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Daniel Sloan explains how mylotterystore tend to leverage bl...
CRYPTO & BLOCKCHAIN INFLUENCERS, HOT UPDATES

Daniel Sloan explains how mylotterystore tend to leverage blockchain technology to change the lottery industry

Daniel Sloan is the Co-founder and Head of Partnerships at mylotterystore.com, a Blockchain based Lottery that is based on, and managed by, the Bitcoin blockchain. The Platform allows people outside of the USA to play US Powerball, Mega Millions, and numerous flagship lotteries globally.

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He also works part time with Akoin as the EVP Strategy and Technology. “I have sent so much time and energy over the years in building Seasoned Talent, says Daniel Sloan on his LinkedIn profile, “but I have installed a great team to take over my day-to-day duties so I can focus 100% of my time on other companies in the Blockchain space that I am a co founder in.”

In 2006, he formed DJS Interests to pursue various consulting and Entrepreneurial ventures. In 2007, he started a Staffing/Consulting business under the Seasoned Talent brand.

Daniel Sloan featured in CoinNewsExtra interview were he explained about mylotterystore. Watch here

Daniel Sloan is an investor and sees opportunities where others fail to look. He has invested in renewable energy start-ups (Ethanol Dehydration Plant, and small Hydro), in bars (Spirits and Cotton Exchange), and a Pipeline company (T&R). Right Robotics (VGo robots), and invested in video game project – DemiGod Wars!

The lottery is a type of gambling which involves the drawing of specific numbers to win the large prizes. The distributed nature of blockchain promises innovation in the lottery industry

DANIEL SLOAN AND THE LOTTERY UPGRADE WITH BLOCKCHAIN

Blockchain technology is gradually creeping into every industry, and in the coming years, its presence will be felt like never before. One of the industries that this technology is expected to connect with to a deeper level is the gambling and lottery industry.

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Let’s explore how Blockchain will disrupt the gambling industry:

1. TRANSPARENCY AND TRUST

Moving away from a centralized ledger system allows for greater transparency. Current lotteries and gaming systems typically use only a single server and keep parameters, such as their random number generator, a closely guarded secret. It’s this secrecy and lack of transparency that opens the lottery to potential fraud and makes it less tempting to consumers.

A decentralized lottery that operates on the blockchain allows for full transparency. Smart, self-executing contracts can be built into the transaction from day one, ensuring that participants understand how their money is being pooled, how the number draw is being randomized, and how privacy is upheld.
Many lottery scandals have been known to happen which should stop now with the blockchain inclusion.

2. REDUCE FRAUD

Online fraud causes account for significant loses in the gambling industry. Some “smart” users can hack the lottery system through the servers’ back door.

Blockchain technology solves this problem by providing secure ways of transactions. Blockchain’s distributed ledger makes it an impossible task to manipulate or hack anything in the system. Your winnings are automatically calculated and sent you. Thanks to smart contracts.

3. PAYING WITH CRYPTOCURRENCY

The other obvious thing that Blockchain has brought on board is the use of cryptocurrency as an alternative payment method.

Accepting cryptocurrency creates an opportunity for players to venture way beyond their regulatory jurisdictions since crypto is not dependent on regulated payment services and it will significantly reduce costs associated with withdrawals and deposits.

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4. ANONYMITY

Privacy concerns that plague the traditional lottery industry can be solved using the blockchain format. Even though all transactions are recorded publicly on the blockchain, users are only identified by wallet address — not as names, not as their hometowns.

The use of a valid, unchangeable transaction ledger serving as a permanent record of transactions will allow participants to keep track of exactly how many players exist when the pool is ending, and what percentage of the pool the organizers keep for themselves. This anonymity feature ensures that users never have to share personal information when conducting transactions. Such a feature also hinders hackers from accessing users’ data.

5. TOKEN HOLDER

Blockchain enables gambling platforms to develop their tokens that can be used as currency on the platform as we have also mentioned above in the case of LOTEU token.

6. INCREASE ACCESSIBILITY

Unlike state lotteries and their various barriers to access, blockchain lotteries allow anyone anywhere in the world to play and easily collect their winnings, while keeping the privacy many deem essential for financial transactions. All you need is an excellent internet connection.

7. COST EFFECTIVE

Since Blockchain is automated to do functions that were previously done by human beings, it will significantly reduce fees and charges associated with transactions, administration costs and therefore enable consumers to maximize profits.

One of the lotteries, betting, and casino industry’s most significant challenges for appealing to players is to cut the cost of the middleman.

According to CNN Money, $6 billion from lottery funds go to the retailers selling the tickets. And another $6 billion goes toward the administrative costs associated with running the lottery. Then the state takes its cut. When all is said and done, only 63% of the pooled money is left for the players — and of course, they need to pay taxes on their winnings.

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