Introduction
It is true fact that people are lured to earn more money in a very short time, that's why they participate in lottery. It is a type of gambling, which is came into existence from the ancient times. In the lottery random numbers will be chosen and the winning amount is usually very high. Most of the people are optimistic towards lottery and some are just wanted to test their luck. No matter whatever may be the reason the gambling market is increasing at exponential rate with over 4.3% per year. Presently the market capitalization of this market is around $294 billion dollars and is expected to increase higher.
In every gambling, whether it is sports betting, lottery or any casino game, you have to risk your amount. And in return for your risk there is a high probability that you will get a big amount. It is a game where you can be a millionaire in over night, that is why the world has given a special respect to this game.
Despite the huge success rate and growth volume, the gambling market is still facing the classical challenges. It is still working on the same old school principles. Till today people ask the same question, is the winner chosen is random? And it is quite obvious because the methods/procedure used to draw the random winner is questionable. People think that the procedure followed is unfair and dishonest one. The prize distribution and the commission charged including taxes is a complex and non-transparent process.
But now thanks to a team of professionals who have identified these problems and are committed to solve it by the introduction of blockchain technology in the gambling industry through a project called Gexan.
Project objective
The main aim of the project is to create a blockchain technology powered decentralized ecosystem for online lottery and other gambling games. This will bring transparency in every gambling operation and it increases trust in every gambling participants. Gexan consists of hybrid consensus algorithms PoW+PoS, smart contacts feature, decentralized lottery, blockchain wallets and Fiat payment gateways along with GEX tokens. The adoption of these features brings transparency and adds credibility in the gambling market.
Principle of operation
Gexan wants to remove the unfair practices, injustice and dishonesty from the gambling market. In order to do so it has implemented blockchain technology. It's immutable, incorruptible and decentralized properties will help to make revolutionary transformations in the gambling industry. Adoption of self executing smart contacts in the online lottery helps to immutably draw random winners; Since smart contracts are can't be tampered. Online blockchain based lottery helps to eliminate costs associated with printing of lottery tickets, distribution and intermediary commissions.
Blockchain based lottery brings several benefits such as it helps to choose optimal tax regime for the winning and avoids unnecessary double taxation of some countries. It is worth to note that Gexan has created mobile and web based applications, this gives user convenience and helps for mass adoption. The Fiat payment gateways help users to easily enter into the gambling process and the internal exchange allow them to convert any cryptocurrency into GEX token and vice versa. The competitive advantage of Gexan Blockchain lottery with traditional lottery is given below for better understanding.
Coin structure
• Coin ticker: GEX
• Platform: Hybrid Blockchain with PoS+ PoW consensus algorithms
• Total supply: 21 Million
• Coin price: 1 GEX = 0.0001175 BTC
• Hardcap: 117.5 BTC
The best part is that users will be able to set GEX coins for masternodes during daily collection of tickets. The powerBall lottery game developed (5/36) will allow to benefit more from the tickets. Only 1 million coins are available for sale. Developers will gradually increase the number of coins upto 21 Million over the next 20 years.
Coin distribution
Conclusion
It is good to see such a real use case projects are developing on blockchain technology. Gexan wants to revolutionize the gambling industry through blockchain adoption. This brings transparency, security and trust in the gambling sector. This adds credibility in the gambling market. It is very much necessary because today gambling is a part of many peoples life. With blockchain integration they feel honesty and fair game execution in the gambling winning draw. Along with this Gexan gives easy convenient access to online gambling through mobile and web applications. This helps for global mass adoption.
Finally I would suggest you to read the official whitpepaper of the project for more details. This project needs much public attention and I wish all the best for this great project.
Learn more about Gexan:
Website: https://gexan.io
Read Whitepaper: http://gexan.io/assets/theme/Gexan_whitepaper_ENG.pdf
Lightpaper: http://gexan.io/assets/theme/Litepaper_ENG.pdf
ANN thread: https://bitcointalk.org/index.php?topic=5136520
Telegram: https://t.me/gexanlottery
Facebook: https://www.facebook.com/gexanlottery/
Twitter: https://twitter.com/@gexan
Medium: https://medium.com/@gexanlottery
Reddit: https://www.reddit.com/r/Gexan/
Discord: https://discord.gg/6ndYV3b
GitHub: https://github.com/gexanlottery/gexan
About Author:
Bitcointalk username: Abhijeetcg
Bounty0x: abhijeetcg
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1676105;sa=summary
GEX address: GZsphM6knYS4XfaoRZvyR6HXzX55emRZh4
