DAOBet is a blockchain with iGaming in mind featuring quick finality and advanced governance. It also allows creating high-performance decentralised applications with smart-contracts. To enable all of those features, DAOBet is developing DAOWallet, that will also connect all the network participants as validators, operators, game developers and affiliates.
DAOWallet will also act as a token swap tool. As you know, DAOBet transitioned from the Ethereum network to a self-build EOS-compatible chain with improvements for the iGaming industry like three sec finality and certified PRNG. Thus, the token transfers from one network to the other one. DAOBet token swap is a BET token migration from Ethereum to a native DAOBet blockchain network. The new token will be created and distributed among those holders who proceeded with the token claim, while the old token will no longer be supported in some time. All the new BET tokens will be sent to DAOWallet once the token claim is successful and the swap takes place.
Read the tutorial of how to complete the token claim via DAOWallet here.
The DAOBet token swap consists of two major steps: a token claim and a token swap. The token claim is a process of holders identifying, that they want their BET ERC-20 tokens to be transferred into the new DAOBet network. It is easily done through DAOWallet, please find an instruction above. The token swap is a token transfer itself, it is made automatically once the token claim is done and the Mainnet is launched.
Please see the video below with the token claim process.
For more information on the token swap, please visit the website.
The token claim starts on the 5th of November 2019. The token swap takes place automatically once the Mainnet is released.
What else makes DAOWallet special? Why do we make it?
Into the depth of crypto wallets
Users may not be entirely familiar with what a crypto wallet is. To dispel any misconceptions and shed much needed light on the matter, we would like to give a crash course about the crypto wallets to our dear readers.
For starters, a cryptocurrency wallet is a secure, decentralized repository of cryptocurrencies that can only be accessed via the user private keys. The private key is an encrypted password that enables the holder to sign transactions, transfer funds and execute smart contracts. In essence, a crypto wallet is a repository containing the user’s assets in a secure and encrypted environment.
Technically speaking, Ether, Bitcoin, BET tokens, EOS, other ERC-20 tokens, are not actually stored inside the wallets, instead, they are the records on the blockchain. The use of the private key allows the user to interact with the blockchain and dispose of their assets stored inside the wallet.
There is a huge variety of crypto wallets on the market, but all of them can be divided into the Cold and Hot wallets, which are both used for the same purposes with varying levels of security and features.
The Cold wallets are those that are not constantly connected to the Internet or are not internet-based. In other words, they are hardware devices onto which the user’s records are placed as an immutable data about the crypto assets. Once the hardware is connected to the internet, the user enters their private key and the wallet can be used. The Cold wallets are mostly used for long-term storage, considering that inserting them into computers is less than convenient if the assets are to be used frequently. The Cold wallets are notoriously hard to crack or hack given that they need the private keys to be accessed, and the most of Cold wallet users tend to keep the wallets and their keys far apart.
On the other hand, ease of access is provided by the Hot wallets, which are internet-based and only require the private key to be inserted for the user to gain access to their assets. DAOWallet will be a convenient application, and will therefore be a Hot wallet. It will be dApp-specific for DAOBet-powered games and will be intended for use as such, and not for long-term crypto storage. Security will be provided by state of the art encryption algorithms, making sure that all the users have peace of mind that their assets are safe and sound.
Why Bother Developing a DAOWallet in the First Place?
A just question that arises as soon as any crypto-savvy user remembers the numerous wallets available on the market. The fact of the matter is that the development team wants all platform players to have a sign-up and gameplay that they experience at any traditional iGaming application, but with the underlying benefits of the platform’s blockchain technologies.
To make sure that this experience is granted as seamlessly as possible, DAOBet has decided to create its own wallet that would offer players ease of access and other benefits at minimum time constraints.
The first of the three main reasons why we are launching our own wallet is onboarding. The general players are used to a certain standard of journey from landing on-site, to registering to play and then to the actual gameplay experience. The blockchain certainly brings some new challenges to this onboarding process, because many players do not yet fully understand the nature of wallets, private keys, recovery phrases, signing transactions, and other associated processes.
The aim is to simplify the entire process and that is why DAOWallet will be fully integrated into the user journey. The presence of a built-in wallet will not require players to go off-site at any point, and will use all too familiar sign-in and registration processes, primarily, the email address and password combinations.
