This includes crypto currency, with many users choosing Ethereum because the middleman is taken out by using this crypto currency. Traditionally, to guarantee the payment goes through, intermediaries such as banks and other financial institutions are required. These intermediaries cost money, and payment transactions are excessively inefficient, bloated and costly as a consequence.
Using Blockchain for Running a Daily Lottery
By eradicating the intermediaries, Blockchain extends the expertise of every transaction and, as a consequence, there is a more efficient payment mechanism, lowering the cost of money transfer for all. Also, Blockchain makes it much simpler and easier for any third party to audit.
Small payments are also fully allowed by Ethereum which blockchains, and helps as individuals also need to pay small payments. For example, for each hour that they watch premium YouTube videos, users will pay a few cents.
It can be used for many things, but the most special is the Regular Lottery. On the Ethereum blockchain, the smart contract behind this lottery runs.
Anyone using Ethereum should, therefore, go to https://www.eth93.com/. You can see the large number telling where ticket sales are to be sent, which is the blockchain code that operates this lottery. In each regular draw, tickets cost 0.01 Ether (no fiat currency is exchanged) and users can buy an infinite number of tickets. The more lottery players, the smaller the probability of winning, but the larger the jackpot.
Solidity’ smart contracts ‘are small pieces of software that run on the Ethereum blockchain for those who are not familiar, and it is possible to check smart contract code on Etherscan.io.
This way, there are many benefits of make daily lotteries! But the strongest explanation is that for lotteries that are run with other currencies, the winner earns more money than they will.
It runs on the Ethereum block chain, the smart contract behind this lottery. It is the aim of keeping this lottery as easy as possible: run once a day, choose a winner at the end of the lottery by a random number generation, and automatically distribute Ether. This is all easily done with smart contracts of solidity.