its unlock date and circulating supply. As a result, a number of users have raised concerns over the grey clouds surrounding the transition, running counter to the general philosophy of openness that is often espoused – and expected – from public blockchain projects.
Secondly, as a platform which currently attracts around 4000 daily users – over $13 million was traded on the platform yesterday alone – many actors within this industry are hoping for a transition which works out in the users’ favour. A poorly-managed migration that finishes in controversy could have repercussions for an industry that is still in its nascent stages.
Move to Un-mined Token
The stated reason for the migration from ANTE to WIN – according to the project team’s Telegram-based discussion group – relates to mining. The older ANTE token was a mine-able token whereas the new WIN token will be un-mined.
Mining, in a blockchain context, refers to the work done by nodes – the processing power of computers which essentially support a blockchain’s network – to underpin the integrity of the blockchain’s data.
Traditional cryptocurrency mining, like with Bitcoin, involves the commitment of computer processing power to solving cryptographic puzzles relating to new data that wants to enter onto the blockchain.
However, newer blockchain technologies tend to marry the processing power required for user-based tasks with mining. In the case of TronBet, those user-based tasks were the bets placed by its online gamers. Once a gamer had played a certain number of bets, he or she was then rewarded with newly mined ANTE token which, in turn, pays him or her with a proportion of the platform’s daily profits generated from the house edge, with those dividends paid in TRON (TRX) cryptocurrency.
With the WIN token, however, there will be no mining from bets placed by the user. However, users who hold WIN will continue to enjoy reaping dividends from merely holding the token.
The transition from ANTE to WIN is set to change the so-called tokenomics of the TronBet business model over the long-term, and should – in theory at least – allow for a greater chance for the token price to rise over time from fundamentals as opposed to the speculative movements which currently dominate crypto.