Secondly, the new wallet will have a user-friendly interface. It is imperative that the wallet will be accessible to those who have no experience with crypto management and to those who have been following the blockchain industry for long.
There is no reason for blockchain-based platforms to be more complicated than any other familiar, adopted technology. By integrating its own wallet, DAOBet will be able to attract an entirely new audience of those wanting guaranteed blockchain fairness with the simplicity they are used to finding in other online environments.
Thirdly, there is no denying that gaming as an activity is no longer a desktop or console-centered activity. Online games are dominating over consoles in many segments of the industry. DAOBet is intent on leading the way in bringing blockchain gaming to the mobile domain. The new wallet will be available on any browser and any device without the need for extra layers, such as browser extensions and app installations.
By using the same account, players will be able to jump between our soon-to-be mobile optimized platform from small screen devices to their desktops and back again with the ease they demand.
What About Security?
Security is paramount when it comes to user data, and DAOBet is taking a fully responsible stand on the issue. Only the keys that are associated with the game are stored on the server. All other elements are stored privately on the user’s device. If the wallet user wants to back-up their keys on the server, then they must explicitly consent to this. To make full use of all the functions available in DAOWallet, the user will have the opportunity to go through the KYC procedure. The alpha version of DAOWallet will not require any KYC.
DAOWallet: Main Functions
In addition to acting as an access point to the DAOBet platform, the wallet will be a multifunctional tool and gateway into the world of crypto.
DAOWallet will have a number of very useful features, one of which is the opportunity to receive the cryptocurrencies onto accounts accessible through the DAOWallet interface. After the registration, the user will have access to BTC, ETH and BET, and will have the ability to add custom ERC-20 tokens by default. This function will be available in the release version of DAOWallet. Users will also be able to buy the BET tokens using the other cryptocurrencies, payment systems or even credit cards. Such broad functionality of the wallet is intended to let users keep on playing with ease!
Fully functional sales operations will be integrated into the wallet, as it can also be used to sell BET and receive other cryptocurrencies, or transfer top up balances to payment systems or credit cards. Cryptocurrency exchange is also a part of the wallet’s functions, as it will give the ability to exchange cryptocurrencies between the accounts inside the wallet. But that’s not all, as users will be able to send cryptocurrencies from their wallet account to another account that is not included in the DAOWallet interface for greater interaction opportunities with other users or with other wallets.
No wallet is complete without a proper connection and DAOWallet means to be a wholesome offering in every respect. Users will be able to connect accounts from other blockchain networks and display them in DAOWallet. To make sure that integration with the DAOBet platform takes place as smoothly as possible, the wallet can be used to log into the DAOBet platform. This way, users will be able to try their luck using the funds they have on their accounts in their wallet.
Since convenience is paramount when speaking of wallet interfaces, the DAOWallet’s main screen and the account screen will display the cryptocurrency conversion rate relative to the main fiat currency of the user's wallet. By default, the currency will be USD, but the user will be able to set another currency that they deem more convenient. By default, the exchange rate for the last 24 hours will be displayed on screen, but the user will be able to switch to an overview of the rate for the last month. Needless to say, all transaction-related information will be available through the blockchain explorer network. The transaction’s status will be displayed in the DAOWallet transaction history.
Convenience does not end with interfaces, as it extends to customer support - the most important aspect of catering to users. That is why the DAOWallet support team will be available for contact with the Alpha Release through Telegram group or @DAOWallet_support account directly for any issues or troubleshooting.
You can access DAOWallet alpha right now. The full version of DAOWallet will be launched just after the DAOBet Blockchain Mainnet release to make sure all integration and technical issues have been resolved.
Just Do It!
Playing games and enjoying the myriad opportunities offered by the gaming industry does not have to be a challenge, it has to be a seamless, enjoyable and convenient experience. That is why DAOBet is marshaling forward by developing the new dApps to improve the onboarding and gaming experience for its users. DAOWallet is one of the building blocks we will be placing in our mission to create the most easy-to-use and convenient platforms ever in the iGaming industry!
Get ready for the upcoming release of DAOWallet, and stay tuned for more news and updates from DAOBet!
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