Overview of the Blockchain Lottery Ecosystem

ICON

Nov 26, 2020

4 min read

Overview of the Blockchain Lottery Ecosystem

Hey Readers👩‍💻,

Some of you might have already noticed that we recently launched our very first DApp on the ICON Network, known as the Stakin Lossless Lottery. Inspired by our lottery, we figured it might be time to look at all the different lotteries out there on the Blockchain Ecosystem. However, since the ecosystem is so big, we’re keeping this article limited to some key networks and projects that we believe are worth checking out.

Before we get started, let’s look at the following questions: What is a blockchain lottery? Most of us grew up with some kind of lottery around, and lotteries are a type of gambling game that involves a massive amount of luck. In all lotteries, the player needs to draw a set of numbers in order to potentially win a prize.

However, the traditional lottery industry does face many challenges, and some of those are easily solved by blockchain technology. One of the key challenges solved by blockchain is the fairness of the game. In a blockchain-based lottery, the whole process is very transparent, since the whole data about participants, draws, and winners are recorded on the ledger and publicly verifiable.

Moreover, the draws are automated and run through smart-contracts, reducing the risk of errors with no human intervention in the process. Furthermore, global availability is a massive challenge. Because of borders and local restrictions, users cannot participate in the biggest lotteries worldwide. Blockchain lotteries could be the chance to make the draws more democratic, offering more people around the world a chance to participate.

So, Which Blockchain Lotteries Are Out There?

Dapp.com lists around 117 different lotteries, of which a significant number is built on Ethereum. The list below provides an overview of the most well-known blockchain lotteries currently available out there. If you know any other decentralized lottery that hasn’t been listed, please feel free to reach out so we can have a look!

Pool2Gether

Pool2gether is a no-loss money game based on Ethereum. The way it works is pretty straightforward. First, you buy tickets by depositing into any prize pool. You will receive one ticket for every $1 deposited. As long as you keep your money deposited into the pool, you will be eligible to win prizes. Prizes are made up of the interest earned on all deposited money in the pool. The good news is, you can never lose because you can remove your deposit at any time.

Smart-contract address: https://etherscan.io/address/0x29fe7d60ddf151e5b52e5fab4f1325da6b2bd958#tokentxns

ICONbet DAOLottery

ICONbet is the first DAO (Decentralized Autonomous Organization) built on the ICON Network. As the name suggests, ICONbet is a betting platform focused on playing games. The goal of the ICONbet team is that over time the structure of ICONbet will change from an initially centralized one to a Decentralized Autonomous Organization; this will be done by a distribution of tokens that holds ownership of the platform (see TAP Tokens). The TAP Tokens are used for DAO votes that shape the creation of the ICONbet platform. For a full article on ICONbet, click here.

Smart-contract address: https://tracker.icon.foundation/contract/cx1c06cf597921e343dfca2883f699265fbec4d578#transactions

$ICX Staking Lossless Lottery

At Stakin, we have created the $ICX Staking Lossless Lottery on the ICON Network. In Proof-of-Stake, interests are generated by locking-up digital assets. In this lottery, participants can buy tickets by locking ICX assets in a smart contract deployed on the ICON Blockchain.

The locked-up tokens then generate interests through staking. Each draw, one lucky winner gets the whole pot of staking interests. At any time, participants can leave the lottery and redeem their tickets for their $ICX value.

Smart-contract address: https://tracker.icon.foundation/contract/cxc6bb033f9d0b2d921887040b0674e7ceec1b769c#readcontract

PancakeSwap

PancakeSwap is a decentralized automated market maker that is running on the Binance Smart Chain. The platform lets you swap between tokens on BSC chain and earn $CAKE tokens through farming. Additionally, the platform has a lottery featuring pancakes and rabbits, making it a lot more fun than your regular lottery.

If you’d like to win the lottery jackpot, which contains 60% of the entire lottery pool, you’ll need to match all four numbers on your ticket with the position of the four winning numbers. And as long as you have two numbers that match, you’ll always receive a reward. We like this lottery a lot and would recommend you check it out when you have the time.

Smart-contract address: https://bscscan.com/address/0x3c3f2049cc17c136a604be23cf7e42745edf3b91

A blockchain lottery is not very different from a real-world lottery. Although there are many other games, in essence, blockchain lotteries require you to purchase a ticket, which then comes with a set of numbers.

When the game starts, a certain amount of numbers will be randomly drawn. The goal is to match as many of these randomly drawn numbers against the numbers displayed on your ticket. However, when you choose to interact with a blockchain lottery, you gain the extra benefit of full transparency.


DISCLAIMER: This is not financial advice. Staking, delegation, and cryptocurrencies involve a high degree of risk, and there is always the possibility of loss, including the loss of all staked digital assets. Additionally, delegators are at risk of slashing in case of security or liveness faults on some protocols. We advise you to do your due diligence before choosing a validator.

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