Cryptocurrencies and various DeFi products have become familiar and widely spread around the world, but the blockchain technology and the decentralization principle, which it implements, can potentially be applied in other areas, for example, in gambling. How it works and what it gives, let’s figure it out.
So, a lottery is a well-known type of gambling, the history of which apparently began in the 15th century (or even earlier), and during all this time its essence has not changed. Players make a combination of numbers and/or letters, and if your combination matches the one that appeared as a result of a drawing, you win. Like many other things we are used to, lotteries are gradually moving online, and if you enter a query like “play a lottery online” now, you will find a bunch of options for games on a variety of platforms. But, although there are a lot of providers on the market, almost all of them have several fundamental problems that slow down the development of this market segment:
Confidence. You can almost never be sure of the fairness of a drawing, which means there is room for manipulation. Therefore, it is very difficult to accurately assess your chances of winning.
Problems with withdrawing money. Even if you won, in order to withdraw your money, you will have to go through a series of procedures, register it with the tax office, and so on.
So how can blockchain help with it? As for trust, due to the distributed ledger, absolutely all operations in the network are recorded and stored on all nodes of the network, which means that no one can do anything secretly. And smart contracts provide automatic execution of the rules of the game. And the problems with the withdrawal of money are solved by the fact that bets are made not in fiat currency, but in tokens, or coins, in which the winnings are accrued.
So let’s take a quick look at an example of such a decentralized lottery, Magic Lotto
Magic Lotto review
The Magic Lotto platform is based on the Qchain ecosystem and offers several popular lottery formats around the world: Lotto 6/49, Joker Ball, 7 Plus Lotto, Free Magic Lotto. To start playing, you have to register and exchange your fiat money for QDT tokens in a specialized exchanger, which is used here as the internal currency.
The drawing process takes place once a week, and if a player guesses several numbers, or a complete combination, he/she automatically receives a winning and notification about it. And after that, the money can be instantly withdrawn through the same exchanger. In addition, an affiliate program has been launched on the Magic Lotto platform. Users who have invited their friends here will receive bonuses from all the winnings of these friends and their invited friends (up to level 3)
The main advantages of the Magic Lotto platform are:
Completely fair and transparent play, which provides an opportunity to statistically accurately assess your chances of winning. At the same time, any manipulations are excluded.
Simple and quick withdrawal of winnings in tokens through the exchanger.
The ability to earn additional funds from invited players.
Simple, intuitive, and attractive interface.
We believe that due to appearing decentralized products on the market, various schemes of deception and fraud will become a thing of the past, and Magic Lotto is one of the first platforms on this way. Only pure joy from the game will remain.