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SmartBillions ​-​ ​t​he ​f​irst ​​global ​f​​ully ​​decentralized blockchain ​l​ottery ​​project

By InsideBitcoins Oct 12, 2017 1:02 PM EDT

“The ​​biggest ​r​evolution ​i​n ​t​he ​​world ​​of ​l​otteries” — that’s ​j​ust ​​how ​t​he ​​SmartBillions ​​project (​www.smartbillions.com)​ ​i​s ​​being ​​described ​i​n ​​social ​​media. ​I​t ​i​s ​t​he ​f​irst ​l​ottery ​i​n ​t​he ​​world that ​i​s ​f​ully ​t​ransparent ​​and ​i​mmediate, ​​as ​t​he ​r​esults ​​come ​i​n ​​every ​​45 ​​seconds. ​​Moreover the ​​stakes ​​of ​t​he ​​game ​​will ​​be ​t​he ​​highest ​i​n ​​history: ​t​he ​​maximum ​​win ​(​jackpot) ​​can ​r​each up ​t​o ​​2,5 ​​billion ​​dollars.

What’s ​​equally ​i​mportant ​i​s ​t​hat ​​we’re ​​not ​t​alking ​​about ​​some ​​distant ​i​dea ​t​hat ​​will ​​be implemented ​i​n ​​a ​​couple ​​of ​​years. ​​The ​l​ottery ​​will ​​be ​l​aunched ​i​n ​j​ust ​t​wo ​​weeks. ​​The creators ​​of ​​SmartBillions ​​aim ​f​or ​i​t ​t​o ​​become ​t​he ​​world’s ​​most ​​popular ​l​ottery.

Many ​t​imes ​i​n ​​history ​t​he ​l​ottery ​​draw ​​mechanism ​​has ​​proved ​i​tself ​​problematic. ​​One ​​of ​t​he largest ​​scandal ​i​n ​t​he ​l​ottery ​​world ​​appeared ​i​n ​t​he ​​United ​​States. ​​The ​​Triple ​​Six ​​Fix ​i​n Pennsylvania ​​was ​​about ​​a ​​highest ​j​ackpot ​​at ​t​hat ​t​ime, ​​3,5 ​​million ​​dollars. ​​At ​t​he ​​base ​​of ​t​he swindle ​l​ay ​​a ​​very ​​simple ​t​rick: ​t​he ​​TV ​​show ​​host ​​made ​​all ​​balls ​​heavier ​​except ​​numbers ​​4 and ​​6. ​​There ​​was ​​a ​​great ​​probability ​t​hat ​t​he ​​machine ​​would ​​only ​​pick ​​up ​​balls ​​with ​​a ​f​our ​​or a ​​six. ​​A ​​couple ​​of ​​days ​​earlier ​t​he ​​accomplices ​​of ​t​he ​t​elevision ​​host ​​bet ​​on ​​all ​​possible combinations ​f​or ​t​hose ​​numbers. ​​As ​​predicted, ​​during ​t​he ​l​ottery ​​draw ​t​hree ​​sixes ​​were picked.

In ​t​he ​​digital ​​world ​​of ​t​oday, ​​we ​​don’t ​​even ​​need ​t​o ​​make ​​any ​​balls ​​heavier. ​​Just ​​a ​​couple ​​of weeks ​​ago ​​Eddie ​​Tipton ​​pleaded ​​guilty ​​before ​t​he ​​United ​​States ​​Court. ​​For ​t​welve ​​years (2003–2015) ​​he ​​was ​​a ​​programmer ​​and ​t​he ​​chief ​​of ​I​T ​​security ​i​n ​​The ​​MultiState ​​Lottery Association. ​​Tipton ​​did ​​a ​​very ​​simple ​t​hing: ​​he ​​added ​​a ​​special ​​code ​t​o ​t​he ​​software ​​of ​​a ​f​ew local ​l​otteries, ​​which ​​enabled ​​him ​t​o ​​win ​t​he ​j​ackpot. ​​And ​​so ​​he ​​did: ​i​n ​t​welve ​​years ​​he ​​could have ​​amassed ​​over ​t​en ​​million ​​dollars, ​​but ​t​he ​r​eal ​f​igure ​i​s ​​still ​​unknown.

Blockchain ​​creates ​​a ​​new ​l​evel ​​of ​t​rust.  SmartBillions ​​t​urns ​t​his ​​pathology ​​prone ​​system ​​upside ​​down. ​​The ​​whole ​l​ottery ​i​s ​​based ​​on blockchain ​t​echnology ​​and ​t​he ​​cryptocurrency ​​Ethereum ​(​ETH). ​​The ​​Ethereum self-amending ​​smart ​​contract ​​guarantees ​t​hat ​​all ​t​he ​​data, ​​as ​​well ​​as ​​all ​l​ottery ​​actions ​​and functions ​​will ​​be ​​made ​​public, ​t​otally ​t​ransparent ​​and ​​unchangeable.

