What the Heck Is Blockchain Lottery?
In all honesty, it was inevitable for something like this to appear in the online lottery community. It was a question of when and where, rather than “if” and “who”. For your information, a new blockchain lottery is about to go live. In fact, that’s the first ever blockchain lottery that’s going to go online. However, I presume you’re new to blockchain lottery and you have no idea what the heck that is. Here I’m going to show you and explain to you exactly what blockchain lottery is. I have a good feeling you will enjoy blockchain lottery as much I think I will.
A Revolutionary Type of Lottery – Blockchain Lottery
First, it was online lottery, then came mobile lottery, I thought nothing new could be added to the world of lottery. I have never been so wrong in my life before. The advent of the Bitcoin paved the way for a different kind of lottery that’s similar to how the Bitcoin works. Due to their nature, these lotteries were named Blockchain Lotteries. They are the opposite of everything a conventional lottery is, only the game rules are the same. In simple words, you’re still playing the lottery online, but the way the lottery is operated it’s different.
So what are the differences?
Decentralized, Unified, Transparent – Much Similar to the Bitcoin
To illustrate and to bring blockchain lotteries closer to you, I’ll make reference to the Bitcoin, the first and most popular crypto currency. Blockchain Lotteries employ the blockchain technology, ergo the name Blockchain. There are countries in which playing the lottery is illegal. Blockchain lotteries are available to everybody, because a crypto currency is used to buy the tickets and payout the lottery prizes.
The results of the drawings along with the rules are transparent. Once they are in force, they cannot be changed, amended, altered, you name it! That’s why I like to call Blockchain Lotteries definitive!
The fairness of lottery operators has always been a topic of fierce discussions. Well, with how blockchain lotteries work, transparency issues are a thing of the past. It’s perfectly fine if you feel hesitant about them. I was once reluctant to believe that the Bitcoin can become a success. But, here it is, 7 years after its initial launch, 1 BTC is worth $900.
The First Blockchain Lottery – KIBO Lotto
KIBO Lotto is the first official blockchain lottery that hopefully will meet my criteria. It’s available in multiple languages and any person, from any point in the world can take part in it. It was launched with the help of crowd funding. People were able to buy hundreds of tickets for a discounted price. This way, the operator had no reason to take a loan, and put its operations in debt from the very start. As far as I know, everything’s as it should for the platform to be launched. However, the operator has stated clearly that they want to be sure the platform is working as it should. They’ve been testing it for months now to ensure there are no errors, glitches nor that there are any loopholes that might allow 3rd parties to affect the outcomes of the drawings.
Are Blockchain Lotteries Legal – Can KIBO Be Trusted?
To be honest, I already trust these guys. You’re probably asking why. Well, they’ve announced KIBO Lotto in June 2015. Now we’re at the beginning of 2017 and the launch should take place any day. There’s no person that would plan an online lottery scam a year and a half and put in jeopardy its credibility, integrity and freedom in jeopardy.
Anybody can audit the drawing results because they are available to anyone. KIBO has definitely made the right decision to postpone the launch of the platform. After all, one lottery’s success depends largely on its reputation and the security protocols it can bring to the table.
People who are part of the Bitcoin community are aware of the benefits blockchain technology brings, but they’re also aware of the threats that come with it.
What’s the Current Situation of Blockchain Lottery?
If every new blockchain lottery that emerges on the market looks like KIBO does, I have some bad news for the conventional lottery and for online lottery as it currently is. It’s flawless! From what I could see, KIBO Lotto has a much better interface than some well-established online lotteries. And the funny thing is, KIBO hasn’t organized a single draw, yet.
I went the distance and made my research more thoroughly than usual. I found out that KIBO besides being the first blockchain lottery, it’s the only one. Hopefully, they will take advantage of this favorable position to accumulate the necessary resources to make the lottery way more interesting. Believe me, it has the potential to become the world’s biggest lottery with proper management. Who knows, maybe it will surpass the success of the all popular Powerball or Mega Millions.
Why? It’s easy, with the current format it can reach unparalleled prizes because it’s a global lottery.
Should You Play Blockchain Lottery or Not?
Regardless of what I tell you, be that you should or you shouldn’t, you will play it. The lottery has undoubtedly a safe future, this includes both conventional and online lottery. Blockchain lotteries cannot take on them, but they can definitely steal a huge share of the player base.
Players who consider themselves part of the younger audience will definitely try out blockchain lotteries like KIBO Lotto, for instance. After all, you should be tech savvy to find your way around KIBO. However, I’m 100% sure there will be a number of guides that will lead new blockchain lottery players step by step how to take part in the lottery.
Then again, I’m 100% sure that there will be unreliable lotteries of this kind, which is why I recommend to trust your intuition, but always check for reviews.
