Belotto: Standard for lotteries
May 3, 2018 4:30 pm,
Belotto is a platform that created first global, decentralized Cryptocurrency based lottery system that brought manipulation to an end, established the bond of trust between the luck and gain.
Due to manipulation in the global gambling/ lottery industry regulation, its total market value isn’t easy to estimate. However, this industry plays a crucial role in the entertainment field and is responsible for generating over 400 billion dollars per year; this includes lotteries, casinos, poker, and others. Despite such enormous success, when these games are virtualized the outlook becomes much more complicated and the several inconsistencies that online gambling systems present discourage people from investing their money in internet-based options.
Problem with the traditional lottery system are:-
- A possibility of internal tampering- No transparency in the operation
- Excessive deduction – 50% of the money is deducted due to state license
- Geographical barriers- Location restrictions
- Reduced payment methods- lottery website does not support payment
- High commission rates- websites charge excessive commission
Belotto is the solution to all these problems it provides following benefits:-
- Transparency in drawings- Belotto doesn’t require any external control or a third party supervision.
- Worldwide availability- Eliminates location barriers
- Incorruptible management- Ethereum and the Smart Contracts technology facilitate transparency throughout each of the processes, from ticket purchase to delivery of prizes.
There are 3 types of lotteries in it two are principle lotteries and third is a quick lottery. Names of these lotteries are Bitcoin, Ether, and Express.
The project collects the necessary funds to develop the Belotto infrastructure through an early Credit sale that awards BEL Tokens to all its contributors.