It was in December that the Ethereum protocol was used to built and launch an international Blockchain lottery named Fire Lotto.
The growth of digital economy has created multiple challenges for the lottery industry.
But experts are of the view that innovation of the global lottery industry would be possible by the lottery game that is built on the Ethereum blockchain. This is something new and it was not possible until recently to create a completely transparent and non-centralized system for betting. The problem of single server online betting that could be owned by a single person can be resolved by blockchain technology.
The use of the cryptocurrency ETH as a primary method of payment has enabled the creation of Fire Lotto lottery tickets that are near to impossible to forge. This also makes the collection and distribution of bets and payments of winnings completely transparent.
"Worldwide demand for truly transparent, fair services has grown alongside the advance of technologies that enable the change. The distributed, decentralized nature of blockchain technology offers tremendous opportunities for financial technology innovation, and, similarly, for gaming industry modernization", the company says.
The functioning of the Fire Lotto lottery is very straightforward. The funds that are collected from sale of tickets are used to create the prize pool. Play happens by players being allowed to guess the correct sequence of numbers as happens with other lottery systems. Both online and offline systems can be used.
There is also the instant lottery called Roger's wheel, which has a fortune wheel with 21 numbers. Bets starting from 0,007 ETH are allowed with coefficient from 2 to 20. A winner would be one who guesses the right number and given the bet multiplied by a chosen coefficient.
3000 ETH (~ USD 1,000,000) for the 6/45 lottery is the fixed and guaranteed minimum size of the jackpot. The prize is enhanced and rolled over to the next draw in case there is no wined of the main prize in a draw. And until the winner of the jackpot is found, the prize would continue to get bigger. Depending on the accuracy of the player to predict lottery numbers, the new ethereum based lottery also has five prize categories where each of the categories has a different prize amount.
Fire Lotto Lottery has been already launched in the Ethereum test net.
(Source:www.prnewswire.com)
The growth of digital economy has created multiple challenges for the lottery industry.
But experts are of the view that innovation of the global lottery industry would be possible by the lottery game that is built on the Ethereum blockchain. This is something new and it was not possible until recently to create a completely transparent and non-centralized system for betting. The problem of single server online betting that could be owned by a single person can be resolved by blockchain technology.
The use of the cryptocurrency ETH as a primary method of payment has enabled the creation of Fire Lotto lottery tickets that are near to impossible to forge. This also makes the collection and distribution of bets and payments of winnings completely transparent.
"Worldwide demand for truly transparent, fair services has grown alongside the advance of technologies that enable the change. The distributed, decentralized nature of blockchain technology offers tremendous opportunities for financial technology innovation, and, similarly, for gaming industry modernization", the company says.
The functioning of the Fire Lotto lottery is very straightforward. The funds that are collected from sale of tickets are used to create the prize pool. Play happens by players being allowed to guess the correct sequence of numbers as happens with other lottery systems. Both online and offline systems can be used.
There is also the instant lottery called Roger's wheel, which has a fortune wheel with 21 numbers. Bets starting from 0,007 ETH are allowed with coefficient from 2 to 20. A winner would be one who guesses the right number and given the bet multiplied by a chosen coefficient.
3000 ETH (~ USD 1,000,000) for the 6/45 lottery is the fixed and guaranteed minimum size of the jackpot. The prize is enhanced and rolled over to the next draw in case there is no wined of the main prize in a draw. And until the winner of the jackpot is found, the prize would continue to get bigger. Depending on the accuracy of the player to predict lottery numbers, the new ethereum based lottery also has five prize categories where each of the categories has a different prize amount.
Fire Lotto Lottery has been already launched in the Ethereum test net.
(Source:www.prnewswire.com)