The Need for DeFi Lottery System Development
The global lottery industry is a billion-dollar market that has offered incredible money-making opportunities – to issuers and participants – since its inception. Owing to these opportunities, the market has gained significant traction across the globe. From being offline to serving through digital platforms, the lottery industry has evolved over time.
However, the traditional lottery market is beset with inefficiencies that result in high levels of mistrust between players and platform lottery hosts. Since the conventional lottery system is centralized, all aspects of lottery, such as issuance, purchase, draw, cashing, and the use of raised funds, lack visibility. Other inefficiencies plaguing the lottery industry include:
Blockchain: Redefining the Lottery Paradigm
The disruptive blockchain technology and smart contract potentially provide solutions to problems with the traditional lottery system.
The four core features of blockchain transform the traditional lottery model: