With the explosion of internet consumption across the globe, online gambling and lottery platforms have witnessed a simultaneous boost. However, the lack of transparency in transactions and the users have kept away several other users from participating.
BitWin24 is the world’s first blockchain-based global lottery system that rewards its users with its unique referral system and masternode platform. As BitWin24 leverages the power of blockchain technology its native platform WinChain is completely forgery-proof and robust to handle any third-party attacks.
So, let us understand how the entire Bitwin24 platform functions.
Working of The BitWin24 Blockchain-based Lottery System
The BitWin24 is a global lottery platform accessible to anyone and everyone across the globe and free from the barriers of currency restrictions. Anyone can purchase the BitWin24 lottery systems using their traditional national currencies along with some other cryptocurrencies like Bitcoin and Ethereum.
However, if you purchase the lottery using the platform’s native BitWin24 (BWI) cryptocurrency, you can fetch additional discounts on each ticket. You can directly purchase BWI coins through some exchanges or earn them as rewards through masternode contributions.
BitWin24 uses the Bitcoin blockchain network to generate the winning draw. The betting is done on the last characters of a randomly drawn or yet to be generated hash. However, one innovative approach the BitWin24 has adopted is within its WinChain which allows multiple winners from one single jackpot.
All the jackpots on the BitWin’s WinChain platform will happen in BTC. Thus, users can also benefit from the price rise of BTC. Note that all the payouts will either happen in BTC, BWI, or any other fiat currency as per the winners’ preference.
Also, all the jackpot payments are done automatically to all the participants using the smart contracts. Note that the smart contracts will also pick up the winning combination for the lottery generated on a Bitcoin hash. Thus, all the winning draws and the jackpot payments happen in an absolutely transparent manner on the bitcoin and BWI blockchains. Users can check any past wins in a transparent way, however, the platform preserves the anonymity of the users.
To operate its lottery system, BitWin24 has also taken care of all the regulatory measures. It has obtained the necessary online gambling license in Curacao. Besides, it has also partnered with a registered agency to take care of the KYC procedure. Thus, all the winners of the lottery shall be thoroughly inspected time-to-time to prevent any king od money laundering activities.
You can learn more about the working of the BitWin24 lottery through their official whitepaper.
About The BitWin24 (BWI) Cryptocurrency and Masternodes
Just like the Bitcoins, the total BitWin24 (BWI) cryptocurrencies in circulation will be 21 million out of which 7 million will be available during premine. The BWI coins follow the Proof-of-Stake (PoS) consensus algorithm with a block size of 2 MB and a block time of 60 seconds.
Due to the PoS mechanism, BWI also supports the two most popular features of Masternode and cryptocurrency staking. The minimum requirement of being a masternode operator is a collateral deposit of 3000 BWI coins. This can be done through the BWI wallet on its platform, which is activated and operational.
Masternodes function just like the normal nodes in a blockchain network while taking additional and higher responsibility of network functionality and security. Masternodes are responsible to keep the network alive and running 24 x 7 along with a higher layer of security.
If you become a BWI masternode operator, you will receive 80% for each block validation as well as for confirming transactions. To operate a masternode, it is usually recommended to have a virtual server with low requirements operating round the clock. The rewards with every masternode are directly proportional to the amount deposited. The BitWin24 masternodes provides users returns as high as 200% ROI.
On the other hand, BWI coins also facilitate staking features having the same function as that of masternodes. However, unlike masternode, there is no fixed amount of coins required for entering the staking process. For users staking their BWI coins, they will receive 20% rewards, unlike the masternodes who draw 80% rewards.
BitWin24 has also initiated an airdrop program for all participants contributing before 30th June 2020.
Major Advantages of BitWin24 Lottery
Since BitWin24 chooses the blockchain technology for its operations, the most important advantage it brings for users is the TRUST factor in the online lottery market. Below are some of the other factors:
- The BitWin24 lottery is completely temper-proof and forgery-proof
- It is globally accessible and not bound by any local regulations
- Simplified process and own proprietary developed blockchain technology
- Provides much win chances than in any other traditional betting pool
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