Hello my keen audience, it is a pleasure to bring to your notice an ICO that will revolutionize the lottery and gambling industry. It is no other ICO than Tombola. Today’s article shall look at the current challenge faced by these lottery and gambling industry and look at the pivot role the introduction of Tombola will play in creating a standard system free of manipulation, unfairness, cheating and abuse of policies. It is with great please I write this article to help you understand the system and their operations. Blockchain is one the products of information technology which is changing every sector for better performance and operations. Although its first use was in the world’s first cryptocurrency. A digital currency for the people and controlled by the holders of the currency not the government. Our interest is not in the cryptocurrency but the blockchain technology on how the founders of Tombola have developed a startup project and roadmap to implement this technology in lottery and gambling application for a transparent, secure and reputable system.
THE CURRENT CHALLENGES FACED BY THE LOTTERY AND GAMING INDUSTRY
The world today can attest that lottery and gambling is becoming part of people’s life just like every other game. In many countries it is legalized and they have different associations. I am not talking about illegal street gambling. I am talking about games betting, casinos, lottos, etc. all these are become a source of revenue generation to some countries are citizens are playing lottery and gambling on daily basis. Most of these gambling are played online which poses a huge threat to safety of players and the companies into the business. For the purpose of this article, the challenges are grouped as follows
Security: Security is one of the major challenges faced in the lottery and gambling sector. Since inception it has always been done manually through paper tickets and forms in the case of lottery the forms comes with a special number or code which represents the participants unique identification during the process,. The lottery draws are done daily, weekly, monthly or quarterly basis. These numbers are detached from the form and wrapped putting all into a big rotary container or spread in the floor. It is reshuffled over and over until a volunteer who comes into the scene and makes random selection for the thousands or millions of wrapped form numbers. The numbers are shown to the audience and called out loudly. The participant of the lottery with the number can come and claim the prize or pickup their rewards using the other personal slip for redeeming lottery price. On the part of gambling, there are many forms of gambling form poker to dice, the choice depends on the player. There are legally registered gamble houses called Casinos where players can come and exchange their fiat money for the particular game betting stakes. These are taken to the table and placed for the game. The player can make deals with the dealer or play with other people, either he wins more stakes or loses all. Due to cheating and theft among players, most casinos have sophisticated machine learning softwares that analyses the video feed from the security cameras to detect when a player is cheat and arrests the person. Although this is not a perfect solution but at the moment it is going serve a temporary purpose until the best solution is invented.
The security loopholes grew wider when the lottery and gamble system was taken to the internet to allow for global participation and more profits for the industry. This has its own demerits and setbacks as the internet is prone attacks by hackers and cheaters who looks for ways to circumvent the system rules and security. Algorithms are not enough to ensure a secured platform neither do purchasing of SSL certificate for the web platform totally eliminates the chances of manipulating the system by hackers. Some lottery and gambling sites are haven of exploits for the darkweb fans who share their exploits on how to rip off such sites of their funds. This calls for a more secured system because of the massive adoption of these gambling and lottery websites by players. Hopefully Tombola will change the game for everyone through their blockchain system
Lack of Transparency: One of the pertinent question that lottery and gamble players always ask at first launch of any platform. The question is “how transparent is the system?”, there are many gamble and lottery players who through experience have developed mental algorithms through events in the past , present and future to make most of their gable, bets and lotteries. At the end these players are disappointed because the system is secretly manipulated by the owners. There are rumours about awarding lotteries to some handpicked persons by the companies. It is always the news until governments started looking in the industry to draft our laws and policies to checkmate the sharp practices of these systems. Government do a background check and evaluation of the system to ensure its compliance with the law of the country. But what happens when the system is launched and overtime when government relaxes it becomes manipulated and some go as far as paying bribe to government official to cover up their shady deals. The yearning of players will soon come to an end as Tombola blockchain solution will ensure transparency of lottery and gambling systems through their smart contracts.
Charges and fees: many lottery and gambling system add hidden charges in the system which players are unaware of, since most of these charges comes up when the players have gotten to half stage in the process and cannot back out since it is late but painstakingly pay for it with hopes they would have a fair system and outcome. Some platform run different charges depending on the market competition among other counterpart companies. This leads to non-uniformity of charges and fees. A Tombola blockchain solution will rules these out through its smart contract and subsidized charges for transactions carried out on the blockchain.