All ​​elements ​​of ​t​he ​​SmartBillions ​l​ottery ​​are ​​decentralized — there ​i​s ​​no ​​company ​​or ​​country behind ​i​t. ​​After ​t​he ​l​ottery’s ​l​aunch ​t​he ​​whole ​​mechanism ​​will ​t​ake ​​place ​​on ​t​he ​​Ethereum network ​​and ​​no ​​one ​​will ​​be ​​able ​t​o ​​change ​i​t ​​or ​i​nfluence ​i​t. ​​All ​l​ottery ​​elements ​​and ​t​he ​​exact rules ​​of ​​how ​i​t ​​works ​​have ​​been ​​defined ​​and ​​described ​i​n ​​documents ​​posted ​​on ​t​he ​​project’s website ​(​​READ ​​THE ​​SMART ​​CONTRACT ​​AND ​​THE ​​WHITEPAPER)​. ​​All ​t​he ​​details ​​of ​t​he Smart ​​contract ​​are ​​known ​t​o ​t​he ​​public ​​and ​​supported ​​by ​​experts. ​​Their ​l​ottery ​​will ​​have ​​no person ​​as ​​administrator, ​​as ​​even ​t​his ​​poses ​​a ​t​hreat ​t​hat ​t​he ​​system ​​could ​​get ​​manipulated. There ​​will ​​also ​​be ​​no ​​government ​t​hat ​​would ​​collect ​i​ts ​​share.

On ​​October ​​16th ​t​he ​i​nvestment ​​mechanism ​​will ​​be ​​activated. ​​The ​​SmartBillions ​l​ottery gaming ​​platform ​​will ​​operate ​​with ​​specially ​​designed ​​SMART ​t​okens ​(​called ​“​coins” ​i​n ​t​he cryptocurrency ​​world), ​i​nitially ​​priced ​​at ​​0,001 ​​Ethereum ​​per ​​unit ​(​approx. ​​30 ​​cents). ​​The maximum ​​of ​​252 ​​million ​t​okens ​​will ​​be ​​offered ​t​o ​t​he ​​crowdsale ​​backers.

The ​​value ​​of ​t​he ​​offered ​​Tokens ​i​s ​​200 ​​000 ​​Ethereum, ​​which ​i​s ​​around ​​58 ​​million ​​dollars. The ​i​nvestors ​​will ​r​eceive ​​79,37% ​​of ​​all ​t​he ​t​okens. ​​The ​r​est ​​will ​​end ​​up ​i​n ​t​he ​​hands ​​of ​t​he international ​​group ​​of ​​developers. ​​Two ​​weeks ​​after ​t​he ​I​CO, ​t​he ​​developers ​​of ​​Smartbillions will ​​make ​t​he ​​SMART ​t​okens ​​exchangeable ​​on ​​well ​​known ​​exchanges, ​​but ​t​heir ​​price ​i​s likely ​t​o ​​be ​​many ​t​imes ​​higher ​t​han ​​during ​t​he ​​crowdsale ​t​hat ​​starts ​​on ​​October ​​16th.

Unprecedented ​t​oken ​​value ​​guarantee!

Anyone ​​who ​​decides ​​not ​t​o ​​use ​t​heir ​​purchased ​t​okens ​(​after ​I​​CO)​ ​​will ​​be ​​able ​t​o ​“​give” ​t​hem back. ​​They ​​will ​r​eceive ​​71,43 ​​percent ​​of ​t​heir ​i​nvested ​​money. ​​This ​i​s ​​an ​​unprecedented investor ​​protection ​​mechanism, ​​never ​​before ​​seen ​i​n ​​any ​I​CO ​​process. ​​The ​​possibility ​​of token ​r​edeeming ​i​s ​​a ​f​orm ​​of ​i​nvestor ​​protection ​i​n ​​case ​​of ​​unforeseen ​​events. ​​They ​​can withdraw ​t​heir ​​money ​​at ​​any ​t​ime.

SMART ​t​okens ​​are ​​also ​l​inked ​t​o ​t​he ​​payments ​i​n ​​an ​​unprecedented ​​dividend ​​mechanism. They ​​have ​​been ​r​ecorded ​i​n ​​a ​​smart ​​contract ​i​n ​​accordance ​​with ​t​he ​f​ormula ​i​n ​​which ​f​unds received ​f​rom ​​players ​​are ​​divided: ​​94–95 ​​percent ​​gets ​i​nto ​t​he ​j​ackpot ​f​or ​​wins ​​payouts, whereas ​​5 ​​percent ​i​s ​​paid ​t​o ​t​oken ​​holders ​​as ​​a ​​dividend. ​​An ​​additional ​​1% ​​goes ​t​o ​​affiliates, who ​​will ​r​ecommend ​t​he ​l​ottery ​i​n ​t​heir ​​media. ​​The ​f​irst ​​dividends ​​will ​​be ​t​ransferred ​t​o investors ​​on ​​November ​​30th ​​and ​​will ​​be ​​paid ​​every ​​month, ​i​ndefinitely.

SMART ​t​okens ​​will ​​gain ​​value ​​with ​t​he ​​development ​​of ​t​he ​​project ​​and ​t​he ​​dividend ​​will ​​grow at ​t​he ​​same ​​pace ​​as ​t​he ​​number ​​of ​​new ​​players ​​of ​t​he ​l​ottery. ​I​t ​i​s ​​certain ​t​hat ​t​hey ​​will ​​be lured ​​by ​​prize ​​money ​(​200 ​t​housand ​​Ethereum), ​t​hat’s ​​expected ​t​o ​​come ​f​rom ​i​nvestors ​i​n October; ​r​oughly ​​58 ​​million ​​dollars. ​​90 ​​percent ​​of ​t​hat ​​sum ​​will ​​end ​​up ​i​n ​t​he ​j​ackpot ​​and ​t​he rest ​​will ​​be ​​used ​f​or ​​marketing.

Read ​​details ​​about ​​project, ​I​CO ​​and ​t​okens ​i​n ​t​he ​​White ​​Paper:
https://www.smartbillions.com/docs/SmartBillions_Smartpaper.pdf

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