A Decentralized Blockchain-Based Lottery is the Fairest One

Lottery. People around the world have been playing this game for more than 200 years (even more in fact), and during all this period its concept has remained unchanged. A player has to buy a ticket and guess a certain sequence of numbers and letters. The one who guesses that gets the main price – a jackpot. The basic principle has remained, but the form has changed. Now virtual games are gradually gaining popularity. But despite the growing popularity of lotteries, several quite significant problems remain unresolved.

Transparency. This is the biggest problem. In fact neither state control services, nor auditors, in a word, no one can guarantee you a fair drawing, and this repels many potential players.

Receipt of winnings. Even if you are lucky enough and you won, do not rush to rejoice. First, you will need to officially register your winnings with the tax office and pay tax on it. Sometimes it can take quite a lot of your time and money.

Limited access. There is also such kind of a problem when, due to the lack of access to payment or banking systems, there is a restriction on the purchase of lottery tickets.

Blockchain is the solution to the problem

And how can blockchain help in this case? It’s all about smart contracts and a distributed ledger. Any operations that take place in a decentralized network are recorded in a distributed ledger, which is stored on all nodes in the network, which means that no one can do anything secretly and in a hidden way.

Besides, self-executing smart contracts are used to conclude transactions between the parties, so that trust between the parties to the transaction is not necessary at all. The terms of the contract will be fulfilled in any case, and the smart contract is responsible for this.

Let’s take a look at the example of the Magic Lotto blockchain lottery based on the Qchain platform. Before starting to play, a user registers in the system and downloads the application (node) for the device used (Windows, Mac OS, iOS, and Android), then a player has to exchange fiat funds for local QDT tokens (they are used here as the internal currency).

And that’s all, you can place your bets. You can buy and sell tokens on an exchange or through a specialized exchanger.

This greatly simplifies the withdrawal of winnings (another significant problem of classic lotteries). Besides, in Magic lotto, they have a referral program, when players receive bonuses from the winnings of people invited (up to 10% in total), which will even allow them to receive passive income.

So what do the players of such a decentralized Magic Lotto get?

Completely fair drawing, thanks to the decentralized network. Your winnings are statistically predicted, and thus develop your own game strategy based on that.
No problem in getting your winnings. You, as a winner, are automatically credited with funds that can withdraw money immediately without any problems.
Bonuses from invited players up to the 3rd level.

Thanks to all of the advantages listed above, blockchain lotteries such as the Magic lotto are likely to revolutionize this market segment very soon and it’s just a matter of time. Well, we all, as users and players, will only benefit from this.



Matt Williams is the founder and CEO of Add USA Story - A platform for global startup, looking to find happiness in the world of startups, investments, health, technology, business and more.

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