Blockchain technology has been used for all sorts of cases for years, since the introduction of Ethereum and its smart contracts. And during this period, the industry has developed considerably, with many new emerging advanced platforms and blockchain expanding to reach almost every industry in the world. However, it will always have special ties to things like gambling and gambling, which were among the first to adopt it.
This is what a project called QChain is focused on. QChain presents itself as a decentralized lottery platform, one of whose main goals is to connect millions of blockchain enthusiasts around the world and have them join forces around this multi-chain platform. As a result, the platform plans to create the most powerful decentralized ecosystem in the entire crypto industry.
The gaming sector has always been very popular and quite large, growing even further during 2020 and 2021 when COVID-19 forced people to stay indoors and spend more time online. In fact, its growth is so massive that gambling is expected to reach a market value of $ 500 billion by 2026. Meanwhile, almost 30% of total revenue comes from lotteries, which shows just how big is this segment now.
Today, we are going to get a better idea of these closely mixed sectors, so we will ask QChain CEO Andrei Zaitsev several questions in the hope of getting his expert opinions on the matter.
Q: How is blockchain technology changing lottery games?
A: The most important thing that blockchain technology can offer is transparency. Thanks to the distributed registry, information about all operations in the system is available to all users, which means that manipulation is impossible. Everyone will notice it immediately.
Q: What aspects of the blockchain lottery are different from the traditional lottery?
A: From the player’s point of view, the main difference is that bets and winnings are made and received in the local currency – tokens. In addition, all operations are carried out automatically and instantly. Including the withdrawal of the won funds, unlike the traditional lottery.
Q: Is blockchain-based lottery popular?
A: Not yet. This is mainly due to the fact that the blockchain-based lottery is a new technology, it is only one or two years old and has not gained popularity yet. But I’m sure that after people appreciate all its benefits, they won’t want to play the traditional lottery anymore.
Q: Are there any disadvantages of the blockchain-based lottery compared to the traditional version?
A: Nothing comes to mind) Unless the player doesn’t have any devices, which is extremely rare in the modern world. Our lottery can be played on a PC, smartphone or tablet.
Q: What properties of the blockchain are the most useful for the lottery?
A: As I said, the main advantage of the blockchain lottery is the openness of the drawing process possible due to the distributed ledger. In addition, everything goes fast and is automated thanks to smart contracts. The commissions in the Qchain ecosystem are minimal (there are no intermediaries) for the withdrawal / transfer of funds.
Q: What cryptocurrencies can be used for the lottery?
A: In the lottery based on the blockchain platform, we use your internal token. The internal token of our Magic Lotto is QDT and it is used as currency. In chips, you make a bet and make a profit. These tokens can then be converted into fiat currency.
Q: Is the blockchain-based lottery safe?
A: Yes, one hundred percent! First, smart contracts guarantee payments in case of winning, second, all information about users on the blockchain network is confidential, and third, since the game is based on the blockchain platform, any attack from hackers is next to impossible, it just doesn’t make sense.
Q: Is the blockchain lottery regulated or are there indications that it could be regulated soon?
A: As for the legislative regulation of blockchain technology, it varies in different countries. Every year, as the capitalization in this sector of the economy grows, the governments of different countries are trying to introduce a regulatory system, so in the near future there will be changes. At the moment, blockchain lotteries are not regulated by separate legislation, but are subject to the rules related to online gambling.
Q: How is QChain different from other blockchain lotteries?
A: It is worth noting that our lottery is based on the latest generation of the blockchain network called Qchain, which means that all players get access to the fastest, most reliable, secure and confidential gaming platform. There is also a multi-level bonus system for invited participants.
Q: What services does QChain offer besides the lottery?
A: In addition to the lottery, there are a number of interesting products on the platform:
decentralized data storage – QStorage; exchange of personalized goods and services – Qchain Marketplace; stakeout service – QStaking; decentralized exchange of cryptocurrencies and fiat money – QDex; service for those who work in the cryptocurrency market – QTI.
Well, thank you very much, Mr. Zaitsev. We hope you enjoyed our interview and now have a better understanding of the role of blockchain technology in the gaming industry and the benefits that we as gamers can derive from it.