Mathematicians have often discouraged people from joining the traditional lottery by saying that one has a higher probability of getting struck by lightning than actually hitting the jackpot. Some may believe it is an exaggeration, but the maths says otherwise.
Traditional Lotteries Today Face Multiple Challenges With Accessibility and Trust
Various mechanics in traditional lotteries are not player-friendly. For instance, traditional lotteries do not let people increase their odds of winning even if they play more frequently. In other words, a person getting one lottery ticket every day of his life has virtually the same odds of winning as a person who joins for the first time.
The convenience of accessing traditional lotteries presents an issue as well. Currently, lotteries are geographically contained, meaning a person from South Africa can only participate in the Powerball lottery if he has a friend in the US. This creates geographical restrictions for people interested in participating in more popular or trusted lotteries.
Today’s lottery systems are also centralised, requiring participants to trust the authority running the lottery. These entities can be private parties or governing bodies, but the issue remains the same; individuals have no way of verifying the actual procedures taking place behind the scenes for these systems.
Even though the current systems aren’t trustless, there is the fact that authoritative figure would be doing their part to verify and audit the lottery. But, of course, this auditing is not free, which is why lottery wins are subject to outrageous tax and other deductions. One recent example is the record-breaking $2.04 billion jackpot at Powerball. The winner walked away with only $997.6 million after deductions.
Blockchain Presents the Potential to Create Completely Trustless Systems
The increased adoption of blockchain today shows the potential to rectify many of the issues we previously addressed with today’s lottery systems. The immutability and verifiability of the technology prove to be something that current lottery systems lack.
NFTs also provide a fair and effective way to purchase lottery tickets, with the tech essentially changing how we interact with items outside the token sphere. This solves the issue of a lost or tampered lottery ticket. Moreover, since the blockchain is virtually impossible to alter, lottery companies can win back players’ trust, potentially targeting a bigger market or audience. Also, since the intermediaries are cut, the jackpot prize that the winner can bag home has almost no deductions.
So, if blockchain provides a viable solution to create provably fair lottery systems to harness its full potential, are there any current projects doing so?
BillionAir Presents the Raffle 3.0 Solution
BillionAir describes itself as the first token-powered raffle ecosystem that leverages the decentralised properties of blockchain to cultivate global participation and prize payout to winning participants. Its vision is to develop a sustainable ecosystem that lasts, grows, and evolves while having a positive net impact by bringing value to investors and players and giving more than it gets.
Within the platform, BillionAir users can quickly check the integrity of the raffle due to the platform’s provably-fair gameplay, thanks to blockchain.
BillionAir also addresses the issue of player-antagonistic winning odds. Firstly, the raffle incentivizes players who make multiple entries. Secondly, the platform has various features such as bonuses, multipliers, staking, and whitelists. Also, rewards are given to those who invite other players to join via a token-based affiliate program, increasing the chances of hitting the jackpot.
These features are made possible using BillionAir’s BEP-20 token AIRB for quick and cheap transaction times and settlement costs. In addition, raffle tickets are also issued as NFTs to prevent duplication or discrepancies.
Aside from digital assets, such as coins and NFTs, other prizes at stake in BillionAir lotteries include physical — and highly coveted — items like luxury cars, designer goods, and modern devices, as well as other rewards like vacation packages, concert tickets, exclusive meetings with influential personalities, and more.
The BillionAir team is composed of incredible talents highly capable of realising their vision. Moreover, the team has partnered with leading law firms to provide a legally-compliant fully transparent lottery platform for users. Furthermore, they have published detailed documents to expound on their solution.
For further information, users can refer to the whitepaper here. Those who want a more concise explanation can read this presentation instead. Otherwise, this is the official website: https://billionair.app/.