Bitcoin and crypto lotteries are all the hype in the online gambling industry these days. With rising global interest in online gambling, the industry is currently valued at over $59 billion. According to a Statista prediction, the industry will peak to almost $93 billion by the end of 2023.
Even though casinos went from the brick and mortar model to a digital space where people from all over the world meet and bet their money, the lack of trust in the fairness of the system remained. The current system makes it almost impossible to know the fairness of the game people bet on. Even if the online casinos operate fairly, they have no means to prove their fairness as the system is centralised and can be altered at any instance.
As a problem solver, we saw the rise of online casinos that use immutable blockchains as their core technology. In addition, these casinos or lottery platforms use transparent, secure, and internationally accepted cryptocurrencies. Commonly known as Bitcoin casinos, these lottery or casino games allow the use of a wide range of cryptocurrencies such as Ether, Litecoin, and Tether.
Cryptlottery is one such online lottery game that decentralises the game’s algorithm and brings more trust to the world of online gambling.
What is Cryptlottery?
Cryptolottery can be categorised as a Bitcoin lottery game. Built on top of the Alacrity network and smart contracts to deal with unfair results that are otherwise quite common in online lotteries. The decentralised ledger technology at the core of Cryptolottery negates the need for an intermediary to operate the lottery games. Cryptolottery rather uses smart contracts to operate the games.
These smart contracts are coded to make their own decisions based on real-world input they receive. They can perform every task that earlier required manual operation, whether it is operating the games, taking bets, choosing winners, or sending out payments.
The inability to make any changes to smart contracts adds an additional layer of security and fairness to Cryptolottery.
What makes Cryptlottery stand out?
Online lottery games rely heavily on the process of random number generation (RNG). Even blockchain-based cryptocurrency lottery games such as Cryptlottery use RNG to process the tickets in a game and select the winners.
Different lottery platforms use different approaches to generate random numbers for their games. In many cases, these platforms use a technique where they provide the seed directly to the smart contract for generating tickets and selecting winners of the games. And these techniques may be predicted by hackers, making the game susceptible to bias and alterations.
Cryptlottery, on the other hand, allows its players to directly provide the seed in the form of a word that is hashed. This makes the input seed truly random as players may provide any seed to the smart contracts without depending upon any predictable algorithm. The smart contracts then use the random seeds to generate random numbers that are impossible for anyone to predict. Thus, tampering with the game results becomes almost impossible.
When the game ends, the hashed words are revealed. Someone may try and predict the result then, but the game would have already concluded by that time.
Cryptlottery is a next-generation blockchain-based cryptocurrency lottery game. It not only makes the data of users safe through the use of blockchain but also ensures true randomness in the game’s results by not relying on a third party and predictable source for the randomness of the smart contracts. With the highest levels of security and fairness, Cryptlottery is poised to be one of the best lottery platforms for cryptocurrency users.