Quanta is an unprecedented lottery protocol, enabling cryptocurrency payments, transparent issuance and storage of lottery tickets as well as an innovative decentralized random number generator based on Ethereum blockchain.
Quanta, the world’s first provable transparent, decentralized and autonomous lottery platform (http://quanta.im/) is sponsoring the blockchain conference session on 7-8 February 2017 at the Pitch ICE stand at ExCeL London. The times of the session are 3pm to 4.30pm on 7th of February 2017 and 12.30pm to 2pm on 8th of February 2017.
WHERE: GamCrowd Stand, N8-260 (Pitch ICE) ExCeL London
COST: FREE to Attend - Register Today
This blockchain session is aimed at providing an overview and genuine insight into blockchain technology and how it might disrupt the gambling sector. ICE Totally Gaming (http://www.icetotallygaming.com/) is the gaming industry’s leading showcase for technology and B2B marketplace.
Welcome to the world of Quanta - the world’s provable transparent, decentralized and autonomous lottery platform. Quanta is a Decentralized Autonomous Lottery Game where lottery drawing is run automatically and autonomously with merely no interference from humans and hence no possibility of random number generator (RNG) manipulation is likely to be the answer.
When empowered with state-of-the-art technologies such as blockchain and smart contract, such an ideal lottery allows users to access to the service from anywhere, anytime with contractual commitment on punctual and validated payout. Is that just a visionary scenario?
Provably decentralized, autonomous and manipulation-proof mechanism
Blockchain and smart contract ideally can turn decentralization from a far-fetched concept to a possible solution to everyday life ranging from origin tracking, public notary to lottery business. Blockchain, the open, transparent and decentralized ledger, once empowered with smart contract enables a normal lottery drawing into a smart, autonomous and automated contract where all information on betting, drawing and paying out are published without interference from humans.
Unrivalled payout rate
In traditional lotteries, in many cases only 45% of revenue is distributed back to users as prizes. With hefty operating costs covering government tax, public need costs, administration costs and even hidden costs, traditional lottery organizers find it almost impossible to raise the payout bar. However with the blockchain system of Quanta lottery, up to potentially 85% of the ticket sales revenue will be allocated to users. Another 15% will be transparently allocated to shareholders, operators and governmental agencies as profits or contribution to social good deeds.
Provable transparency and unprecedented accessibility
Technically with blockchain and smart contract technology, all information is published, recorded and validated in a transparent and open manner. Users can take part in, follow and get paid out anytime and anywhere they prefer.
Ethereum-based smart contracts will provide unseen automation and non-malleability of different lottery processes (random number generator, issuing and storing lottery tickets, winner selection, prize payouts). Since purchases on Ethereum and other blockchains have to be made in cryptocurrency, participants will need to use cryptocurrency wallets with special lottery purchase plugins or mobile money / fiat to crypto exchanges.
Quanta will launch a global blockchain lottery with ticket sales organized where it is legally allowed and will sell the know-how to other markets.
The Quanta smart contract will be in charge of the main lottery logic: the actual “draw” after receiving the final random number from RNG smart contract, as well as storing users’ tickets received from seller smart contracts and prize payouts. The QNT token manager smart contract will be in charge of all QNT-related logic (dividends to QNT holders, QNT bonuses, etc.).
Currently, we are working on Quanta smart contract and seller smart contracts, testing different ideas for winner selection algorithm. RNG smart contract in the current prototype is an implementation of RANDAO algorithm. RANDAO++ algorithm implementation will be done in the next phase of product development. We will employ the best available RNG source on the blockchain.
RNG function on Ethereum
Presently, secure RNG cannot be done on the Solidity programming language level as there is no existing implementation of randomness generator on the Ethereum protocol level. The best known solutions to deal with the problem of secure RNG on Ethereum blockchain are algorithms named RANDAO and RANDAO++. Both of these algorithms make RNG manipulation practically impossible (computationally and financially infeasible) and more non-malleable than in traditionally held lotteries. The continuous evolution of blockchain will eventually make a completely secure RNG method possible on the protocol level and further improve Quanta technology.
Quanta prototype is currently in development and the first lottery is scheduled to be released in early 2017. The lottery will be limited to users from countries where it is legally allowed to play a foreign/online lottery and to buy cryptocurrency. After the global launch we will consider entering one of the following markets: Cambodia, Malaysia, Philippines, Kyrgyzstan and Nigeria where we can potentially legally conduct local sales to sell the lottery to reach a more mass audience beyond current cryptocurrency users. We will be interested in collaboration with other gaming businesses to provide our systems and consultancy in blockchain gaming development.
Pitch ICE / GamCrowd Blockchain Session Schedule
Sponsored by Quanta
Tuesday, 7th of February, 2017
15.00 – 15.05 Welcome from Chris North, CEO, GamCrowd.
15.05 – 15.25 Introduction to Blockchain 101. Matthew Warner, Journalist, Chain-Finance.
- Defining the Blockchain & Distributed Ledger Technology - Key Features
- Evolution of Blockchain Technology: From Bitcoin to Smart Contracts & DApps
- Why Blockchain is as a Potential Disruptor of Gaming.
15.25 – 15.45 Blockchain case studies.
- Hans Lombardo, advisor to Quanta, will give a presentation of Quanta’s revolutionary lottery platform which has been built on the blockchain.
- Marco Cuesta, Co-Founder of FirstBlood the first e-sports platform to use the trustless and provably fair properties of the blockchain.
15.45 – 16.15 What will be the impact of Blockchain on the Gambling Industry?
- Chris North, CEO GamCrowd.
- Hans Lombardo, Advisor to Quanta
- Adam Vaziri, Director, Diacle
- Eddy Travia, blockchain pioneer and investor, CEO at Coinsilium
- Patricia Lalanda, Blockchain Lawyer, LOYRA Abogados
- Marco Cuesta, Co-Founder, Alt-Options & FirstBlood
16.15 – 16.30 Questions will be taken from the Audience
Wednesday, 8th of February 12.30pm to 2pm.
(Repeat of content from 7th February)
Register Here: http://www.icetotallygaming.com/blockchain-and-gaming