A startup based in the Caribbean is reinventing the concept online casino ownership. Lottoshares, which was started by Michael Taggart, a founder of Della Terra LTD and Mark Lyford, CEO Banx in partnership with Fantasy SXM, is selling shares of a physical lottery based in Sint Maarten through the Blockchain.
In order to manage the shares of the lottery, Lottoshares is using Bitshares, a decentralized financial smart contract platform.
Lottoshares runs on Bitshares
Explaining why they chose Bitshares and not other platforms, Michael Taggart said, “I am extremely interested in furthering blockchain based technology; Bitshares technology is the most advanced in that category. It is by far the most secure and unhackable platform that boasts the fastest transaction times the financial industry has available providing consumers with peace of mind given the 100% transparency”.
Though described as shares, the Lottoshares digital tokens are issued through a croudfunding process and do not represent real ownership with voting power in the lottery itself. They, however, offer unique benefits of ownership.
A limited number!
The lottoshares can be redeemed with an interest or sold to others at a profit. In order to avoid inflation and loss of value, there will be a limited number of the shares.
“There are only 500,000 ‘LottoShares’ available to the public, these shares will be purchased back with earnings from the physical lottery in Sint Maarten. The buyback of ‘shares’ will decrease the availability to the public which can positively affect the overall value of the ‘shares’. It will be interesting to see how this will pan out”, Michael Taggart has stated.
Lottoshares on its website describes its goal as delivering an environment that provides players with efficient, safe and transparent gambling experience. They hope to achieve all these through the blockchain technology.
Read the Introduction to Bitcoin and Online Gambling to learn more about the blockchain technology and online gambling.