Late payment and cash out: There are situation where lottery and gambling companies delay in payout or put limits t accounts of players especially when they hit very huge amount of money. This is uncalled for because same player have lost a lot in the system while trying to profit from it. A smart contract would totally eliminate the challenge as rewards are transferred automatically to the winner once the terms and conditions are met by the player.
TOMBOLA BLOCKCHAIN SOLUTION AND ITS OPERATION
The Tombola solution is a decentralized application on a blockchain. Players and companies can create account of the system and setup their lottery and gambling products on the system. The system operates on a peer-to-peer structure and data is not held by the administrators of the system. Every user’s data is encrypted and saved using hashes which can only be blocked by a particular user using his or her private key. Companies setup their products specifying the application fee or charges and defines the roles of their products. They also transfer the rewards inform of token to the smart contract which have defined terms and conditions. The players on the other hand search for the company if their choice or products they wish to transact with. If it is lottery. For instance, they register for it and pay for the ticket via the smart contract by transferring the specified amount of token required for it to the smart contract. At the end of the draw the winners are have their rewards in form of token transferred immediately from the smart contract to their respective wallets.
The smart contract on the Tombola blockchain allows for trusted transactions between players and dealers as all transactions can be traced but not reversed which is one of the features of blockchain. They users can see all the number of players, total amount of tokens collected, and other information which makes it transparent and since they a stored on different ledgers altering any ledger information will be difficulty because every user store same information which makes it more difficult and they are interconnected
REASONS WHY TOMBOLA WILL BE A FUTURE CHOICE AND STANDARD IN THE LOTTERY AND GABLING INDUSTRY
Tombola has come to stay with its revolutionary blockchain solution which ensures the lottery and gamble industry experience a change and optimized system free of manipulation and flaws. The reasons for its adoption in the future is not farfetched as can be outlined below
Safety: You don’t get beaten or attacked because you play from the comfort of your home instead of meeting at a lottery center or gambling house. Information submitted to the blockchain by users are encrypted and scattered all over the block and a hacker would have to search the whole millions of blocks to put these pieces together before talking of the algorithm to unmask the encryption which is very advanced and sophisticated.
Transparency: The system is a perfect and transparent one that allows all smart contract terms and conditions to be available to the public and once deployed to the blockchain it cannot be altered. Transactions are open and there is nothing the dealer or lottery organizers can hide form the users as their payment histories and other contributions are shown to all participants on the blockchain.
Smooth payment of rewards: Rewards are paid out automatically without interference from dealer or player. It works based on requirements drafted on the smart contract for the gambling and lottery. Once the player meets the condition for the lottery or gambling, upon winning transfer of tokens takes less than few seconds to the players wallet.
A cryptocurrency standard: It is set to make Tombola token an official token for the lottery and gambling industry through adoption of its platform by lottery and gamble players. These tokens can be exchanged for fiat money in any exchange platform that Tombola will be enlisted after their token sales
ABOUT TOMBOLA TOKEN AND SALES
Tombola decentralized blockchain application shall be run using tombola tokens TBL In order to provide value to the system and also a chance for investors to commit to their project, Tombola is minting 500,000,000 TBL token with 250,000,000 which shall be sold out to investor via ICO. An Ethereum is worth 10,000TBL token and for the purpose of the sale. It shall be accepting Ethereum from investors during their token sales. Pre-sale is set to hold from 2018.07.01-07.31 while main sale will commence from 2018.08.01-08.31.
To learn more about Tombola blockchain project and the token sales, please visit the links below
ANN THREAD : https://bitcointalk.org/index.php?topic=4459085.msg39926039#msg39926039
WEBSITE : https://www.tombola.io/
WHITEPAPER : https://www.tombola.io/tombola_whitepaper_english.pdf
MEDIUM : https://medium.com/@tombola
TWITTER : https://twitter.com/TOMBOLA_COIN
TELEGRAM : https://t.me/TBL_tombola
YOUTUBE : https://www.youtube.com/channel/UCb2sInJBwPLtW93cflR679g
GITHUB : https://github.com/team-tbl-dev/Tombola-TBL
LINKEDIN : https://www.linkedin.com/company/tombolaico/
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Username: Finixfly
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Good article ! subscribed to you and I hope for a mutual subscription
Done!