MegaEther — Lottery on the Browser

August 27, 2019

The lottery is a type of gambling which involves the drawing of specific numbers to win the large prizes. Many people consider it as a gaming product, but it is a high volume industry which can also be called as a commodity. But with the growth of the digital economy, the industry faces challenges like the lack of transparency and fairness. The world demands more transparency and fairness with advanced technologies like blockchain.The distributed nature of blockchain promises innovation in the lottery industry.

Since the random number generator is based on the blockchain, the algorithm relies on recent random blockchain transactions. It pulls a specified amount and order of numbers to generate each winning number sequence.Because nobody is aware of the next transaction in the blockchain, the lottery platform adds an extra layer of randomness to the selection process.

Once the random number is generated and matched to the player’s ticket number, they are awarded and money is automatically sent to their respective wallets.The funds to be distributed to players are defined in the smart contracts. Therefore, the decided commissions and funds are paid out to every player on the platform. Moreover, the smart contract code is available publically on the platform; players can check the rules defined in the contracts to confirm if the funds are distributed in a fair way or not.

One of only a few real-life applications that use blockchain technology, MegaEther is the world’s first totally decentralized lottery platform based on the Ethereum blockchain and managed by smart contracts without any human intervention. MegaEther offers various types of gamblings: a mega lottery, roulette and so on. The total prize pool upto ETH 10,000.

The lottery platform features a licensed crypto exchange with a user-friendly interface that allows players to buy lottery tickets with cryptocurrency and fiat (using credit cards or PayPal).

In total, maximum 500 million MEGA tokens have been issued. Token holders receive a 40% commission on all lottery ticket sales, which is paid in ETH daily. Tokens can be held as shares. In the latter case, MegaEther sets a rate that is higher than that on exchanges, rewarding token holders while also helping to increase the demand for tokens in the marketplace. MEGA tokens will be traded on famous exchanges.

MegaEther builds a shared economy in which investors developing the community can also receive 5% commissions directly from token buyers in their system. Only investors who buy tokens in the first round will receive 40% of the profit from lottery business of Megaether. We will publish our monthly revenue report. (Provide STO purchase documents to investors participating in the first round.) Become a lottery agent that is a comprehensive partner to get 5-10% of profit from lottery buyers in your system and this passive revenue always increases without limit. While investors can be frightened by market volatility, Cold Staking contracts can reduce the burden on investors. The reward can be up to 10-20% a month and this contract cycle is 27 days, which means after 27 days you can withdraw all or part, it’s up to you.

Staking

Cold Staking is not related to Proof of Stake or a consensus mechanism. Cold stakers have no rights in generating blocks or confirming transactions. They receive interest for holding their coins. Think about cold staking as a form of passive income on your investment.
The MEGA cold staking protocol is written in Solidity, a smart contract programming language. The cold staking contract receives 20% of all mining rewards per block and distributes this amount among cold stakers in direct proportion to their stake.
The reward for each staker is calculated at the moment of reward claiming.
Cold staking workflow:

a. After the MEGA owner has deposited their coins into the staking contract, the funds are locked for a certain period of time (approximately 27 days).
b. The cold staker cannot access their funds during the locking period.
c. The longer a staker “stakes”, the higher the reward will be.
d. After the locking period expires, there are three options for the cold staker: (1) claim the reward and continue staking, thus locking their funds for another month. (2) claim the reward and withdraw their entire stake, or (3) Do nothing.
e. When a staker does nothing for a certain amount of time (2 years) after the locking period has ended, then they are considered inactive and are removed from the staking contract. The inactive stake is returned to the stakers address. No reward shall be paid to inactive stakers.
f. Each staker can independently claim their reward at any time after the locking period. The staking reward depends on the total amount of MEGA that is currently in the cold staking contract. As a result, each staker’s reward depends on other stakers’ stakes.
g. There is no minimum staking amount.
h. A cold staker can only stake with their own deposit address. It is not possible to send rewards to someone else’s address, or grant someone permission to claim the reward on your behalf.
i. A cold staker does not need to run a node to stake. They only need to invoke the staking contract twice: once to make a deposit and again to claim the reward.