Among the smart cities applications, optimizing lottery games is one of the urgent needs to ensure their fairness and transparency. The emerging blockchain technology shows a glimpse of solutions to fairness and transparency issues faced by lottery industries. The lottery is a type of gambling which involves the drawing of specific numbers to win the large prizes. Many people consider it as a gaming product, but it is a high volume industry which can also be called as a commodity.
One of the lottery directors said, “Lotteries are different from any other gaming product. Lottery players risk a small amount of money against very long odds to win a large prize, with the net proceeds going to the public good.”
The lottery industry keeps a 29% share of the entire global gambling revenue.
Increased from $187.1 billion in 2004 to $284.3 billion in 2014, the global lottery represented an annual growth rate of 4.3% over ten years.
But with the growth of the digital economy, the industry faces challenges like the lack of transparency and fairness.
The world demands more transparency and fairness with advanced technologies like blockchain.
The distributed nature of blockchain promises innovation in the lottery industry.
This paper presents the design of a blockchain-based lottery system for smart cities applications. We adopt the smart contracts of blockchain technology and the cryptograph blockchain model, Hawk , to design the blockchain-based lottery system, FairLotto, for future smart cities applications. Fairness, transparency, and privacy of the proposed blockchain-based lottery system are discussed and ensured.
GEXAN
GEXAN is a new blockchain-based lottery platform which came up to redefine and revolutionize the gaming and lottery industry. The introduction of blockchain into gaming and lottery platform by GEXAN will bring transparency, sincerity, honest, and reliability into the gaming and lottery industry. The GEXAN platform will build its own blockchain unlike other lottery platform that was built on EOS blockchain. The GEXAN platform will build a blockchain that is incorporated with a master node functioning, an hybrid proof of work (POW) and proof of stake (POS) consensus algorithm. This features has give edge to GEXAN platform over other lottery platform in the lottery industry.
NFALLIBLE: Thanks to its decentralized blockchain technology, GEXAN eliminates the possibility of human intervention.
RELIABLE: Almost instant payments are guaranteed by GEXAN smart contracts.
SAFE: Unlike traditional lotteries, GEXAN winners remain anonymous, so they are far less likely to become targets for scams or crimes.
TRANSPARENT: Unlike other lotteries, GEXAN publishes all data on ticket sales, income, costs and other performance indicators.
UNMONOPOLIZABLE: Since GEXAN’s blockchain technology is beyond governmental control, all restrictions imposed by national borders and state lottery monopolies disappear. For the first time, anyone around the world can play the same game.
FAIR: Using an automated double-random number generator built on the Bitcoin blockchain, GEXAN eliminates any possibility of tampering.
INCLUSIVE: By purchasing GEXAN COIN (GEX), anyone can take part in co-owning a profitable lottery business.
The GEXAN platform according to the whitepaper plan to build a fiat gateway site, a mobile application for the platform, a digital wallet for storing of the cryptocurrency, intelligence contract and many more. The GEXAN platform which is incorporated with a decentralization policy will eliminate all sorts of manipulation and controversy in the gaming and lottery industry. The GEXAN platform also used smart contacts to secure transaction within the system. The smart contracts make a transaction to be faster and secured. The GEXAN platform want to tokenize the lottery industry; this led to the creation of their local token termed GEX coin which will be utilized within the GEXAN platform.
Website: http://gexan.io/
Whitepaper[ENG]: http://gexan.io/assets/theme/Gexan_whitepaper_ENG.pdf
Lightpaper: http://gexan.io/assets/theme/Litepaper_ENG.pdf
Discord: https://discord.gg/6ndYV3b
Github: https://github.com/gexanlottery/gexan
Facebook: https://www.facebook.com/gexanlottery/
Twitter: https://twitter.com/gexan
Medium: https://medium.com/@gexanlottery
Telegram: https://t.me/gexanlottery
Author's Info
Bitcointalk username: faridrn
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1999356
GEX Address: GZf3585pVEQhWyVR3jvSmWXkfUJbySbir9
Awesome
many projects that have their own blockchain will make the crypto world more exciting. after the gambling platform is now the lottery platform. I think this project is good.
Thanks
Interesting project. It shows the best improvement
The GEXAN platform has build its own blockchain
Wow, Very interesting project. Thanks for share this, like it.