Many existing blockchain-based startups use the latest technologies for nothing more than worldwide promotion to attract funds in a trendy way. Using the blockchain features and pros wisely requires deep tech understanding aswell as the way for your particular product to benefit and become more advanced with it. GG World Lottery precisely knows how to make the modern lotteries better, more fair and accessible globally.
What is a smart contract at first place? It’s a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Such options allow the performance of credible transactions without third parties, these transactions are trackable and irreversible also.
Going back in history we should mention that smart contracts were first proposed by Nick Szabo, who coined the term back in 1994. Proponents of smart contracts claim that many kinds of contractual clauses may be made partially or fully self-executing, self-enforcing, or both. What is their ultimate goal? The aim of smart contracts is to provide security that is superior to traditional contract law and to reduce other transaction costs associated with contracting.
With the present implementations, based on blockchains, “smart contract” is mostly used more specifically in the sense of general purpose computation that takes place on a blockchain or distributed ledger. In this interpretation, used for example by the Ethereum Foundation or IBM, a smart contract is not necessarily related to the classical concept of a contract, but can be any kind of computer program.
Moreover, in 2018, a US Senate report said: While smart contracts might sound new, the concept is rooted in basic contract law. Usually, the judicial system adjudicates contractual disputes and enforces terms, but it is also common to have another arbitration method, especially for international transactions. With smart contracts, a program enforces the contract built into the code.”
Speaking about the implementations up to date, the Byzantine fault tolerant algorithms allowed digital security through decentralization to form smart contracts. Additionally, the programming languages with various degrees of Turing-completeness as a built-in feature of some blockchains make the creation of custom sophisticated logic possible.
There are a lot of examples of implementation on nowadays market: decentralized cryptocurrency protocols are smart contracts with decentralized security, encryption, and limited trusted parties that fit Szabo’s definition of a digital agreement with observability, verifiability, privity, and enforceability. The Bitcoin also provides a Turing-incomplete Script language that allows the creation of custom smart contracts on top of the Bitcoin like multisignature accounts, payment channels, escrows, time locks, atomic cross-chain trading, oracles, or multi-party lottery with no operator. Ethereum implements a nearly Turing-complete language on its blockchain, a prominent smart contract framework. The EOS platform supports smart contracts aswell.
Speaking about our brand, fact is — all our running lotteries will use innovative technology which connects leading-edge Smart Contracts with the natural randomness of the world, based on the principles of quantum physics.As the first project of its type in the world, we will integrate true random number generation with blockchain transparency. All GG International lotteries and games will use the RNG method based on the true, quantum randomness of the world. Thanks to this, and to the transparency provided by Ethereum Smart Contracts and blockchain technology, we can doubly ensure players, governments, and investors of the fairness of our draws.
Additionally, our random number generation solution will be certified by Gaming Laboratories International, a very well-known and reputable company.
As always, stay tuned, don’t forget to read our media to check other stories here and visit our website to get 20% pre-sale which is already ongoing.
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