Blockchain technology has been used in all sorts of cases for years now, ever since the introduction of Ethereum and its smart contracts. During this period, the industry has developed tremendously, with lots of new advanced platforms emerging, and blockchain expanding to reach almost every industry around the world. However, it will always have its own associations with things like gaming and gambling, which were among the first to adopt them.
This is the thing that a project called QChain is focusing on. QChain comes as a decentralized lottery platform, one of its main goals is to connect millions of blockchain enthusiasts from all over the world and make them unite around this multi-chain platform. As a result, the platform plans to create the strongest decentralized ecosystem in the entire crypto industry.
The gambling sector has always been quite popular and quite large, and it grew even more so during 2020 and 2021 when the COVID-19 virus forced people to stay home and spend more time online. In fact, its growth is so phenomenal that it is expected that gambling will be worth $500 billion in the market by 2026. Meanwhile, lotteries contribute close to 30% of the total revenue, which shows the size of this sector now.
Today, we’ll get a better view of these closely mixed sectors, so we’ll ask QChain CEO Andrei Zaitsev several questions, hoping to get his expert views 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 distributed registration, information about all processes in the system is available to each user, which means that manipulation is impossible. Everyone will notice it right away.
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 performed automatically and instantly. Including withdrawing the money won, unlike the traditional lottery.
Q: Are blockchain-based lotteries popular?
a: not yet. This is mainly due to the fact that the blockchain-based lottery is a new technology, which is only a year or two old and has not yet gained popularity. But I am sure that after people appreciate all its benefits, they will no longer want to play the traditional lottery.
Q: Are there any downsides to the blockchain-based lottery compared to the traditional version?
a: Nothing comes to mind) unless the player has a device at all, which is extremely rare in the modern world. Our lottery can be played on a computer, smartphone or tablet.
Q: What are the most beneficial properties of the lottery blockchain?
a: As I said, the main advantage of the blockchain lottery is the openness of the drawing process that is possible due to the distributed registration. In addition, everything goes fast and is automated due to smart contracts. The commissions in the Qchain ecosystem are minimal (no intermediaries) for withdrawing/transferring funds.
Q: What cryptocurrencies can be used in the lottery?
a: In the lottery built on the blockchain platform, we use its internal token. Our Magic Lotto’s internal token, QDT, is used as the currency. In tokens, you can place a bet and win. These tokens can then be converted into fiat currency.
Q: Is the blockchain-based lottery secure?
a: Yes, for one hundred percent! Firstly, smart contracts guarantee payments in the event of a win, secondly, all information about users in the blockchain network is confidential, and thirdly, since the game is based on the blockchain platform, any hacker attacks are almost impossible, it is simply meaningless.
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 across countries. Every year, with the growth of capital in this sector of the economy, governments of different countries are trying to introduce a regulatory system, so in the near future there will be changes. Currently, 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 have access to the fastest, most reliable, secure and confidential gaming platform. There is also a multi-level system of rewards for invited participants.
Q: What services does QChain provide besides lotteries?
a: In addition to the lottery, there are a number of interesting products on the platform:
- Decentralized data storage – QStorage;
- Exchange of custom goods and services – Qchain Marketplace;
- staking service – QStaking;
- decentralized exchange of cryptocurrency and fiat money – QDex;
- A 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.
