SMART BILLIONS – EVERYONE CAN WIN
In India, during 1990’s and early 2000’s there used to be lottery ticket sales and there were so many people in the country used to buy tickets and wait for luck to click. Only .1% people get the prize money and others money just go in vain. But lottery ticketing is now banned in most of the states in India. This is mainly due to the corruption and the profit gained by the lottery companies because of the corruption. This is mainly due to the non-transparency of things happening within the lottery companies. In order to remove corruption out of the equation, the centralized system should be changed to a transparent decentralized system. And making the lottery enter the online mode will make more people to get involved in the gambling. In 2016, a report was released stating that gambling online has a growth rate of 10% and estimated to have a market for 60 million USD. Currently, the lottery chain accounts for 9% of online gambling market. Blockchain technology is a decentralized smart contract system meaning no single person can control it and gambling is going to have a big market online in the future. Why can’t we tap into that system? That is exactly how Smart Billions combined the blockchain and gambling to create a new form of business.
How do they work?
As their team says, Smart Billions is not a company but a smart contract which conducts decentralized jackpot lottery online with unlimited potential, meaning that theoretically everyone can win the lottery. This is not an old-fashioned lottery style where only one person can win but anyone who joins the lottery can.
Smart Billions is quite different from the old lottery systems.
• It is independent and decentralized and not controlled by any single party organizations.
• It has full transparency and security thus, eliminating the third-party interventions in the business.
• It also provides anonymity to the users.
To prove their security of smart contract, they even announced a hackathon competition 14 days before their crowdsale beginning, to hack their system and take 1500 ETH placed there. It proves how much secure are their platform.
So, how exactly does this lottery system work? The users have to choose a sequence of 6 numbers randomly from 0 to 15 and place the bet. The blockchain will release a sequence of 6 numbers by some method. If two numbers in your sequence matches with the system generated the sequence, then you win the lottery. So, once you submit your sequence, the smart contract will proceed further and will tell you whether you have won the lottery or not. With the increase in the number of matching numbers in the sequence, the bet won in the lottery also increases.
Smart Billions provide instant results and the jackpot is paid to you almost instantly. The users can place their bet from their Ethereum wallet. The cost of bet money is pretty much low than most of the other Ethereum contract transaction.
Initial Coin Offering(ICO) process
They have started the ICO process where they set a target of selling their SMART tokens for about 200,000 ETH, where 90% of this funding goes into the initial jackpot and 10% for marketing. The crowdsale backers will be provided with 80% of the SMART tokens and the developer team will be given the other 20%.
Conclusion
Smart Billions is the first company or perhaps they would say a smart contract decentralized blockchain platform which combines gambling with the blockchain system to provide a possibility for everyone to win rather than just one person among a million.
For more information visit:
Website : https://smartbillions.com
Written by : Karan
Bitcointalk user name: karanj
