Gambling industry is facing radical changes and blockchain plays an important role in this process. Distributed ledger technology became a synonym to trust long ago, so not surprisingly that it was integrated in online gambling.
CEO of Cryptopay and adviser of True Flip, a decentralized lottery, Eric Benz told in the interview to Forklog how blockchain put new life into lotteries.
According to him, modern users do not trust traditional online and offline lotteries. Blockchain solves the problem. Distributed ledger technology turns the initially closed online ecosystem into transparent one. Players do not have to wonder how numbers emerge. They can personally make sure of operator’s honesty.
Eric Benz has been working in the online gaming industry for over 13 years, and consults many serious crypto projects in Europe and Russia. He immediately got interested in the idea of anonymous decentralized lottery True Flip.
True Flip is positioned as a blockchain-based lottery with instant payouts, open source code and transparent prize fund. Beta version of the platform was launched on April 20 this year. Over 80,000 players participated in the lottery, and the total prize fund comprised 28 BTC, from which 21 BTC were won. The history of draws is still stored on True Flip.
The lottery is held every day. To participate, you have to spend just 0.001 BTC. Users need to guess five numbers from 1 to 49 and one number from 1 to 26. Players can fill in an unlimited number of tickets manually or automatically. Further, the system selects the winning numbers with the help of open source code randomizer.
Eric Benz considers the True Flip concept as revolutionary for the industry.
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