Traditional lotteries are riddled with unwelcome fees and frequently result in unsatisfactory customer experiences. Blockchain technology provides an effective solution to these issues and can potentially transform the lottery system as we know it.
In many ways, a crypto lottery is similar to its traditional counterpart. In both cases, you buy a ticket with a serial number. Then a number is drawn randomly, and the ticket with the closest serial number wins. There is one significant difference, however: crypto lotteries use cryptocurrencies rather than traditional fiat currency.
I'm pretty excited about this topic, I can't wait how will BillionAir lottery look alike, since there would be like NFT-based ticket that allows players to enter raffles, it all sounds pretty entertaining which I need since we're dealing with all the troubles lately on the crypto scene. Maybe people actually need more fun these days.
Did you know that 50% of the proceeds from ticket sales are added to the cash pool, which becomes the winner's jackpot? However, because players have no idea where the money is going, there is a lot of mistrust.
The total amount resulting from the sale of tickets is visible to all in a blockchain-based system. Furthermore, smart contracts on blockchain lotteries ensure that the correct amount is delivered to the correct person at the correct time with complete security. This also restores faith in an otherwise ambiguous system.
Blockchain definitely moves the lottery to a whole new level providing users with trust and fun!
Source: https://www.reddit.com/r/NFTGames/comments/yv4uh4/blockchain_makes_the_lottery_even_more_safe_and/
