Sixty-three and a half billion dollars! That was the total value of the global online lottery market as of 2022. Lotteries have been a popular form of gambling for centuries, and their popularity has only continued to grow with the advent of online lottery systems. Despite their widespread appeal, conventional lotteries have a number of issues that can lead to a mistrust of the system, high and unnecessary fees, and an overall unsatisfactory customer experience.
These issues are causing many people to turn away from traditional lotteries and seek out alternatives that can offer a more transparent and trustworthy experience. Fortunately, blockchain technology has the potential to transform the lottery system as we know it and eliminate many of the problems associated with traditional lotteries.
Crypto lotteries are changing the face of the gambling world, offering players a more secure, accessible, and fair experience. With continued innovation and investment in new technology, it’s an exciting time for players and operators alike, as the potential for growth and development in this industry is vast.
As identified earlier, one of the biggest issues with conventional lotteries has always been the lack of trust in the system. Customers are often skeptical of the fairness of the system, as they have no way of verifying the accuracy of the results. This is because the results are typically managed by a centralized authority, which has control over the entire system, including the drawing of numbers, the distribution of prizes, and the recording of ticket sales.
Metalottery is a revolutionary platform that provides a secure, fair, and transparent lottery system, built on the blockchain protocol. Unlike traditional lotteries, the platform’s unique formula generates winning numbers that can never be manipulated, ensuring a fair and transparent lottery experience for everyone.
Going the right lengths to establish trust and transparency, MetaLottery uses Chainlink VRF to generate cryptographically-secured output and provide a tamper-proof record of every random number generated. The integration of Chainlink VRF into the algorithm also provides an extra layer of security, as the VRF output is verified by multiple independent node operators in the Chainlink network.
Yet, like traditional lotteries, Metalottery has straightforward rules. In short, users must match the six digits on their ticket in the correct order to take part in the prize pool winnings. Some users have played more than a thousand games already, and the biggest winners have taken home tens of thousands of dollars. More so, there are no fees for games besides the prize of the ticket, which costs $5 per ticket. Although, users get a discount when they buy bulk tickets, with the maximum number that can be bought at a time being 100.
An additional advantage of applying blockchain technology to gambling is that it speeds up the process of distributing prizes. Before online lotteries, traditional lotteries used to take days and weeks before winnings were announced. Digital lottery platforms have sped up this process but crypto lottery has gone even a step further.
Through the use of smart contracts, winnings can be automatically distributed to players as soon as the winning numbers are selected. This can help to eliminate the slow process of distributing prizes and make the lottery experience more enjoyable and convenient for players.
With MetaLottery, each round of purchasing a ticket, picking numbers, and checking winnings last 90 minutes, and about 5,000 gaming rounds have been played already. Being hosted on the blockchain, the results of all rounds that have been ever played are publicly accessible and easily accessible, including the payouts to winners.
Moreover, as much as blockchain technology raises faith in the system, MetaLottery is a social gaming platform that prides itself on the enthusiastic participation of members of the fast-growing community built around the platform. This occurs because the prizes are 100% distributed among the players, and zero fees are charged to claim prizes. MetaLottery is not the first blockchain-based social gaming platform; however, these unique features are setting a standard for others in the industry.
Despite all these innovative features, the real game-changer for Metalottery is its PoolLotto Token (PLT), with which it has made a name for itself within a short period. Of course, crypto lottery platforms are so, not just because their algorithms are hosted on the blockchain, but mainly because transactions are carried out using cryptocurrency.
PLT was launched in 2021 to provide the growing community of digital lottery players with non-centralized smart contracts for managing pools in an automated and seamless manner. In its first year, PLT grew by 8.4% and expanded its trading volume by 85.67%. MetaLottery founders are banking on this rapid growth in the value of PLT to position the token as not just a means of purchasing tickets and paying lottery winners, but also to help non-gamers earn money by buying and holding PLT. Users can make smooth transactions by storing their tokens in any wallet that supports Binance Smart Chain, including MetaMask and TrustWallet.
In conclusion, the future of the crypto lottery industry is promising, with many factors contributing to its potential for growth and innovation. With platforms like MetaLottery being committed to enforcing transparency and fairness via smart contracts, there’ll be increased trust in the gambling system, which will further boost the growth of the industry. More so, years ago, a lottery token was not in the news. However, PLT is gaining ground as a cryptocurrency with immense potential. As technology evolves, it is exciting to think about the new possibilities that may emerge for the future of crypto lotteries.