Derrick, an accountant, just finished his regular routine for the week, sure the numbers are a in order, heads home for the weekend, glad to be done with the hectic week, have never had a proper vacation from his drudgery. He checks his dashboard and he is low on gas, ( as with his finances), then he pulls over by the gas station, checks in with the attendants as was his customs, then he goes ahead for his regular- Tickets for the weekend Power Lottery, with the hope that this time, he will strike gold and be the winner for the week. It certainly will be a huge relief if Fortuna- the goddess of Luck/good fortune- will favor him this time. Then he goes home to have his eyes glued to his old TV screen, he listens intently as they regular paid host reels out the wining draw for the week. Not again he utter in anger, He is struck with the struck reality that has missed the winning jackpot by a few digits. This perhaps is the 6th year of buying the Power Lottery tickets without ever wining even as much as a nickel.
The truth be said, Derrick may never win the lottery- at least, not if he continue to play by the same set of rules. The odds are certainly not in his favor and there are too many other variables that are not in his favor. Statistically speaking, Derrick is 5000 times more likely to be hit by lightening and 8000 times more likely to be murdered than to win that conventional lottery.
Sadly, the story above is typical of many conventional lottery systems and the disappointment faced by the vast majority of many.
So what are the Challenges with Conventional Lottery?
Conventional lotteries are centralized i.e, They are managed by a central authority and they share the following characteristics in common
- They lack Transparency - The delicate intricacies how a winner emerges are not fully available to the public, draws are not devoid of human interaction or manipulations. They can be rigged to favor a few pre-selected persons. Scandals abounds within the space. Lack of transparency breeds lack of trust and a general low perception by many.
- They lack Fairness - Imagine a lottery draw using the random number generator, fixed at a certain number of digits.(e.g 1 in 14 million when you have to chose a set 6 numbers from 0-49) Chances are that there may not be a winning number in a particular set of draws- a condition that favors the lottery administrators and not the individual ticket owner. Also there are endless lists of "Do Nots" all of which basically reduces the chances of the player getting a win.
- They are not All-inclusive - Many lotteries have limited jurisdictions either because of government restrictions or they are simply not accessible to all. Even digital lotteries which can operate across boarders will still users to have functional bank account- an requirement many players may not have access to.
- Delays in Redeeming your Prizes - Winners often need to pass through some sort of clearance before they able to redeem their prizes. Process is may be undesirably slow and demanding.
- Privacy - If you are someone who has concerns about privacy (which by the way is a legitimate concern), conventional lotteries do a bad job at protecting your privacy. Legal names and vital information are often released to the public.Winners are displayed as their brand trophies. </ol
- Transparency Every stage of the lottery process is visible to every player, number of tickets entry, the drawing of the tickets, payments etc. Thanks to the transparency offered by the blockchain technology. Every transaction is visible on the blockchain. This eliminates the chances of manipulations and illicit practices that are present in many conventional lotteries.
- Fairness There are no human interference in the lottery process, it is automated and executed via a smart contract. Draws are randomized and each player has a fair chance of winning Better Chance of Winning- Unlike conventional lottery where draws are generated without taking into account the number of tickets in the pool, Loteo draws are based ONLY on the tickets in the pool and as such, there is always a winner with each draws.If there are a 1000 tickets in the pool, your single ticket has a 1 in 1000 chance of winning,( unlike conventional lotteries where your chances will remain 1 in several millions)
- Automation and Instant Prize Redemption Payments are made directly to your wallet and in a speedily fashion. No need to wait for confirmation of winning or any legal process that can sometimes take several days to weeks in conventional lotteries.
- Privacy With Loteo, your privacy is never violated. You can stay anonymous and enjoy you favorite lottery. Winners are displayed by user names and wallets and not by legal names.
- Accessibility Loteo is accessible to anyone who can access the internet. There are no need for a bank account as with other digital lottery. You only need a crypto-wallet which can easily be downloaded. There are no geographical limitations and Loteo is accessible to the vast majority of persons who do not own a bank account.
Bringing Innovation with LOTEO Digital Lottery
The lottery ecosystem certainly do need some innovation to make it much more rewarding to players and attract new users. Loteo - a digital lottery platform, based on the blockchain specifically addresses these challenges.
What is Loteo?
Loteo is a digital online lottery platform, built on the transparency, fairness and security offered by the blockchain technology. It employs the full automation of Smart Contracts to execute the lottery processes from ticket purchase, to generating the draws, and to the final payment of winnings to players. Codes are There are no central authorities, decisions are executed by a smart contract which is visible and verifiable by every participants. Smart Contracts codes are available to the public on Github repository and transactions can be viewed on the ethereum network.
Advantages of Loteo over Conventional/Traditional Lottery Platforms
Loteo is an innovative platform, primarily focused at improving the chances of the average lottery player and at the same time tackling the prevalent challenges of conventional lottery. Some unique solutions are as follows:
Take another Chance with Loteo
If your interests in responsible lotteries have dwindled because of the myriad of challenges that plague convention lotteries, Loteo offers you some way out. Sign out for a free account and find out your can gain more perspective on innovative experience, perhaps, your winning is just a ticket away. Register and take another chance with loteo : https://playloteo.com . Draws are now daily
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Disclaimer : I am not a financial adviser. Lotteries come with rewards and they also bear significant risks.