How RealBig Solves Lottery Problems
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NFTs are an issue that has sparked a lot of debate and occasionally toxicity in the online gaming community in recent months. It’s difficult to go a day without hearing about NFTs and the Metaverse: a new tech business releasing NFT avatars, a videogame executive enthusiastic about NFTs and the Metaverse, a startup angel investor tweeting a word salad about how they’ll transform art as we know it. NFTs, although being the most popular keyword in IT today, have so far provided little practical value in the game world.
In the near future, the community projects are slowly moving toward exploring the practical values of NFT. One of these up and coming projects is RealBig which is designed by blockchain veterans in the USA. RealBig continues to make progress in its mission to use NFT to revolutionize DeFi. We are excited to offer a unique approach for playing virtual contests through different reward games, which is motivated by the development in crypto acceptance and online market size. The virtual league is a game that allows participants to spend their time in a virtual world.
Online Lottery Games & Its Problems
A lottery is a famous form of entertainment for many people, with no comparable in terms of popularity or profitability in the gambling world. In affluent countries, every second individual plays the lottery on a regular basis. In certain countries, such as Spain, this percentage is significantly higher, reaching up to 80% of the adult population. Despite its popularity, however, the industry has a number of severe faults that every player is concerned about:
- The issue of fairness. Neither state authorities nor independent auditors can guarantee the draw’s fairness, putting millions of potential lottery players off.
- The issue of prize collection. If you win the lotto, you may have to wait up to ten years to get your entire sum. In this instance, you will be required to pay a variety of fees and taxes, which can amount to up to 50% of your profits.
- Access is restricted. Due to a lack of access to payment or banking institutions in many countries, purchasing lottery tickets is difficult.
How RealBig Solves the Lottery Problems?
RealBig leverages blockchain and AI technology combined with DeFi resolving all of said issues by providing a transparent and fair platform for running global online lotteries. RealBig uses blockchain to provide a transparent, automated, and accessible solution to users throughout the world who do not have access to banking facilities. With just a 9 USD monthly subscription, a user can enter multiple virtual contests in the hopes of winning substantial prizes from each contest.
Users are unable to participate in the world’s largest lotteries due to the border and local constraints. Blockchain lotteries have the potential to make lotteries more democratic, allowing more people from all around the world to participate.
Furthermore, RealBig offers one prize game category in which a total of 70 virtual players participate, with each virtual player being able to be sold via NFT to a private investor in exchange for a perpetual 20% share of the player’s prize pool.
How are Contests Managed
The “purity” of the lottery is dependent on the transparency, quality, and honesty of smart contracts, which is why licensing authorities and players scrutinize them. RealBig designs a lottery smart contract with open source code so that anyone can review it for themselves and ensure that your platform is fair.
The entire contest administration cycle, from establishing a contest to randomly selecting winners and paying affiliate marketing commissions, is automated using a smart contract, with immutable transactions saved on the blockchain (Polygon) public network.
The entire game process is transparent with a blockchain-based raffle since all data about participants, draws, and winners are stored on the ledger and publicly verifiable. This implies that even if you lose a game, you can check to see if any of the winners made the same selection as you. This feature of transparency will not only offer winners confidence that their rewards were awarded properly, but it will also help prevent any kind of fraud from occurring during the prize distribution process in a blockchain-based lottery platform.
Closing
In this article, I have described how the RealBig platform has transformed lottery games. Blockchain keeps track of everything that happens on it, making it feasible for all parties involved to be transparent and fair, whether it’s lottery winnings, investments, ticket sales, or other transactions. Hacking becomes nearly impossible because a hacker must influence each and every block in order to change the lottery numbers.
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