Monday, October 30, 2017

This lottery runs on Ethereum blockchain

10/30/2017

One of the reasons crypto currencies like Bitcoin and Ethereum have been getting more attention and appreciating in value is they operate on a blockchain, a sort of open-source digital ledger that makes trading activity accessible to everyone.

Blockchain technology is being discussed as a potential new platform for a wide range of activities, from banking to real estate transactions.

The people behind ETH93 have come up with another new idea. They’ve created a daily letter that that runs on the Ethereum blockchain.

Ethereum in particular has been gaining traction in the crypto world because its code can include “smart contract” created by developers. For instance, a smart contract might specify that fund could only be spent or transferred once a designated percentage of people agree. In this case, the contract code is posted on the ETH93 website.

Tickets for the ETH93 lottery cost 0.01 Ether (about $3.10 today). You can’t buy in with dollars or other fiat currency. The daily winner is determined by a random number. The payout gives 93% to the winner, 1% to the developers and 1% to ETH93 token holders. The remaining 5% goes to Heifer International, a charity devoted to fighting poverty and hunger.

For more details, visit the ETH93 website.



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Follow me on Twitter @ricmanning and read my technology columns at My Well Being.

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