Blockchain Lottery SmartBillions Was Hacked and It Was a Good Thing

On the October 4th, SmartBilions launched a hackathon involving its own platform. The goal? To identify any potential vulnerabilities before the ICO’s (Initial Coin Offering) launch later in October.

Recently more and more IT-developers are initiating hackathons with the intent of identifying their codes vulnerability. Anyone who feels they have the skills to hack into the system or who wish to test their hacking abilities can participate in hackathons. Hackers who are successful in hackathons can expect to be generously rewarded financially while the teams initiating the hackathon stand to improve the security and safety of their project, bringing it to the next level. A win-win for all involved.

The SmartBillions development team has devoted a lot of resources and effort in order to guarantee that their platform has the best security features in place for potential investors. This is the reason the team decided to hold a hackathon with a prize fund totaling $500 000 dollars. The terms state that whoever is capable of breaching the lotteries security system will be able to withdraw some Ethereum from the hacked wallet. On October 4th, one hacker was able to breach the smart lotteries security system, managing to win 400 ETH or $120 000. Rather than being distressed by this, the team at SmartBillons used the event to improve their platform through by introducing new and improved security features. In fact, the hackathon has enabled SmartBillions to prevent potential security breaches before the ICO launch.

This is proof that the team behind the SmartBillions lottery is so dedicated to the security of its code that they are willing to put their own funds at stake in order to ensure maximum security for investors. In this spirit, the team initiated a second hackathon on October 5th, as a means to continue improving their systems and security.

The SmartBillions ICO launch scheduled for the 16th of October, set to last for a maximum of two weeks. Investors will be able to purchase SmartBillion tokens that will be referred to as PLAY tokens. The total number of smart tokens sold during the ICO will be approximately 252 million tokens or about 200,000 ETH. This is around 58 million dollars depending on market exchange rates. One PLAY token is worth 0.001 ETH or $0.30.

Investors will receive 80% of the tokens raised with the remaining 20% being distributed to the development team. Investors will receive the PLAY tokens in their Ethereum wallet automatically as soon they transfer some ETH over to the SmartBillions platform during their ICO.

Here are a few things that make PLAY tokens very appealing for investment purposes.

  1. The SmartBillions lottery will be fully complete and ready for use before the ICO date, putting it ahead of other projects who launch without having their product ready to go.
  2. Therefore, guaranteeing that investors will not experience a complete and total loss during erratic market fluctuations. The greatest loss that an investor could experience with PLAY tokens is about 30%
  3. Monthly dividends will be forwarded to token holders based on the total amount of tokens that have been sold. Token holders will receive a stable income based on their PLAY token holdings. An approximate 94 to 95% of funds raised during lottery ticket sales will be directed to the lotteries total prize fund. While 5% of fees from ticket sales will be used as dividends for token holders, the other 0 to 1% of funds will be sent to affiliates.

Within two weeks of the ICO’s conclusion, PLAY tokens will be available for purchase on many popular cryptocurrency exchanges. It should be noted that the market price of tokens will be increased significantly over the price of the tokens during the ICO.

About two weeks after the ICO ends, PLAY tokens will be available for purchase on a variety of cryptocurrency exchange platforms. Though, the market price of these tokens will be higher than during the SmartBillions ICO.

Out of all of the funds acquired during the lotteries ICO, 90% will go towards funding the platforms Jackpot, the other 10% will be used for marketing campaigns.

To learn more about the SmartBillions Blockchain lottery, refer to the platform’s website

You can also browse their whitepaper for more information.

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.