Build A Blockchain Lottery
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Neither in popularity nor profitability among gambling games, lotteries have no equal. A lot of people in the world participate in lotteries, we can say, every second. Despite its success, the lottery industry has several serious drawbacks that worry every player. Some of these issues are easily solved with the aid of blockchain technology, such as fair play.
Thanks to the blockchain, the lottery is transparent, as all information about participants, winners and draws are recorded in the register and can be checked in the public domain. There is still a frequent problem of receiving winnings. If you are lucky enough to win the lottery, it can take many years to receive the full amount of winnings, and there are also serious taxes to consider, which can eat up half of the amount.
However, blockchain will be the perfect solution to this problem. Also, blockchain lotteries are a way to build a more democratic environment than before, offering a chance to participate to more people around the world. Let us consider in this article how to create a blockchain lottery.
What is the Blockchain lottery?
Lotteries are indeed a favorite entertainment for millions of people. However, there have always been many problems with it, including: fairness, accessibility of participation and collection of winnings, but the cryptocurrency lottery on the blockchain is in many ways similar to the traditional one we are so used to.
For example, in that you buy a ticket with a serial number on it. Then a number is randomly selected, and the ticket with the closest serial number to it wins. However, a significant difference is that cryptocurrencies are used in crypto lotteries instead of traditional fiat currency.
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How could Blockchain Lottery Platform work?
Blockchain is a solution to many problems of the world’s lottery system. For example, a blockchain lottery allows users to purchase lottery tickets in exchange for contributing their cryptocurrency to the prize pool, but your lottery tickets do not expire as they do in traditional lotteries. Even if you do not win, your tickets do not expire, which is definitely an advantage. Let’s delve into this topic more…
What problems does blockchain solve in the lottery system?
- Integrity: blockchain makes the lottery better and more honest. Information about the lottery becomes available to everyone and the transparency of the system is restored.
- Reliability: when using a blockchain-based system, the total amount resulting from ticket sales is available to everyone. And smart contracts on blockchain lotteries ensure that the right amount is delivered to the right person at the right time with full security. It also restores trust in the concept of “lottery”
- Security: fraud is a common sight in lotteries, but blockchain ensures that every transaction is stored, making it impossible to counterfeit. The blockchain system does not allow for human intervention as all processing is distributed across the globe, eliminating the slightest possibility of fraud.
- Accessibility: lotteries are not legal in all countries and this prevents mass participation in such games. In most countries of the world, there are no restrictions on receiving cryptocurrencies, and you can join the game from anywhere in the world, which solves the problem of accessibility.
What is an NFT lottery?
The NFT Lottery is a new step into the future. When developing such a product, it is necessary to study all the trends in order to be on the same wavelength as the world. A game like the NFT Lottery will allow users to try their luck and win exclusive NFTs from various digital art collections. The winner of any lottery is randomly selected using a smart contract. Luck works here! The smart contract will select a random number from a range set by the lottery administrator. An NFT prize is at stake. And the one whose bet will be the closest from the range to the dropped number will win. If two or more users place the same bet, the winner is the user who placed the bet earlier. The number of participants in this game is not limited.
Essentially, NFT lotteries function similarly to the best crypto lottery sites in that participants can buy tickets and win prizes for matching numbers. To participate in NFT sweepstakes, users must purchase cryptocurrency in advance and use it to purchase tickets.
NFT lottery development is a painstaking and important business that needs the eyes and hands of professionals, so click here to learn more about NFT website development from the Omisoft team. As an example, let’s take PancakeSwap, a decentralized automated market maker that works on the Binance Smart Chain. The platform has a pancake and bunny lottery, which makes it much more fun than a regular lottery.
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Can you make a crypto lottery?
