This involves crypto currency – with many users preferring Ethereum because using this crypto currency takes the middleman away. Traditionally, middlemen such as banks and other financial institutions are needed to ensure that payment goes through. These middlemen cost money and as a result, payment transactions are unnecessarily inefficient, bloated and expensive.
Blockchain expands the proficiency of any transaction by eradicating the middlemen and as a result, there is a more effective payment system, dropping the cost of the money transmission for everyone. Blockchain also makes things much more clearer and easily auditable by any 3rd party.
Small payments are also completely enabled by Ethereum and blockchains, and helps when people need to pay tiny payments frequently. Example, users can pay a few cents for every hour that they watch premium YouTube videos.
It can be used for many things, but the most unique one is a Daily Lottery.The smart contract behind this lottery is running on the Ethereum blockchain.
So, anyone who uses Ethereum can go to https://www.eth93.com/. You will see the large number telling where to send tickets sales which is the code for the blockchain that is running this lottery. Tickets cost 0.01 Ether (no fiat currency is exchanged) and users can purchase an unlimited number of tickets in each daily lottery. The more participates in the lottery, the lower your chance of winning but the higher the jackpot.
For those not familiar, solidity ‘smart contracts’ are small pieces of software that run on the Ethereum blockchain, and smart contract code can be verified on Etherscan.io.
There are many advantages to doing daily lotteries this way! But the best reason is that the winner gets more money than they would with lotteries that are run with other currencies.
The smart contract behind this lottery is running it on the Ethereum block chain. It is the aim to keep this lottery simple as possible – run once a day, a random number generation to pick a winner at the end of the lottery, and Ether dispersed automatically. This is all easily achievable with solidity smart contracts.