Blockchain Lottery Platform – A complete metamorphosis of lottery!

Blockchain lottery platform is a whole new form of lottery compared to traditional lottery we are used to. This unique form of platform is the result of Blockchain lottery development, creating new interest in the lottery ecosystem. Still enjoyed by many, lottery is a form of gambling, giving a new experience open to almost everyone interested in it.

What is the concept of blockchain lottery and why you should try it out?

As depicted by companies offering Blockchain lottery game development services, traditional lottery has been through many challenges and is struggling to keep up with its existence. But the story is different with blockchain lottery as it works totally based on blockchain technology which helps in solving the key challenges by offering fairness of the game. With blockchain lottery, the process remains the same but is very transparent as everything like participant data, winners, and draws are totally recorded on the publicly verifiable ledger system.

Blockchain lottery can be best to try out because everything is automated by running through smart contracts which reduces the risks of error without any human intervention. According to the platform developers of a Blockchain application development company, blockchain lottery offers more to the people participating in the game. The Blockchain lottery is fully decentralized and the process is transparent, affordable, and stackable. A blockchain lottery platform is totally out of reach of centralized bodies, but still facilitates compliance along with regulations and local practices in the region of lottery’s operation.

Some popular blockchain lottery can be listed as –

•    Pool2Gether
•    ICONbet DAOLottery
•    $ICX Staking Losses Lottery
•    PancakeSwap

How a lottery platform works and functions?

With Blockchain lottery development, new lottery platforms are being developed and playing blockchain lottery is as simple as it sounds, and it has transformed the way we deal with payments and transactions. For being a blockchain-based network, the lottery platform is virtually impenetrable and is totally. However, to start enjoying the game of blockchain lottery, a player has to start according the steps that are absolutely necessary to be followed –

•    Step 1: Registration on the platform
The lottery players have to sign up on the platform for participating in the game of lottery and also to become a member as well. To sign up on the platform the only requirements to be fulfilled by players is to provide their name, wallet address, email Id, and phone/mobile number. On successful registration and sign up the players will receive notifications and alerts regarding the lottery ticket openings.

•    Step 2: Announcement of ticket openings and smart contract deployment
Ticket openings announced by the platform admin and the notifications will be sent to the registered players or the platform users. Once the ticket openings are announced, a smart contract will be deployed where all the predefined rules of the lottery game will be fed into the system, making the system fair and transparent. With smart contracts working in the background ensures that information is equally shared with the stakeholders in the system offering privacy and data security. The players can purchase lottery tickets using cryptocurrencies, but their identities will remain unattributed.

•    Step 3: Generation of random number and storing its records in the blockchain
A random number generator based on blockchain generates numbers according to the algorithm of the smart contract. The algorithm is totally dependent on the immediate random blockchain transactions. A winning number sequence is generated on pulling a specified amount and order of numbers. The randomly generated numbers are then matched to the player’s ticket number and the lottery reward is automatically transferred or sent to the respective wallets.

•    Step 4: Keeping track of transaction records
As the lottery transactions on the platform are recorded on the blockchain letting the players track the history of the transactions. This provides information about who won the last jackpot and if the commissions are paid according to the smart contract or not.

With the introduction of blockchain lottery, Blockchain development in Kolkata is undergoing huge transformation and a blockchain lottery platform is a part of the development process. If you are into lottery, then it would be best to give it a try to this new form of gambling without any foul play and scams in the ecosystem.