How is a Blockchain Lottery different?
How can we make lotteries fairer for everyone?
Amjad Pirotti, my lottocoin.com
What if we could take the power of blockchain and use that to make lotteries joyful again. Consider the community lottery held in your local club or town – it’s a means of raising money for a local or shared endeavour - the price is not high and the winnings are very transparent. Of course, the payout tends to be small – a combination of low volume and the desire to fundraise over actually winning vast sums. But what if that model could be twinned with national or hyper-national concepts? What if we could make the lottery fair and still pay out large sums. What if no one owned the lottery and everyone involved stood to gain so that the fundraising and profits were pooled back to the participants. And the participants were the true target recipients of the prize?
That’s a lot of questions but one project that seeks to answer them is MYLottocoin.com; a crypto lottery that is conventionally ruled, anonymously played and autonomously operated.
Its founder Amjad joins me for a conversation on how this works. It is, he says, a permissionless, DeFi powered lottery with decentralised features.
“We have created an inclusive model by incorporating the role of classic games.”
MyLottocoin is live, it went live in November 2020, a full month ahead of schedule. It was built on the Ethereum blockchain but the project team is looking to migrate it onto Binance Smart Chain to get around the issue of high gas fees.
It is a decentralized app operated autonomously by a smart contract without any human interaction.
MyLottocoin was built to remove some of the issues surrounding the lottery industry. Despite the fast growth of lotteries, both official and online, there are worries concerning trust security, transparency and reliability. The other unspoken elephant in the room is the fact of huge house percentages; regardless of where the ‘other’ profits are said to be used.
In order to maintain transparency, MyLottocoin has published its source code which can be reviewed by anyone. Amjad says it is a first of its kind and empowers players using a unique tokenized reward system. All players are rewarded the native token, MYL, for free and every three months receive a pro rata payout (10% of total sales) based on tokens held.
MYL are not governance tokens but utility. MYL was designed to provide the reward system and grow the community. The total supply of this ERC 20 token is limited to 100 million and will be airdropped to the same Ethereum wallets used to purchase the lottery tickets.
Every payout is administered automatically by smart contracts without user interaction.
“This eliminates the slow process of trying to claim winnings as exercised by other lotteries – a process which is both labour intensive and designed to reduce actual claims. Inertia by itself reduces the number of actual payouts protecting the house and penalising busy players.”
Currently, MYLottoCoin.com is offering a draw similar to the US Powerball. Other themed lotteries will follow including MegaMillions in September, Canada649 in December, EuropMillions March of next year and SuperEnaLotto in June 2022.
The ecosystem is decentralized with no need for direct management or for anyone to manually execute any features. However, there will be a development team in place to ensure the milestones outlined on the roadmap are achieved. In all, 85% of all takings are distributed as prizes, 10% for quarterly rewards airdropped to token holders and 5% left to pay for maintenance and development.
With prizes distributed automatically through smart contracts, security is guaranteed. In addition, players do not need to have signups or account creation, meaning players can use their own wallet without any need to deposit funds prior to play.
The website is live and open for play with the next step to develop a dedicated mobile app. Please visit www.mylottocoin.io or more information and to play the lottery on www.mylottocoin.com blockchain style.
About the author
Blockchain Advocate, Founder, Diversity Advocate, Keynote Speaker, Award winning Crypto Journalist and Broadcaster, Author, CEO, Writer, Homelessness Advocate, Former European Parliament Candidate, Law Changer, Artist, Mother, Dreamer