Place/Date: British Virgin Islands - March 1st, 2017 at 5:52 pm UTC · 3 min read
Contact: Maria Popova, Source: XOTTO
XOTTO is a brand-new lottery on the Ethereum blockchain which follows the same rules as the Hong Kong Mark Six (HKM6) Lottery. Developed by Warrior Developments Limited, the similarities between the actual lottery and XOTTO’s blockchain version extends beyond just the rules. Even the ticket numbers and the draw dates are the same on both lotteries. XOTTOs first draw was held on February 21, 2017, at 6:15 PM (Hong Kong time).
The blockchain version of Hong Kong Mark Six lottery, XOTTO draws its qualities of transparency and fairness from the distributed ledger technology. The lottery is designed to be very simple in player’s viewpoint while it solves the problem of money withdrawals, commonly faced by the online gambling community. As a blockchain application, all XOTTO elements are trackable and can be fully automatized.
XOTTO allows players to purchase the ticket anonymously, without having to complete the registration process. However, those willing to leave their email address can do so on their own volition. The use of Ethereum blockchain and smart contracts system ensures the winnings are delivered automatically to the concerned digital wallets, thus eliminating the need for players to claim their rewards manually. The winnings numbers will be same as the ones announced by the Hong Kong Mark Six Lottery.
The XOTTO lottery is powered by VEROS (VRS), a cryptocurrency launched in October 2016. People will be buying the blockchain lottery with VEROS tokens. Based on the total number of tickets purchased, the resulting lottery jackpot will be paid to the winning ticket holder in the same cryptocurrency. Winners will receive the prize directly in their VEROS e-wallet from which they had purchased the tickets. Currently limited to VEROS, the platform will soon include BTC and ETH payment options as well.
Implemented as an Ethereum Smart Contract application, XOTTO involves only two parties – the player and the smart contract. Anyone on the Ethereum blockchain can search for information about the drawn lottery numbers and transactions (pay-ins/pay-outs), making it completely transparent and straight forward.
The lottery draw occurs thrice in a week; on Tuesday, Thursday and Saturday (or Sunday) at 09:30 PM (Hong Kong time), followed by the announcement of results on TV, radio, HKM6 and the XOTTO lottery websites. The mechanics of XOTTO blockchain lottery and how it solves the issues related to traditional and centralized online gambling concerning fairness, transparency, and reclamation of winnings is described clearly in the whitepaper available here.
Developed by Warrior Developments Limited, XOTTO is a blockchain-based lottery service that replicates the famous Hong Kong Mark Six Lottery system on Ethereum blockchain. XOTTO aims to bring fairness, accountability, transparency and ease of use to the online lottery and gambling system by making use of the distributed ledger technology.
Disclaimer: XOTTO is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.