ethereum lottery

Lottery Based On Ethereum Gets Approved By Isle Of Man Government

In Cryptocurrency by Josh BLeave a Comment

Well now, we soon might be able to participate in an online lottery based on Ethereum. Quanta, developers of the lottery, got approval from the Isle Of Man government, allowing the company to operate the world’s first blockchain-based lottery.

First Blockchain Gambling Business

“We’re delighted to announce that Quanta has been granted a licence to operate and develop business in the Isle of Man, becoming the first blockchain gambling business in the world to obtain a reputable gambling license,” the company stated in a press release.

Daphne Caine, a member of Isle Of Man’s Department of Economic Development, said that ‘We are delighted to welcome a new company to one of the Island’s fastest growing sectors. The Isle of Man is a leading jurisdiction for online gaming and blockchain operations, with a well-established digital business ecosystem and community,”

The tech behind Quanta’s product ensures for a “fully automated, transparent and secure” ticket sales, prize payouts and winning ticket selections. The biggest problem for the company was creating a secure and unpredictable RNG (the main part of every lottery system), and using it on the Ethereum blockchain. Quanta did that by using Randao process to come up with random numbers for ticket selections. You can check out more about Randao process here.

Josh B

Josh B

Administrator, blogger at Geeksnack
I love to talk tech, gaming, and cryptocurrency! I have been gaming since I was 5 (27 now), and I am an avid technology geek. Technology is changing the world and is the fastest growing sector; not to mention most interesting! I'm a big advocate of cryptocurrency as it is disrupting the monopolies and centralization of the world!
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