Man has always been fascinated with gambling and other games of luck such as lottery. We’ve been playing lottery as early as the 14th century and are still enamored with it. The sense of hope and excitement that gambling brings is simply priceless. Imagine the thrill and happiness you’d feel once your ticket numbers get drawn at the Singapore Pools Results or in any local lottery. After all, who doesn’t want to win?
It’s not surprising how gambling continues to thrive and draw more players. In fact, in 2016, the American Gaming Association noted a record setting year for America’s commercial casino industry as it reached a total of $38.96 billion to post a 1.1 percent increase. Meanwhile, the global lottery industry is estimated to be ten times bigger than the US casino industry. The proliferation of mobile phones and wider Internet coverage has increased the market share of online gambling. But one technology that is predicted to revolutionize online lottery is the blockchain technology.
With blockchain technology, players are guaranteed with an open, indisputable and transparent lottery system. Unlike in the past wherein players would rely on pure luck, crypto-based lottery ensures the maximum transparency in the game.
To date, there are three blockchain-based platforms (FireLotto, Kibo and Trueflip) where you can play online lottery. In a blockchain-based lottery, the original code is open to all so everyone can check the game’s ‘mechanics’ or how winning numbers will be drawn. Aside from a transparent code, distributed network is not regulated by any country. And since the winnings are paid in cryptocurrency, the winner is paid immediately.
Make your own lottery
At present, lotteries are usually being run by private companies (or the government, in some countries). The problem, however, is that these ‘middlemen’ are not guaranteed incorruptible and sometimes charge exorbitant fees. There’s always a doubt that these game organizers might rig the draw which makes lottery less trusted. By removing this layer, lottery can become more efficient, trusted, and transparent.
With blockchain technology, anyone can design and run a fully decentralized and fair online lottery system. In order to start a lottery, interested parties can purchase a franchise under any of the crypto-based lottery platforms. A core function will then be developed based on your game ‘mechanics.’ This code will randomly generate combinations based from the number of registered players.
The traditional way of generating random numbers in the blockchain is not reliable since miners can potentially manipulate the generated numbers. Moreover, since the result is open to all, it can also be predicted. To address this, blockchain-based online lottery uses a “datasource” that receives random numbers from an impartial, transparent source. It comes with an onchain proof verification and is recorded in a digital ledger that can be verified by anyone. Different blockchain-based platforms will have unique system architecture to ensure the security of the game.
Blockchain technology will have a huge impact on the online gambling industry. With so much transparency and openness, skeptics of lottery may finally be convinced to try their luck in this game. With such a promising future ahead, it’s not surprising why many are interested to invest in ICOs that are inclined in the blockchain based lottery.