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Gini, a startup that combines lottery system and game elements on a blockchain, has publicly launched its blockchain lottery game “Gini” on January 30.
The game uses blockchain technology to ensure the reliability of the online lottery results. It randomly extracts 5 numbers from 1 to 25 using a combination of block hashes of Ethereum and Klaytn block hashes, developed by Kakao’s blockchain subsidiary GroundX, which are generated at 8:00 am (KST) every day.
“No one knows the hash value to extract the winning number until the block is created. The generated hash value is extracted based on smart contracts on the blockchain, so it cannot be manipulated,” explained Gini.
The odds of winning the first place are quite high with Gini as it draws five numbers out of 25. In contrast, Lotto draws six winning numbers out of 45, meaning that the odds of winning the first place are 1 in over 8 million.
“The winning numbers are randomly extracted in the ‘smart contract’, which is impossible to be externally manipulated,” according to Gini.
The draw takes place every 24 hours. One can participate in the lottery only with GINIcoin (GINI) which is pegged to the price of Bitcoin (1GINI=0.0001 BTC). The winning rewards are also given in GINI. Winners can donate 3% to the entire 100% of their prizes.
“Gini donates 10 percent of prize money and 5 percent of corporate operating expenses for who needs a warm helping hand. Our blockchain basis system provides a trustless and secure network to disrupt non-transparent charity modes. Gini contributes to the creation of a healthy donation environment and the promotion of a transparent donation culture,” according to the official website.
GINI is not listed on any exchange as it is a tool for lottery participation. The company said that it will issue a separate token that will be listed on exchanges and pay 10% of GINIcoin donation to those who stake it.
MOU with Giving Ledger
Gini has signed a memorandum of understanding (MOU) with Giving Ledger, a blockchain-based philanthropy startup powered by KCHAIN.
Giving Ledger aims to make charity and donation-related activities more transparent, sustainable, and worthwhile. It is engaged in projects such as tracking of donations using blockchain technology, discovery and verification of donor organizations, and support for innovation projects through impact financing.
Under the agreement, donations through the Gini winnings will be sent through the Giving Ledger platform. In this process, Giving Ledger will identify and verify the underprivileged classes and organizations to which donations will be made and will help to make donations transparent.
Donation delivery through smart contracts will increase transparency and help address the widespread distrust it currently faces. In addition, decentralized donations through blockchain technology, instead of via centralized donation groups, will accelerate the establishment of a donation-centered donation-oriented culture.
“It is an innovative social project, in that we realize sustainable donation participation. We will continue to ensure transparency,” said Chris Sung, CEO of Giving Ledger.
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