It happens so that people like to risk a little in order to get more. They are attracted with the probability of big winnings – sports betting, gambling, poker, “one-armed bandits” and of course the lottery. This is a stable market which has existed for a long time and will grow and develop further. The global lottery market is steadily increasing from $ 187 billion in 2004, up to $ 294.3 billion in 2016, showing an average growth of 4.3% per year.
At the same time, the growing number of Internet and mobile users contributes to the rapid growth of online lotteries. The total revenue of lotteries on mobile devices in 2013 is estimated at 34 billion dollars, of which 44% – in Europe and North America. The pace of mobile technology adoption may be even faster in developing markets.
Our mission is to create an autonomous decentralized lottery platform. We want to make fair lotteries with high level of participants’ gains, as well as to minimize losses receiving the prizes.
In the world of lotteries – one of the most popular games in the world – there exist many questions and doubts about the honesty of the prizes distribution, as well as the whole process of drawings:
– Is the winner random?
– Is it fair to dispose of less than 40-60% of the ticket sales by lottery?
– What is the managers’ fee and is such a remuneration justied?
Moreover, these problems are getting worth due to the diculty of obtaining a prize, high commissions and taxation. With the introduction of blockchain technology, these problems have become quite solvable.
On the Gexan platform, all stages of the draws, including the purchase of tickets, random numbers generation, distribution of the fund prize, verication of the winners are based on the technology of the distributed register. Moreover, everything is built on open source code, which will be published on Github.