IOST’s Progress In Compliance With Japanese Blockchain Regulations
With the advancement of compliance in digital assets, many countries and regions have released related regulations and guidelines. As one of the most mature blockchain markets, Japan is also the earliest country to regulate blockchain industry and provide legal assurance. Back to May 25, 2016, the amended Act on Settlement of Funds was passed and enacted, then taking effect on April 1st, 2017. In order to comply with Japanese laws, IOST has been actively encouraging DApp development teams to build DApps of real usability, while working with casino DApp teams for compliance solutions since 2019 September.
IOST respects rules and regulations in every market. So, it has informed every casino DApp to block IPs of users from China and Japan and has never promoted DApps with risks among its community, as well as making the effort to keep users aware of the risk of casino DApps. IOST promises to continue to do so in the future.
Open-Source Platform Management
As an open-source platform, IOST allows any developer to build upon its protocol. Hence, the IOSFoundation does not interfere directly with the development of any DApp or its business model. However, the Foundation communicates with developers on a regular basis, offering suggestions regarding regulation compliance, long-term operations and the construction of a healthy DApp ecosystem.
IOST DApp Ecosystem Overview
IOST now has already stood out as a public chain with a healthy and balanced DApp ecosystem. According to two of the most authoritative DApp platforms, DAppRadar.com and DApp Review, there are 52 DApps launched on IOST mainnet in April 2020, increased by 3 compared to October 2019.
The present IOST DApp ecosystem consists of 6 decentralized finance DApps (like IOST Voter, OTB decentralized exchange), 25 game DApps of various categories (including Shooter, an action games; Xpet, a strategy games; Crypto Sanguo, a role-playing game; 2048, a puzzle game, etc.), 10 casino DApps and 5 tools for users to take use the mainnet. Meanwhile, we see the number of casino DApps dropped from 11 to 10, accounting for less than one-fifth of all IOST DApps now.
To take a closer look into casino DApps in IOST ecosystem, we extracted statistics of three key measurements and two time dimensions: Daily Active User (as of April 7th), 7-Day Active User (as of April 1–7), Number of Transactions (as of April), 7-Day Number of Transactions (as of April 1–7), Transaction Volume (as of April 7th), and 7-Day Transaction Volume (as of April 1–7). See charts below.
It can be seen that casino DApp user volume is significantly smaller than that of other DApps, constituting less than 15% of the total user volume of all IOST DApps, decreasing from 20% of last October (see the chart below). Meanwhile, the 7-day transaction number for casino DApps represents less than one-fifth of the whole DApp ecosystem, while the 7-day transaction volume taking up less than 2%, indicating a gradual decline from last October (20.55% and 2.85% respectively.)
Establish Industrial Standards To Promote Compliance Progress In DApp Industry
The unpopularity of casino DApps on IOST was contributed by IOST’s continuous and various effort in supporting non-casino DApps, through grants, promoting, communicating with casino DApp teams, as well as keeping the community aware of the risks of playing casino DApps.
IOST will continue to actively develop its DApp ecosystem while striving to increase the diversity and usability of DApp ecosystem. So far, it has successfully attracted a great number of developers with its Featured DApp Program to build on IOST mainnet, and launched a number of quality DApps: OTB decentralized exchange, CryptoNinja, Herorats, XPET, IOST Crypto Sanguo, and Eternal Fafnir.
Meanwhile, IOST is dedicated to establishing the industrial standards and embracing compliance in different countries, to promote the legal development of DApp ecosystem. As an open-source platform, IOST tries its best to purify the DApp ecosystem through communication with developers and support for non-casino DApps of real usability, while ensuring the maximum level of decentralization of the mainnet.
Thanks to the initiative taken by IOST to promote its DApp compliance progress, we have witnessed a number of concrete results:
- The amount of casino DApps is below 15% of all DApps
- Active users of casino DApps only represent less than 15% of the total user volume.
- Transaction number and volume for casino DApps represent less than 20% and 2% of the total respectively
- Chinese and Japenese IPs are blocked by all casino DApps
Meanwhile, IOST will continue its effective methods to promote DApp compliance progress:
- Address the risks of casino DApps through community announcements and daily notifications, to remind users of the risks of asset loss and addiction.
- Enhance communication with casino DApp teams and provide guidance and necessary monitoring.
- Promoting the development of quality DApp with real usability by providing support.
A sound level of compliance is critical for unleashing the potential of blockchain and promoting its mass adoption, and to ultimately share the benefits of blockchain technology with more people. IOST stands out for demonstrating the highest level of compliance in DApp ecosystem among mainstream public chains, including Ethereum, and believes that its efforts in compliance progress promotion will set a good example in the industry, and to further boost the progress in accessing the Japanese blockchain market.
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