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One of the main concepts that really embodies the essence of the cryptocurrency revolution is decentralization – which, along with privacy, public accountability, and taking down the abusive global financial power players, is one of the reasons that blockchain technology is so appealing. Centralization is the status quo for a lot of sectors, and that includes online gambling platforms.
The problem is that those of us who like to participate in centralized online betting games – like the lottery, for example – just get to see the front end of things. There is only one or two fixed ways to play the game with the same astronomically poor chances of winning anything. There is little transparency, trust or choice when it comes to traditional ticket-based betting games.
But, right now, there’s an international, tax-free raffle game being built on top of the Ethereum (ETH) network that’s looking to make all these problems obsolete. It’s called Ryfts (RFT), and it is launching later this year.
A freer, more flexible lottery game
Here are the basics about Ryfts (RFT): it’s a raffle game that’s similar to a lottery game, but players get to choose between three different sizes of player pools, which game they want to play, how much time that game has, and how much they want to bet (either $1, $10, or $100).
It’s an international game, so it belongs to no one country – and is, therefore, not taxed.
Perhaps what will draw most people to this game is the fact that winners get paid instantly in Ethereum (ETH), but the fact that players have way more control over their own, desired odds of winning is a cool new take on lottery games.
Bringing transparency into the online gambling sector
What’s more important that the details about each raffle is the fact that users can trust this protocol. This game is all about transparency and fairness – and its raffle system is built around that. This is what the Ryfts team’s ultimate goal is for this venture:
“Ryfts’ goal is to become the most transparent and provably-fair blockchain raffle platform that belongs to the international community and excludes the intervention of any third party in its processes and prize distribution mechanisms through the use of a decentralized raffle system which uses Ethereum smart contracts, open source code and a decentralized engine for random number generation as the basis of all its core and external operations.”
It can do it thanks to Ethereum smart contract technology – which controls ticket purchases, prize payouts, random number generation, prize distribution and other operations on the network. That means none of these processes can be penetrated by a third party.
It’s interesting how the game works. You can read about it in more detail on their whitepaper.
It was only a matter of time until a totally transparent, trustworthy and flexible lottery game came out of the blockchain revolution – and Ryfts (RFT) has a solid chance of leading the pack in this area. It seems like a pretty simple way to play, and the instantaneous ETH payouts are definitely something that’ll lure players’ attention, on top of the fact that it’s just feels so much more secure than standard state-run lottery games.
This platform isn’t launching until Q4 2018, but its token pre-sale is beginning in April – followed by the normal ICO phase in May. Keep your eyes peeled.
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