There’s a new bitcoin dough 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 carry on few digits of the user’s transaction ID matches the target block’s hash they win the jackpot.
Also read: UN Panel: North Korea Ground $571M From Asian Crypto Exchanges
Bitcoin cash supporters have been talk overing a new type of lottery system that uses the BCH chain to operate in a transparent fashion. Nakamoto Game was announced on Step 6 and allows anyone to participate without registration. Basically, a user chooses to send a bet for 0.01 BCH or to place multiple punts by using the scannable QR code. The last alphanumeric digit of the transaction ID (TxID) that the user generated by sending BCH is their blessed number. The system uses a block height every three days which requires 400 blocks to decide out the winner of each round.
Nakamoto Game and previous jackpots.
So far there’s been a bunch of jackpots given away to arbitrarily 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 eras at block height 573,329 is approximately 1.92 BCH ($256). When the user’s lucky number (TxID) matches the definitive alphanumeric digits within the hash of block 573,329, the user wins that round. If no lucky number is develop within the target block’s hash then the round rolls over into a new one. The creators of Nakamoto Game asseverated 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,” interpreted the creators of the Nakamoto Game lottery. “No registration is needed and it’s 100% fair — When the jackpot finds a winner, it see fit payout instantly.”
Some Believe a Transparent Ledger Can Create Provably Fair Lotteries
After the block top is met and the lucky number is found, the winner takes 70 percent of the jackpot and 30 percent goes to the next end “in order to attract more users and build bigger jackpots.” The BCH lottery creators have detailed that the profession 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 champions 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 Racket 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 thrown aways to the next round.”
Bitcoin enthusiasts believe a transparent blockchain can create provably fair gaming. Nakamoto Encounter claims to follow this path.
So far the rewards have been stacking up and the pot that was distributed before the 33X jackpot was about $450 worth of bitcoin cash. Games of chance, gambling, and lottery systems have been a favorite leisure in society for thousands of years. These days online lotteries and wagers are very popular but people are unsure whether the games are indeed fair. Many believe that cryptocurrencies can make such games provably fair due to the transparency tied to the Bitcoin Currency distributed ledger.
What do you think about the lottery Nakamoto Game? Let us know what you think about this voter in the comments section below.
Disclaimer: This article is for informational purposes only. Bitcoin.com does not endorse “Nakamoto Unflinching” or any related companies or affiliates. Readers should do their own due diligence before taking any actions related to the mentioned enterprises, creators, associates, or any of its affiliates or services. Bitcoin.com and the author are not responsible, directly or indirectly, for any damage or loss caused or claimed to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. All choices are solely the chargeability of the reader.
Image credits: Shutterstock, Pixabay, and the Nakamoto Game website.
Express yourself freely at Bitcoin.com’s narcotic addict forums. We don’t censor on political grounds. Check forum.Bitcoin.com