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This article will introduce you to blockchain-based lotteries, including examples from around the world, as well as provide essential details about how they operate and why you should consider playing with a blockchain-based lottery instead.
What is a blockchain-based lottery?
A blockchain-based lottery is a type of digital lottery that uses a blockchain to track the outcomes of every draw. Now, imagine if you will, that you purchase a ticket for the next daily draw of the Mega Millions or Powerball.
The tickets are distributed to all participants in the lottery network and are securely recorded onto a blockchain. Each customer who purchases a ticket can back their claim with a cryptocurrency, such as Bitcoin (BTC) or Ether (ETH). This way, the organization maintains all the necessary legal documents and regulatory compliance while keeping the winning process as transparent and secure as possible.
How blockchain-based lotteries work
A blockchain-based lottery uses a decentralized, public ledger, also called a blockchain, that is distributed among all participating operators. Participants in the lottery network, such as retailers, operators, and players, contribute computing power and/or storage to manage and maintain the blockchain by running nodes on their computers.
Bots and/or humans play the role of the randomly selected players through a software program on the computers. The computer program uses the blockchain to record the details of the draw and payout.
Pros of using a blockchain-based lottery
As we’ve already discussed, the main advantages of using a crypto gambling based lottery are transparency and security. When the drawing process is automated and distributed, there is no single point of failure. All the network participants are aware of every draw and can ensure that the system is working as intended.
Transparency is one of the main benefits of decentralized systems, as the public record of each draw is available to everyone. This is probably one of the key factors that attracted a lot of attention in the early 2000s when bitcoin was born.
Security is another important advantage of blockchain-based lotteries. Because the system is decentralized, it is very difficult to hack. Moreover, the fact that all the necessary information is stored on a distributed ledger means that it is almost impossible to tamper with or modify the data. This security extends beyond the computer network as well.
The blockchain ledger is immutable and permanent, meaning that it cannot be altered or deleted. This makes the system very safe, especially when you take into account the fact that it is distributed and open source.
Trust is the key to any successful business relationship. You need to be able to rely on your suppliers to deliver the goods and services you order. You should be able to trust them with your money. These are some of the main benefits of using a blockchain-based lottery. Now that you know what they are and what they do, you will better understand how they can help you when playing online lotteries.