John Grinder

27.06.2018 10:50

Are the blockchain lotteries really completely clear?

The appeal of easy profits has always led people into traps, causing them to simply leave empty-handed or even to face rough consequences. However, there are always the lucky ones, those who win the game and take the prize, being either lucky or smart. If you win or lose once and feel the thrill of the game, this is a vicious circle - whatever you’re getting into, it is serious.

Clear like crystal? Yes - blockchain lotteries are!

Clear like crystal? Yes - blockchain lotteries are!

This is why the lotteries and gambling are so popular, and, as soon as the Internet spread across the world, online gambling started to gain momentum. Most people, when they hear “online gambling” judge it without even knowing what it really is, that it includes poker, casinos, and sports betting or that it is legal in most developed countries. It is indisputable that the phenomenon had a long story since 1994, when the first online casino was launched, that at the beginning of the story, when the regulation was weak, and people weren’t well-informed, frauds and cheating were thriving.

Things were little different for online lotteries - though they have always set itself apart from online casinos, for some reason they are frequently mistaken for them. From the beginning, lotteries were pretty transparent, with strict guidelines and therefore decent stability. Although some people expressed no confidence in its credibility, this type of online gambling has become popular very quickly.

With the blockchain technology, everything gets even better. That has become a key to solving problems for online gambling sites, leading them to the new level of transparency and credibility. To understand its mechanics, one should understand how the blockchain itself works - a digital ledger sequentially records available publicly online transactions, using digital assets. The technology consists of neutral entities called blocks, each of them is interconnected in a network called a blockchain. It also implies that any record passing through the chain needs to have the correct value in each block, making transactions transparent and accurate.

This allows casinos to reach a new level of credibility, being completely decentralized and providing a fair system for the industry. But what about online lotteries, this is a radical change of its essence that makes the game crystal clear. Conducted by smart contracts, the lottery doesn’t imply any human intervention and excludes the possibility of a deliberate selection of winning numbers. Statistics are fully transparent, including incomes and costs, and national and state monopolies are eliminated.

Recently, the blockchain industry has welcomed a new member - Fire Lotto, it is a cryptocurrency-based fully decentralized lottery platform with a difference. The unique project has the Ethereum prize fund over 1200 ETH and is constantly growing, controlled by the smart contracts without any third party. It offers two types of the lottery: draw based lotteries and instant-win lottery games, each of them available to everyone and entirely transparent.

Data is in free access, making the statistics clear and the platform independent, whereas the winners are completely safe due to their anonymity. 24/7 operations make a player’s chances of hitting the jackpot 30 times higher than in a traditional lottery, with comparable fund sizes. Beyond that, Fire Lotto has no borders, as everyone can share in the profits by purchasing FLOT tokens, traded at five exchanges. The project is continuously developing, and new games are being added as Fire Lotto quickly gains popularity worldwide.

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