Blockchain has shaken up many industries at their core, bringing them to a completely new level and changing how they fundamentally function and interact with the end consumer. The technology removed barriers and informational asymmetries between the providers and their customers, which was the cornerstone of any type of fraudulent behavior.
The gambling and lottery sectors are not an exception – previously plagued by inefficiencies and vulnerable to manipulations by the organizers, they can finally be rescued from these restrictions, increasing the trust and the motivation of people to participate in them. A new player on the blockchain market, BitWin24, has created the first masternode-enabled lottery with an innovative referral system and multiple incentive mechanisms, which offer the participants multiple ways of generating recurring income.
Please Note: This is a Press Release
Q: Hello Patryk, could you tell us how exactly does blockchain offer greater chances of winning and better payouts?
A: The technology itself cannot offer higher chances of winning or better payouts, however, it offers multiple advantages over traditional systems that implicitly enable us to do precisely that with BitWin24. By overcoming the problems of traditional lotteries and by providing a higher degree of transparency, we essentially create an more optimized version of them that allows us to improve the conditions for the participants. For example, by eliminating the possibility of rigged RNG (Random number generation) algorithms, offering higher security and other methods of acquiring passive income, we generate and distribute more value.
For example, with gambling and lotteries it is immensely difficult to target the global market. There are multiple legal and other considerations that prevent or make it very difficult for betting platforms to pool their prize pools from everyone around the world. For one, bank transactions cost a lot, especially for smaller players who represent the highest market share of consumers, and banks themselves have often closed accounts which led to very significant losses for gambling websites, and, ultimately, their closure.
With blockchain and crypto, this becomes a thing of the past. As you already know, the most significant advantage of blockchain is the superior level of transparency it offers, thereby removing any previous ways of manipulation such as rigged random number generation mechanisms, unpaid winnings and disappearance or significant diminishment of prize pools. Over the past 3 years, the technology has evolved tremendously – the latest blockchain solutions, such as the proprietary-developed blockchain technology we have created at BitWin24, are cutting down transaction cost and times tremendously, allowing it to soon become the logical alternative to bank transactions.
Q: Let’s start with the basics – how are the draws generated, how are the winnings paid out, what percentage of the ticket sales go towards the prize pool formation etc
A: We are not the first to use a randomly chosen Bitcoin hash to generate the winning draws – this mechanism has established itself as the most reliant way of determining the winner of a draw, since no one has control over the Bitcoin blockchain, making it the most tamper-proof tool possible.
However, we do offer a step-up from traditional blockchain gambling platforms by proposing an easy and user-friendly way for betters to participate in the lottery. While most blockchain-based betting and lottery platforms require a complicated process of signing up, which greatly discourages people that are not familiar with cryptocurrencies, we have designed a process that everyone can follow. With a 3 step registration process that takes just 5 minutes through our mobile or web apps (iOS, Android and all modern browsers are supported), we are greatly reducing the friction for people unfamiliar with the concept of blockchain and cryptocurrencies. Furthermore, we dedicate approximately 80% of all ticket sales to the prize pool formation and other rewards for the participants in the BitWin24 ecosystem, including for the support of social and environmental initiatives.
Q: There is an ongoing problem with the existing blockchain lotteries and gambling platforms which is their inability to gain traction – no matter how innovative they are, they struggle to compete with existing gambling platforms and their market share remains quite low. This is partially due to the still somewhat lacking acceptance of crypto, which governments and institutions are rarely keen on endorsing. How does BitWin24 plan to overcome this challenge?
A: Indeed, this is actually the biggest obstacle we identified at the start of the project development and has thus become one of our major targets – to find a way to reach global acceptance and compete with the giants in the sector. After years of planning and searching for a viable solution, we managed to turn this challenge into a competitive advantage for BitWin24.
We decided to deeply anchor a set of various incentive-generating mechanisms in the BitWin24 ecosystem, transforming it from just another blockchain-based lottery to something much more. We implemented masternodes, which enable users to earn passively by supporting the ecosystem through providing the liquidity and technical infrastructure for block validation that handles transactions inside a network. The entry requirements to become a masternode owner are the lowest on the market, making it accessible to small and big investors alike. Furthermore, we offer staking contracts to smaller investors who are not able to participate as masternode owners. By holding BWI coins in your wallet, you can get interest rates on them, kind of like with a traditional bank but with much higher payout rates and the possibility of positive development of the value of your coins.
Another unique feature we are offering to encourage the early investments, which are vital for securing the initial liquidity of the lottery and the backbone of the whole ecosystem, is the exclusive airdrop program. All investors who become early adopters are granted a lifetime profit participation in 10% of all prizes won on the BitWin24 lottery. This means that with the lottery scaling globally, more players are joining in and the jackpots grow exponentially, which allows all airdrop participants to have a solid source of recurring income.
If you want to learn more about BitWin24, the different possibilities for passive income generation and their token sale, visit https://bitwin24.com/en/.