How blockchain-based lotteries are disrupting the gaming industry

CryptoMode Blockchain lottery QCHAIN

In today’s evolving business world, many industries are turning to blockchain for solutions to some of their inefficiencies. Although the technology is still relatively new, it has quickly gained a reputation for its enhanced security, low costs, traceability, and transparency. From supply chain management to financial services, healthcare, and entertainment, the possible applications of blockchain tech are enormous.

One niche area that is already benefiting from blockchain tech is the lottery industry. Data suggests that the revenue of the global lottery market would have grown from $157.7 billion in 2018 to $353.1 billion in 2026, at a healthy CAGR of 10.6%. An even more interesting point is the fact that blockchain is already disrupting the traditional lottery industry and could capture a significant share of the predicted growth.

One of the main issues with traditional lottery platforms is the lack of trust between players and lottery hosts. This is further exacerbated by poor user experiences, hidden fees, and a high risk of fraud. Thanks to blockchain tech, the future of the lottery industry is looking a lot brighter. For one, its immutability introduces transparency to the sector. Participants can look up all data on ticket sales, revenue, provability, and other performance indicators. The tech’s autonomous nature also ensures there is no single point of failure while employing smart contracts to pay winners.

Speaking of disruption, several blockchain-based lottery platforms have sprung up since 2015. From Quanta to Fire Lotto, and Lotto Nation, these companies are bringing transparency and provable lottery fairness to the industry. Magic Lotto is one of the latest entrants that are already carving a niche for itself. Powered by QCHAIN, the project describes itself as “the world’s first online lottery based on latest generation blockchain technology, providing a system of unlimited scaling.”

Players can easily calculate their chances of winning on Magic Lotto, as well as increase their chances of winning by participating in an affiliate program.

Scalability Powered by QCHAIN

Although the scalability of legacy blockchains like Bitcoin and Ethereum has been a long-debated subject, several solutions have sprung up to increase the throughput of distributed ledger transactions without compromising on its other benefits.

QCHAIN, for instance, is the next generation blockchain that was developed to cater to the needs of a wide variety of users in government, private, and commercial scenarios. In addition to being able to handle up to hundreds of thousands of transactions per second, the platform boasts of incredibly low fees. Comparatively, legacy blockchains have a hard time handling more than 30 transactions per second.

It is also worth mentioning that QCHAIN has an estimated 1 million transactions per second. The protocol is able to achieve such high numbers by utilizing a unique protocol based on TCP/IP.

Beyond powering Magic Lotto, QCHAIN has several other interesting product lineups, including QStaking, QSwap, QCHAIN Place, QToken NFT, QDEX, and QStorage, amongst others.

The native token known as the QCHAIN Dynamic Token (QDT) is the heart of the QCHAIN ecosystem. The token can be used for staking, trading, and for paying for products and services within the ecosystem.

QDT (QCHAIN Dynamic Token) expresses the intellectual property (IP) of the QCHAIN software code. The issue of QDT is 2,718,281,828 coins. The QDT token will be intended to attract additional liquidity to the QCHAIN ecosystem with the possibility of receiving dividends and additional benefits on partners’ platforms.

In conclusion, blockchain technology has grown to become more than just a buzzword for corporate executives around the world. The technology has the potential to radically transform a number of industries, and the lottery industry is just the beginning.

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