Winchain is a blockchain-based underlying system developed by the Winchain Open Source Technology Foundation Team (“WOST team”) from Singapore to support the operation of national- level lottery systems. With its in-depth blockchain technology know-how and unmatched industry exposure, the WOST Foundation team is trying to revolutionize the lottery industry through decentralized technology, and further develop the blockchain-based lottery technology into a new standard of underlying system behind lotteries around the world.
Currently, an African country has decided to adopt the Winchain lottery underlying system in its national-level lottery operation, aiming to issue the world’s first decentralized lottery ticket by 2019. Winchain is actively pushing its businesses in Africa, Asia and Europe along the One Belt and One Road corridor, some of the countries have expressed their interest to adopting the technology in its national lottery operation. The WOST Foundation team’s vision is to become the world’s leading lottery technology provider in the new age of cryptocurrency.
Today’s blockchain applications are generally categorized as public blockchain and consortium blockchain. Although enjoys the optimal decentralized attribute, the public blockchain (“public- chain”) is not appropriate for many practical application scenarios due to its slow transaction performance and high transaction costs. In the other end, the consortium blockchain (“consortium-chain”) does have a huge advantage in terms of high transaction efficiency and low transaction cost, but the use of the consortium nodes in the consortium-chain falls short of the requirement of full data transparency.
To address such imbalance, Winchain innovatively proposed a dual-chain mechanism (public-chain + consortium-chain) for the purpose of supporting new lottery business operations and new blockchain-based lottery games. The public-chain serves as the back bone of the node election and due to its openness, more people can participate the consortium-chain’s node registration and bookkeeping process, and ultimately get rewarded. Such design not just encourages more participants to take part in the consortium-chain’s ecosystem, but more importantly keeps the whole system much closer to a public-chain in terms of openness, transparency, and robustness. As the low-level technology platform, the consortium-chain is designed to support any nation’s lottery operation and related lottery games, with benefits like instant transfer of digital assets at a very low cost. By combining the public and consortium blockchain networks together, the decentralized rights, bookkeeping, and transactions are carefully implemented in the ecosystem whilst decentralized lottery games can enjoy instantaneous performance on Winchain at a very low cost.
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