As the global economy continues to deal with the economic fallout due to the ongoing pandemic, companies are coming to terms with the fact that normalcy may not return for quite a while. Many economists are wondering how the business landscape will look a year or more from now. It’s certainly possible that many businesses, such as retailers and restaurants, may be unable to survive the current downturn. But while some businesses will falter, others will emerge stronger than ever.
Traditionally, when economies go through a severe downturn, companies adapt. Those that maintain the status quo usually have great difficulty while those that adapt prosper and conquer. One possible example of this is Lotto Nation. Thanks to the entrepreneurial skills of Nils Thomson, the Founder and CEO of Lotto Nation, the company is attempting to completely modernize the traditional lottery industry.
Current Lottery Model is Severely Outdated
It’s safe to say that nearly every human that has ever walked the earth has fantasized about winning the massive jackpot that would completely change their life. These dreams have turned the global lottery industry into a $302 billion market that is expected to reach $380 billion by 2025. Despite this predicted growth, the industry suffers from a variety of problems that are preventing it from really exploding.
Perhaps the biggest problem is that traditional lotteries are centralized. Because of this, there is essentially no oversight on what a lottery provider may or may not do. This lack of transparency leads to high levels of fraud and hidden costs that cause a great deal of trust issues among the lottery participants. In addition, players often have to deal with highly restrictive limits on withdrawals that can be burdensome to deal with.
Businesses and charities have their own hurdles to deal with. Problems for these participants include the following:
- Large entry fees
- High costs of running an online lottery
- Large jackpots cannot be offered
- Long and expensive licensing processes involved
- No support for blockchain protocols
The last issue is extremely important especially as it relates to this article. One of the best aspects of blockchain technology is efficiency and transparency. In this case, the use of blockchain technology would result in eliminating the middleman which will lead to better results (including fairness) for all those involved. Additionally, blockchain technology is borderless which will truly help to capture a global audience.
The Rise of Lotto Nation
Lotto Nation is a first-of-its-kind, decentralized lottery platform run on the blockchain and powered by artificial intelligence that allows companies, charities, and individuals to set up their own lottery and connect with players through the most reputable and advanced technology.
The platform’s mission is to become the best fully licensed blockchain lottery in the world. Lotto Nation allows any person or business to create and run their own lottery and invite friends and family members to become part of a syndicate (a group of participants). The biggest advantage of this revolutionary platform is that it utilized a social aspect. By digitalizing and introducing a social aspect into the platform, Lotto Nation is creating a transparent ecosystem with the use of smart contracts and a random number generator built on blockchain to guarantee full fairness in the drawing process. This will remove the high levels of distrust associated with traditional and centralized lottery operators.
There are 5 critical aspects which make Lotto Nation unique compared to the traditional lottery providers as well as blockchain competitors. Those aspects are:
Strong Track Record – The company behind Lotto Nation, Winners Group, has a strong track record in building and running successful B2C lottery sites for over 20 years.
Disruptive Microservices Platform – The platform offers a disruptive agile online lottery turnkey solution built on microservices.
Massive Product Offering – Players have an opportunity to play 26 national lotteries with the highest global jackpots. In addition, players are kept busy through multiple daily drawings as opposed to just once or twice a week which is what traditional providers offer.
Unique Insurance Model – The platform’s insurance partner, Lloyds of London, allows Lotto Nation to insure and offer high jackpots for its B2B clients.
Social Interaction – As previously mentioned, the social aspect employed by Lotto Nation will result in a significant increase in customer loyalty.
There is absolutely no doubt that blockchain technology is going to have a monumental impact over the coming years. This will be seen across a variety of industries and implemented by most the aggressive companies. One industry that is in dire need of modernization is the lottery market and thanks to the revolutionary platform, Lotto Nation, the modernization will be coming a lot sooner than many expected.
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…