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BitWin24 takes the first step in reinventing blockchain lottery
Bitcoinist | Apr 02, 2020 | 11:42
With the advent of blockchain technology, many industries were faced with a revolution. Blockchain completely reinvented the way we exchange data, which presented new opportunities and allowed for a higher degree of transparency, security and data immutability.
Companies from the financial sector were among the first to adopt blockchain since the technology found its most natural use case in monetary transactions. From there, other sectors were quick to pick up on the potential benefits the newly created technology had to offer. Gambling was among the first to follow – from online casinos to lotteries, both newly founded and experienced companies ventured into the depths of blockchain in order to become pioneers by transitioning to the new world offered by the technology.
Blockchain-based lotteries are not a new concept – the technology perfectly synergizes with the requirements of the ideal lottery, which are complete transparency and immutability of draws and jackpot payouts. Several projects over the last few years have attempted to design the perfect blockchain lottery that adheres to these standards, but only a few managed to create them and even fewer to remain competitive on the market – until now.
Meet BitWin24
BitWin24 is the first blockchain lottery that offers an innovative way of generating the winning draws, which guarantees complete immutability of the outcome. It is also the first lottery to implement master nodes, which allow for passive income generation for BWI users through the validation of network transactions on the blockchain. The minimum collateral of just 3000 BWI makes master nodes are easily accessible to virtually anyone who can provide the technical infrastructure. With a guaranteed ROI of 200% for the first 14 million BWI coins, they offer an additional way for dedicated users in the BitWin24 ecosystem to generate income. What is more, BitWin24 allows its users to refer friends and get the unique possibility to win a small fraction of every jackpot any of their referrals earn, resulting in a so-called “win-chain” scenario. This is far better than earning a fixed referral commission, which is limited to a certain amount and does not incentivize active referral activity. Last but not least, the blockchain lottery provider offers to stake for traditional investors that rewards them with various rewards just for depositing BWI coins in their BitWin24 wallets and holding them, increasing these rewards proportionally to the stake they own. This particular model that allows multiple ways of passive income generations enables BitWin24 to drive the adoption of the lottery to a global scale, which increases the participants and the jackpots exponentially.
The issues with traditional lotteries and how BitWin24 resolves them
The concept of RNG (random number generation) with traditional lotteries is usually based around the mechanical drawing of a combination from a set of numbers. Although seemingly transparent, this method does not guarantee complete fairness of draws. The BitWin24 lottery uses a unique way of determining the winning draws that are completely fair. Winners are determined based on a randomly chosen Bitcoin hash at a certain time, which is not known in advance, thus making it impossible for BitWin24 or any other party to manipulate the outcome of the draw.
Another issue with traditional lotteries are unpaid winnings – due to the highly sensitive nature of personal data when it comes to big payouts, the jackpot winners are usually not disclosed. This allows the lottery to simulate a jackpot hit for marketing purposes when there was no winner at all. What is also possible is to reduce the jackpot amount that is supposed to be paid out to the winner based on various artificial circumstances. With blockchain, these problems are a thing of the past – by using a completely digitized, automated and transparent method or drawing the winning combinations and paying out the jackpots, everything runs like a well-programmed software where the human factor is no longer a variable in the equation. The only point of failure occurs if more than 50% of the nodes in the blockchain network are compromised, a scenario that is highly unlikely to happen.
Unlike traditional lotteries that have a limited price pool due to the geographical restraints, blockchain lotteries like BitWin24 are accessible globally and thus have an unlimited ceiling. This means that you can potentially earn much higher rewards than ever before, without having to pay higher entry fees.
While traditional lotteries require you to purchase a ticket the old-fashioned way, with online lotteries, you don’t have to leave the comfort of your home. With the biggest concern still being the complexity of blockchain as a concept, including crypto wallets and transaction addresses, blockchain-based lotteries have to still overcome this obstacle if they are striving for widespread adoption. Having acknowledged that, BitWin24 has designed the lottery to be as easy as possible for everyone to participate – after a simple registration process through the proprietary developed web or mobile app, you get access to BitWin24 at your fingertips anywhere, at any time. By supporting BWI, BTC and FIAT currencies, BitWin24 offers flexible payment methods, which means you don’t have to find additional ways of converting your funds to a specific currency through a third party. Furthermore, registered users have access to a comprehensive history of their past draws in their account dashboard, allowing them to keep track of the bets they placed.
Last but not least, it is worth mentioning that BitWin24 is dedicating 2% of the prize pools to social and charitable causes related to providing better education, healthcare, solutions to environmental protection and many others. With the expected exponential growth of the ecosystem thanks to the growth mechanisms that the team has implemented, this will result in considerable donations to goodwill causes continuously in the long term. Giving back in the greater good is an essential corporate philosophy of BitWin24 that is shared among every member of the team.
The future of blockchain lotteries
By offering an innovative way of drawing the winning combinations and ease of use, BitWin24 removes the traditional barriers that blockchain-lotteries are faced with. Master nodes and the referral system allow BitWin24 to considerably incentivize its widespread adoption and overcome the main obstacle most blockchain lotteries were faced before – reaching that critical mass of participants leading to a growing prize pool that attracts more players.
If you want to learn more about BitWin24, make sure to visit https://bitwin24.com for more information.
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