Blockchain technology has been used in all kinds of fields for many years since the introduction of Etherium and its smart contracts. And during this time, the industry has evolved considerably, lots of new advanced platforms have emerged, and the blockchain is expanding to reach almost every industry in the world. However, it will always have a special relationship with things like gaming and gambling, which took it first.
The focus is on a project called QChain. QChain comes as a decentralized lottery platform, one of the main goals of which is to connect millions of blockchain enthusiasts from all over the world and join forces with them around this multi-chain platform. As a result, the platform plans to create the most powerful decentralized ecosystem in the entire crypto industry.
Gambling has always been very popular and big, and it got bigger in 2020 and 2021 when Kovid-1 forced people to stay indoors and spend more time online. Indeed, its growth is so massive that by 2026 gambling is expected to reach a market value of 500 500 billion. Meanwhile, about 30% of the total income is contributed by the lottery, which shows how big this category is now.
Today, we are going to get a good insight into these closely mixed sectors, so we will ask QChain CEO Andrei Zaitsev a number of questions in the hope of getting his expert opinion on the subject.
Q: How is blockchain technology changing lottery gaming?
A: The most important aspect of blockchain technology is transparency. Thanks to the distributed registry, information about all the activities of the system is available to every user, which means it is impossible to manipulate. Everyone will notice it immediately.
Q: What aspects of blockchain lottery are different from conventional lottery?
A: From the player’s point of view, the main difference is that bets and wins are made and obtained in local currency – tokens. Also, all operations are conducted automatically and instantly. Including the withdrawal of funds won against the Won Strategic Lottery.
Q: Is blockchain based lottery popular?
A: Not yet. This is mainly due to the fact that blockchain-based lottery is a new technology, it is only one or two years old and it has not yet gained popularity. But I’m sure that after people appreciate all its benefits, they will no longer want to play the traditional lottery.
Q: Is there any downside to the blockchain-based lottery compared to the conventional version?
A: Nothing comes to mind) unless the player has a device, which is extremely rare in the modern world. Our lottery can be played on PC, smartphone or tablet.
Q: Which feature of blockchain is most suitable for lottery?
A: As I said, the main advantage of blockchain lottery is the openness of the drawing process due to the distributed registry. In addition, everything goes fast and is automated due to smart contracts. Qchain ecosystem commission for fundraising / transfer is minimal (no intermediaries).
Q: Which cryptocurrency can be used for lottery?
A: We use its internal tokens in lotteries based on blockchain platforms. The internal token of our Magic Lotto is used as QDT currency. In tokens, you place a bet and get a win. These tokens can then be converted into fiat currency.
Q: Is blockchain based lottery safe?
A: Yes, for one hundred percent! Firstly, Smart Contract guarantees payment, secondly, all information about users of blockchain networks is confidential, and thirdly since the game is based on blockchain platforms, hacker attacks are almost impossible, they are simply meaningless.
Q: Is the blockchain lottery regulated, or are there any signs that it could be regulated soon?
A: For the legal control of blockchain technology, it varies in different countries. Every year, with the increase of capital in this sector of the economy, the governments of different countries are trying to introduce a regulatory system, so that will change in the near future. At the moment, blockchain lotteries are not regulated by individual laws but are subject to online gambling regulations.
Q: How is QChain different from other blockchain lotteries?
A: It is noteworthy that Qchain is based on the latest generation of our lottery blockchain network, which means that all players have access to the fastest, most reliable, secure and confidential gaming platform. There is a multi-level arrangement of bonuses for invited participants.
Q: What services does QChain offer besides lottery?
A: In addition to the lottery, there are several interesting products on the platform:
- Decentralized data storage – queue storage;
- Exchange of custom products and services – Qchain Marketplace;
- Services for stacking – QStaking;
- Decentralized Exchange of Cryptocurrency and Fiat Money – QDex;
- Services for those working in the cryptocurrency market – QTI.
Well, thank you very much, Mr. Jaitsev. We hope you enjoyed our interview and now better understand the role of blockchain technology in the gaming industry and how we as players can benefit from it.