Guerilaobz21
Nickel Bitcoiner
Nickel Bitcoiner
Posts: 20
Joined: Wed Jan 16, 2019 1:25 pm

The impact blockchain could have on traditional lotteries

Fri Jun 19, 2020 7:55 pm

The gambling industry experienced massive growth during the COVID-19 pandemic lockdown. However, the current lottery model is severely outdated and it seems many users are switching to decentralized platforms in search of efficiency and


The main reason? Lack of transparency

Without a doubt, the biggest problem is the way traditional lotteries operate. Due to the fact that they are centralized, the lottery organizers have complete control over multiple factors: what exactly happens to the money obtained through ticket sales? How to configure the RNG mechanism? How to generate winnings? Have you accumulated jackpot prizes?
hen and where-the list goes on. As a result, the general confidence in lottery tickets and their fairness is decreasing, which has led to the belief that organizers are the most profitable organizers.

This is not far from the facts; historically, there have also been cases of fraud in national lotteries that should have been cleaned.
Moreover, up to 50% of the total funds obtained through lottery sales are used for jackpots. With the extremely low chance of winning big prizes on astronomical numbers (1 out of 14 million wins 6 out of 49 Powerball), this is not economically favorable to participation in the lottery. In fact, according to financial and mathematical experts, depositing money in a piggy bank is much better, even the inflation rate will not reduce your wealth with the same effectiveness as the normal lottery.

Blockchain and the lottery Blockchain properties can achieve completely new transparency without adverse effects.

Unlike the traditional lottery, where everything happens behind the scenes, blockchain records all transactions and nothing can be changed by any part involved in the transaction without being detected by the network, making it an ideal system to prevent manipulation. Ticket buyers are very aware of where the money goes after the ticket is purchased - smart contracts automatically perform transactions according to a set of predefined rules accessible to the public.

Resource and more info about that matter: https://ihodl.com/analytics/2020-06-12/how-blockchain-technology-can-disrupt-traditional-lotteries/

Personally I don't trust the current Systems, and the number I don’t play the lottery is because I don’t believe them. It’s government-run. If it was on a smart contract (eth chain) that I can read then I would be more inclined to throw my money away playing the lottery.

BitcoinQueEs
Nickel Bitcoiner
Nickel Bitcoiner
Posts: 13
Joined: Mon Jun 22, 2020 4:41 pm
Contact: Website Telegram

Re: The impact blockchain could have on traditional lotteries

Mon Jun 22, 2020 5:06 pm

Interesting. Governments probably don't want to give up their monopolies on lotteries considering it makes them some good revenue. It would be interesting if states would test out a blockchain-based solution, though.

OneChain
Silver Bitcoiner
Silver Bitcoiner
Posts: 1088
Joined: Sat Aug 19, 2017 10:11 am
Contact: Telegram

Re: The impact blockchain could have on traditional lotteries

Tue Aug 25, 2020 4:48 pm

It's a lottery in itself ha ha
Whichever chain wins,the world wins ImageImageImageImage

Return to “Development & Technical Discussion”

Who is online

Users browsing this forum: No registered users and 3 guests