Mathematicians often discourage people from participating in traditional lotteries by saying that they are more likely to be struck by lightning than to actually win the jackpot. Maybe, but math is not.
Traditional Lotteries Today Face Multiple Challenges Regarding Accessibility and Trust
Various mechanics of traditional lotteries are unfriendly to players. For example, traditional lotteries cannot increase your odds of winning by playing more often. In other words, someone who wins a lottery ticket every day in their life has practically the same odds of winning as someone entering the lottery for the first time.
The convenience of accessing traditional lotteries is also problematic. Currently, lotteries are geographically restricted. This means South Africans can only participate in the Powerball lottery if they have friends in the US. This creates geographic restrictions for those interested in participating in more popular or reputable lotteries.
Today’s lottery systems are also centralized, requiring participants to trust the authorities that run the lottery. These entities may be private bodies or governing bodies, but the problem remains the same. There is no way for an individual to see the actual steps that go on behind the scenes of these systems.
While the current system is not trustless, there is the fact that an authoritative person is responsible for validating and auditing the lottery. But of course, this audit isn’t free, so lottery wins are subject to exorbitant taxes and other deductions. One of his recent examples is his winning a record $2.04 billion jackpot at Powerball. The winner walked away with just $997.6 million after deductions.
Blockchain presents the possibility of creating completely trustless systems
The increasing adoption of blockchain today shows the potential to fix many of the problems previously addressed in today’s lottery systems. The immutability and verifiability of this technology has proven to be something that current lottery systems lack.
NFT also provides a fair and effective way to purchase lottery tickets. This technology fundamentally changes the way we interact with items outside the token realm. This solves the problem of lost or tampered lottery tickets. Additionally, since it is virtually impossible to change the blockchain, lottery companies can regain player trust, potentially targeting a larger market and audience. And because middlemen have been cut, the jackpot winnings that winners can take home have very little deductions.
So if blockchain offers a viable solution for creating a provably fair lottery system to exploit its full potential, are there any projects currently doing it?
BillionAir Announces Raffle 3.0 Solution
BillionAir claims to be the first token-powered raffle ecosystem to leverage the decentralized nature of the blockchain to facilitate global participation and pay prizes to winning participants. Its vision is to develop a sustainable ecosystem that lasts, grows and evolves, while at the same time creating value for investors and players and making a positive impact by giving them more than they get.
Within the platform, BillionAir users can quickly verify the raffle’s integrity thanks to the platform’s provably fair gameplay.
BillionAir also addresses the issue of player adversarial win rates. First, the raffle incentivizes players who make multiple entries. Next, the platform has various features such as bonuses, multipliers, staking, whitelists, etc. Also, those who invite other players to join via our token-based affiliate program are rewarded and have a better chance of hitting the jackpot.
These features are enabled using BillionAir’s BEP-20 token AIRB, resulting in fast and cheap transaction times and settlement costs. Raffle tickets will also be issued as NFTs to prevent duplication and discrepancies.
Besides digital assets such as coins and NFTs, other prizes wagered in the Billion Air lottery include physical and coveted items such as luxury cars, designer goods and the latest gadgets, as well as vacation packages and concert tickets. , and other rewards such as exclusive benefits. meetings with influential people.
The BillionAir team is made up of incredible talent with the ability to bring their vision to life. Additionally, the team has partnered with leading law firms to provide users with a legally compliant and fully transparent lottery platform. Additionally, they publish detailed documentation that describes their solution.
For more information, please refer to this white paper. If you want a more concise explanation, you can read this presentation instead. Otherwise this is the official website: https://billionair.app/.
