SmartBillions’ goal was to develop a first decentralized lottery, running on Ethereum-based Blockchain, that will be transparent to its participants, easy to participate in, and will employ a secure payments system.
- Lottery running on a completely independent smart-contract was developed. The smart-contract also acts as a self-regulating guarantee. All processes are performed on an Ethereum-based Blockchain.
- Full transparency and safety was achieved thanks to the use of a smart-contract. This eliminated a possibility of any involvement of thrid-party representatives or companies.
- Lack of any registration regulations allowed to establish full anonimity and make the ticket purchase process immediate.
- No requirements for deposits - tickets are paid for directly from cryptocurrency wallets.
- Direct, safe and anonymous payments for winners after the lottery.
Developing a Blockchain-based lottery products is not a completely new idea - for the past years a number of products appeared on the market, such as BitDice and True Flip. But all existing Blockchain-based lotteries lacked one of the most important features for a decentralized product - transparence. Lotteries are still largely depend on how the administrators run them, and that might cause some inconvenience for users.
The core of SmartBillions’ idea is to not only provide their customers with a chance to win some money, but also to make the process of participation as transparent as it is possible
SmartBillions employs a simple and intuitive interface, which makes an emphasis on the lottery part - user only has to add a wallet, enter the numbers and an amount of ETH, and he is ready to play. Wallets are created easily right here on the system in a couple of clicks. Earnings from a lottery are then added to those wallets, from where a user can transfer them into their own personal wallets.
Payments from the lottery are controlled by a smart-contract and are immediate. A winner does not have to wait for platform administrators to manually transfer his money.
To be even more open to the users, the platform provides all information about past lotteries and their winners.