Have you decided to develop your own cryptocurrency lottery? It is important to think through everything to the smallest detail. Idea, concept, basis, design, quality and safety documents, marketing promotion strategy, etc. You must be prepared for the process by drawing up a plan. Our professional development team at Omisoft can create a blockchain cryptocurrency lottery, and now we will tell you how to do it with the following steps…
Step-by-step: build a blockchain lottery
| Steps | Overview |
| Step 1: Decision: development from scratch or use package solution | Entrepreneurs always face a difficult choice: start a business from scratch or buy a franchise. Developing a lottery platform from scratch will cost more and take more time. However, this method is unique and will allow you to fully control the development process and the created product, which will be useful when starting a franchise business. Immediately buying a ready-made solution, on the other hand, will be a quick and relatively budget option without the agony of licenses when starting your own business. Important! If you choose this option, be sure to make sure that the chosen franchise best meets the needs of your business. Explore the advantages and disadvantages. |
| Step 2: Lottery concept development | When creating a blockchain platform for a lottery, you need to determine the size of bets and winnings, as well as decide how many numbers will be guessed by participants and from which pool of random numbers will be selected for guessing. The most common schemes are: 4×20, 5×36 and 6×45. The choice of the size of bets and winnings usually determines the type of license required, and the scheme – the terms of reference for the development of smart contracts. UX/UI design. Having a concept and a general idea of the gameplay, you can start developing the design and maps of lottery screens – how it will look like for an ordinary player. To do this, it is best to hire a blockchain engineer who understand usability and user needs. It will be more expensive, but the result will be much better. You will need two UX/UI designs: for the web interface (website) and the blockchain app. They should be similar, but not identical because the usability and gameplay on these two platforms are different. |
| Step 3: Get Lottery License | Licensing is an important thing in the lottery business. Most lotteries require licensing at the state level. If we talk about the United States, the type of license will depend more on the state. In other countries, licenses are issued that allow you to play the game throughout the state (for example, the UK). |
| Step 4: Developing Lottery Smart Contracts | Smart contracts are verified by players and special licensing authorities. They are very important, because the “transparency” of the lottery depends on their quality and honesty. It is best to create an open source smart contract for the lottery to test it yourself. |
| Step 5: Lottery website development | If you have a franchise business, then creating a website will be easy and fast and does not require much effort. Since the entire lottery background is usually located at the franchise provider, and you only connect to it, rarely – you are provided with a ready-made background that you customize to your needs. You just need to take care of the design and security of the platform. Namely,
Development from scratch, of course, will take longer, because you need to do everything yourself. One of the most important points will be to make a catchy design, so that people who come to the platform want to stay. |
| Step 6: Mobile Lottery Application Development | Many people in the world prefer apps because it is more convenient for them than the web version. A blockchain-based lottery must have a well-developed application. It, in turn, should have easy navigation and a cool design. It is worth building a convenient lottery block so that the player immediately understands how to use the application. The menu should be something like this: “Bets”, “Start”, “Payment gateways”, “History”, “Favorites”, “Support”, etc. This stage is similar to the development of a smart contract or website, a mobile application can be created independently using ready-made solutions or hiring a blockchain development company. |
| Step 7: Testing stage | As with any other product: before releasing it into the world, it must be tested. Especially the elements – smart contracts and HD wallet – need to be checked by independent auditors. This is important both for you and for the players. |
| Step 8: Create Marketing Strategy & Launch | Promoting a lottery online is a pretty standard process, except for some points. It is clear that the first thing is to identify your target audience, visiting resources, and bloggers, and then use this information to promote your project. Important! The player should understand that you cannot advertise the lottery in countries |
Summary
Crypto lotteries give you the opportunity to win big while keeping bet sizes to a minimum. With that said, it was only a matter of time before lottery games entered the crypto and blockchain technology arena.
Games like these allow you to buy your entry ticket with popular cryptocurrencies like Bitcoin, Ethereum, Solana etc. The online lottery was much more transparent than the offline lottery. In addition, winnings are instantly distributed to the winners of successful ticket draws, so there is no need to visit a local kiosk to claim your prize.
If you want to create your own blockchain lottery, but don’t know where to start, then contact us – Omisoft, a German software company, will lay out a step-by-step development guide for you, conduct a consultation or do everything for you!
We will be glad to work with you!
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