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The use of blockchain technology in online gambling is not a new thing. But replicating
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The use of blockchain technology in online gambling is not a new thing. But replicating a traditional online lottery on the cryptocurrency platform is not something anyone other than XOTTO has done so far.
[Note: This is a press release]
A creation of Warrior Developments Limited, XOTTO is the blockchain version of the popular Hong Kong Mark Six lottery.
The rules on XOTTO is similar to the ones followed by the Hong Kong Mark Six Lottery (HKM6), except for the fact that it is on the blockchain. Even the draw dates and jackpot winning numbers on XOTTO are same as the ones on the HKM6 lottery. The first draw of the blockchain lottery took place on February 21, 2017, at 6:15 PM (Hong Kong time).
According to the lottery platform’s press release, XOTTO is designed keeping the user’s perspective in mind. It maintains a simple, easy to use interface while solving the usual problems of money withdrawals among others, commonly faced by the online gambling community.
XOTTO, using the blockchain technology also offers a degree of anonymity to the users. Those buying the XOTTO tickets can do so without having to leave their contact information. The use of Ethereum blockchain, smart contracts, and VEROS cryptotokens automates the whole process, eliminating the need to gather buyers’ contact details.
VEROS (VRS) cryptotokens forms the backbone of XOTTO’s blockchain lottery ecosystem. Launched in October 2016, the VEROS cryptotoken is used to purchase XOTTO lottery. The jackpot will be dependent on the number of tickets bought. The jackpot winning ticket-holder will receive the prize directly in the VEROS e-wallet used for buying the ticket. While VEROS is currently the only digital currency accepted on XOTTO platform, it will soon support BTC and ETH payment options as well.
The use of Ethereum blockchain offers an unprecedented level of transparency to the lottery which is unthinkable with conventional lotteries. Anyone can search the blockchain for information about the winning lottery numbers and the transactions, both pay-ins, and pay-outs.
All lottery draws happen thrice a week. Once on Tuesday, Thursday and Saturday (or Sunday) at 09:30 PM (Hong Kong time). The results are announced on the television, radio, HKM6 and XOTTO websites. More information about the lottery and how it works is made available in the whitepaper published on XOTTO’s website.
Images courtesy of XOTTO, Shutterstock
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