If you have been paying even an ounce of attention to the world of crypto then you are certainly aware of the fact that Tron (TRX) is becoming bigger and better. Not only is the digital currency known for championing some of the most innovative decentralized applications but it is respected by many authorities in jurisdictions all over the world because it adheres to existing regulation and believes that it is better to work with regulators instead of opposing or competing them.
The Tron network has been growing and this growth is largely due to gambling which is its primary use case. According to a recent report from the Dapp Review, an analytics group, the network has transacted $1.6 billion in the first quarter of 2019 and most of the 430,000 users who participated in these transactions were mostly involved in gambling activities.
When compared to other digital currency networks, Tron has a clear lead over all of them – for instance, on March 15, the Tron saw transactions amounting to a whopping $102 million while EOS only managed $16 million and the big Ethereum network traded less than $4 million. Ironically, Tron was once part of the Ethereum network before becoming independent in June 2018. After that, gamblers, who are the main users of the networks, began to shift away from ETH citing complaints about the rather high fees imposed by the network.
Tron took advantage of the market dynamics and built a huge business using gambling dapps which provided huge volumes and awesome numbers. Because of these dapps, the Tron network continues to grow and now boasts of a total of 2.3 million accounts and 246 active dapps as of this writing.
Monetizing Development Through Gambling
Gambling is quite a huge deal for a variety of reasons and the most prominent ones right now are demand and decentralization, that is, the huge demand for gambling is being satisfied by decentralization since there are still very many governments that frown at the concept. For developers, gambling is a quick way for them to monetize their work – the activity generated quick profits which means that they can get money very fast from their effort.
Initially, the Tron Foundation declined to talk about its ties to gambling but it is obvious that they are important especially in countries like China where gambling has been banned. While the company does its best to comply with the laws of such jurisdictions as China, people have still been able to use VPN and the blockchain to keep gambling. The Tron team has capitalized on this and in the first quarter of the year have raked in $9 million in revenue.