Blockchain lotteries are a fairly new concept that is still vastly unpopular despite the apparent advantages it has over traditional lotteries plagued by lack of transparency, which results in manipulation of draw outcomes, prize pool formation and payouts. Multiple gambling, betting and lottery platforms have attempted to penetrate the market in the last few years. However, while blockchain lacks widespread adoption and remains unfavored by governments and financial institutions such as banks, it is no wonder that these projects did not manage to capture a considerable market share.
Gaining a steady position on the market would definitely speed up the popularity of blockchain across all industries that can see considerable improvements introduced by it. Big companies like IBM and Shell recognized its potential use cases several years ago and have been actively working on blockchain solutions for their respective industries, which to some extent pushes the technology in the spotlight and makes it a hot topic discussed by international tech leaders. However, we still have a long way to go before we see blockchain taking over, and we are still at the point where the trust is being built.
In the particular case of lotteries, blockchain can bring them to a whole new level through the transparency and immutability it offers. Lottery providers will no longer be able to manipulate the RNG mechanisms that define the winning draw, dedicate only a small percentage of the ticket sales to prize pools without people knowing where the rest is going, not paying out jackpots in full to winners, faking jackpot hits and do virtually any other fraudulent behavior that comes at the expense of lottery participants.
One blockchain lottery has recently gathered attention by proposing an innovative solution to both the issue with trust and the difficulty to gain a considerable market share. BitWin24 believes that with their comprehensive solution, blockchain lotteries will finally be able to gain a stable position on the market and replace traditional lotteries with all of their inefficiencies.
The BitWin24 ecosystem
BitWin24 is the first blockchain lottery combining master nodes, PoS system and an innovative referral system that offers ambassadors the possibility to win percentage of the prizes acquired by their referrals. The referral system results in a win-chain – ambassadors are rewarded with a fraction of all prizes won both by their direct (1st tier) referrals and those referred by them (2nd tier and so on). This ultimately leads to an unlimited ceiling on the passive income you can continuously acquire just for referring BitWin24, which incentivizes people to spread the world, leading a widespread adoption of the lottery, more participants and higher jackpots. Due to the fact that blockchain is borderless and independent of banks, there are no geographical restrictions, transaction fees and currency limitations. All of these factors greatly contribute towards the high potential of BitWin24 to reach worldwide adoption and help blockchain lotteries overcome the obstacles they are facing, still forcing them to struggle for a piece of the market.
Users can apply as master node owners in the ecosystem as long as they can provide the technical infrastructure needed to verify blocks. BitWin24 rewards master nodes with passive income based on the PoS (Proof of Stake) system, increasing the rewards proportionally to their stake (the current amount of BWI coins held by the master node).
The BitWin24 ecosystem has its own proprietary developed blockchain that handles all transactions except the generation of winning draws, which occurs on the Bitcoin blockchain. By using a randomly generated hash that is not known in advance on a external-party system, BitWin24 excludes the possibility of manipulation of draws. The results are recorded and traceable for every participant, complete ensuring fairness, the lack of which has been among the greatest issues in traditional lotteries. With its own blockchain developed in-house, BitWin24 uses the latest trends in the technology for an improved level of speed, security and bandwidth. Furthermore, the exclusive BWI coin, which is used by participants to gain entry in the lottery, enables ~10% lower prices on all tickets in the BitWin24 ecosystem compared to using traditional fiat currencies like euro or cryptocurrencies, e.g Bitcoin.
BitWin24 offers multiple possibilities for participants to win both actively and passively – prizes won through traditional lottery jackpots, rising market value of the BWI coin for traders, passive income through master nodes, staking and the referral system, as well as a continuous airdrop system.
The BitWin24 airdrop system – lifetime passive income for early adopters
The additional continuous airdrop system of BitWin24 offers an additional way of passive income generation. Early adopters of BitWin24 have the possibility to participate in the tokenization of the lottery, which allows to them get a percentage of all future prizes that are won by participants in the ecosystem. The BitWin24 project dedicates 10% of all winnings to the airdrop rewards and redistributes them among the first movers proportionally to their initial investment. This means that the first investors are greatly rewarded for helping the BitWin24 ecosystem to secure its critical mass of initial user base, which is a crucial condition for the success of the lottery. As with any other lottery, including traditional national lotteries, the more people participate, the higher the jackpot prizes are and the greater the overall interest by the people in participating, which results in a continuous build-up effect through self-reinforcement.
To learn more about BitWin24 and their blockchain lottery, visit https://bitwin24.com/.