There’s a new bitcoin cash lottery that uses the BCH blockchain as an oracle to provide true provable fairness in the game. Participants toss BCH into a pot and if the last few digits of the user’s transaction ID matches the target block’s hash they win the jackpot.
Bitcoin cash supporters have been discussing a new type of lottery system that uses the BCH chain to operate in a transparent fashion. Nakamoto Game was announced on March 6 and allows anyone to participate without registration. Basically, a user chooses to send a bet for 0.01 BCH or to place multiple bets by using the scannable QR code. The last alphanumeric digit of the transaction ID (TxID) that the user generated by sending BCH is their lucky number. The system uses a block height every three days which requires 400 blocks to find out the winner of each round.
So far there’s been a bunch of jackpots given away to random players and users can see the reward distribution on the website. The jackpots can vary in size and the current prize that will be rewarded in two days at block height 573,329 is approximately 1.92 BCH ($256). When the user’s lucky number (TxID) matches the last alphanumeric digits within the hash of block 573,329, the user wins that round. If no lucky number is found within the target block’s hash then the round rolls over into a new one. The creators of Nakamoto Game announced the lottery system on r/btc and the BCH community seems to like the idea.
“We’ve built the World’s first BCH-based lottery and it’s live,” explained the creators of the Nakamoto Game lottery. “No registration is needed and it’s 100% fair — When the jackpot finds a winner, it will payout instantly.”
Some Believe a Transparent Ledger Can Create Provably Fair Lotteries
After the block height is met and the lucky number is found, the winner takes 70 percent of the jackpot and 30 percent goes to the next round “in order to attract more users and build bigger jackpots.” The BCH lottery creators have detailed that the business takes 1 percent per transaction to fund the operation. Moreover, multiple winners can win the bounty of funds and all of the winners can be verified onchain. Yesterday 10 winners won over 2.6 BCH and the winning TxIDs were displayed on the site next to the “Current bets” tab.
“Congrats on the 33x jackpot,” Nakamoto Game tweeted. “We found 10 winners and the lucky number was “7” — The rule is that the winners take 70 percent of the pot, and 30 percent goes to the next round.”
So far the rewards have been stacking up and the pot that was distributed before the 33X jackpot was around $450 worth of bitcoin cash. Games of chance, gambling, and lottery systems have been a favorite pastime in society for thousands of years. These days online lotteries and wagers are very popular but people are unsure whether the games are truly fair. Many believe that cryptocurrencies can make such games provably fair due to the transparency tied to the Bitcoin Cash distributed ledger.
What do you think about the lottery Nakamoto Game? Let us know what you think about this subject in the comments section below.
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Source : Bitcoin