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Crypto enthusiasts have been discussing ways to create a cryptocurrency lottery that is also transparent in its operations and has no chance of being manipulated or cheating. Earlier this week, a transparent lottery based on Bitcoin Cash was announced on the subreddit “r/btc” and people are seemingly attracted to the idea. Called Nakamoto Game, the lottery allows people to participate without needing any registration.
On the Nakamoto Game website, there is a scannable QR code which you use to bet 0.01 Bitcoin Cash or place multiple bets. Your transaction ID’s (created when you send BCH to the lottery pool) last alphanumeric digit will be set as the lucky number of the transaction. Every three days, the system checks the block height. 400 blocks are required to determine the winner of each round.
There have been a few rounds till now and a few jackpots have been given away to random users. You can check out the status of the current round and also view results of previous rounds on the official website. The size of the jackpot is dependent on the amount of Bitcoin Cash sent to the lottery pool by the participating people.
Take the latest round of the Nakamoto Game for instance. The block height required to complete the round 573,329 while the latest block currently processed is 573,135. The prize pool at the time of writing is 5.716 BCH which is equivalent to $746.6. When the block is processed, its hash will be available for everyone to see. The system will then compare each participant’s lucky number with the last few alphanumeric digits of the hash of block 573,329.
The user whose lucky numbers match the hash will be the winner. If no participant’s lucky number matches the required string, then the round will be converted into a new one. This means that the previous pool and previous participants will remain there and a new block height will be set. New bets can be placed and new participants can enter and the whole process of selecting the winner will occur again.
Once a winner (or winners) is found, 70 percent of the lottery pool will be awarded to the winner or distributed equally between multiple winners if multiple people’s lucky numbers matched the hash. The remaining 30 percent of the lottery pool will move over to the next round to attract more people and to eventually increase the size of the pool.
The whole idea behind Nakamoto Game is being loved by the Bitcoin Cash community and more and more people are buying Bitcoin Cash to take part in this brilliant and cheat-free game. The jackpot size is also increasing with each round and this could lead to hundreds of thousands of dollars worth of prize pool in the future if this thing takes off. The Nakamoto Game is currently in the Beta mode, so you can expect more cool features to come.