Ethex Lotto Review
You’ve probably heard the term bitcoin by now, but did you know it’s not the only cryptocurrency out there? Litecoin and Ethereum are other popular decentralized currencies that are becoming more and more widely accepted.
The popularity of cryptocurrencies has gotten so huge that various crypto lotteries are already out there and available for players to try out.
Ethex Lotto is one of the newest such opportunities, and as the name suggests, it is based on Ethereum. If all of this sounds a bit confusing to you, we have a detailed and straightforward Ethex Lotto review to shed some light on the most critical questions at hand.
Ethex Lotto: Introduction
Ethex.bet is a new cryptocurrency lottery website that’s based on the Ethereum blockchain. Ethereum is a blockchain-based, decentralized platform. While bitcoin is attempting to disrupt payment and financial transactions services, the Ethereum platform attempts to revolutionize data storage and complex financial instruments.
All of this sounds pretty complicated, and unless you want to work in the realm of blockchain technologies, you don’t need to dig any deeper.
Just like bitcoin, ether is a cryptocurrency that has actual value in the real world and can be exchanged for national currencies. At the time of writing, one ether (ETH) can be exchanged for 150 dollars.
Ethex Lotto is based on Ethereum and on the blockchain technology that powers the creation of this form of digital money.
The lottery is based on guessing symbols from the upcoming Ethereum block (that needs to be solved to provide the cryptocurrency with value). Because this is a peer-to-peer, decentralized system, the fairness of the lottery is guaranteed. There’s no way to cheat, which makes the lottery an excellent choice for anyone interested in acquiring cryptocurrency.
How to Play Ethex Lotto
Our Ethex Lotto review is moving on to its most important section, namely – how the lottery is played.
This is a smart contract lottery game that is provably fair and cryptographically secure. The term smart contract refers to high-level programming transactions that are deployed by the blockchain for execution. Since they are public, their functionality can be verified. Provably fair is another essential term referring to an algorithm that can be analyzed and verified so that its fairness is confirmed.
To play the game, you will need a digital wallet that holds your cryptocurrency of preference (in this instance – ether). There are many guides online you can use to determine which digital wallets offer the best security features and are easiest to utilize.
You have your digital wallet; next, you will need to download the Ethex Lotto app. There are versions for both Android and iOS devices.
As a player, you need to guess the last hexadecimal number of the Ethereum blockchain hash. You can use both numbers and letters to fill the six positions. Your submission is going to look something like this – 73FB51.
If you don’t know how to choose your combination, pick a random selection, and the software will put together a hexadecimal combination on your behalf.
The minimum amount you need to place on your bet is 0.01 ether or 1.5 US dollars.
It’s up to you to determine if you’re going to play a more significant amount. The payout will be bigger in the event of winning if you opt for this approach.
There are several types of “drawings” and prizes. You can participate in the daily, weekly, monthly, season, and supersize jackpot.
How the winners are determined is somewhat challenging to explain. You can see all of the information here, and the Ehtex Bet lottery guide also contains some additional useful information about the nature of blockchain technology and the process used to verify every bet.
Ethex Lotto Prizes and Odds
Jackpot sizes are dependent on the number of people who place a bet, the size of the bets, and the number of winners.
There are five ways to win a prize from Ethex Lotto.
If you guess the specific symbol in the hexadecimal combination, you will receive your bet x 16. This is the biggest payout. The daily jackpot represents 1/7 of the weekly jackpot. The weekly jackpot represents ¼ of the monthly jackpot. Monthly jackpots total 1/3 of the seasonal jackpot, and the seasonal jackpot is ¼ of the total jackpot amount.
Taking a look at the jackpots that have already been handed out, the largest season jackpot reached 19.599 ether or approximately 3,000 dollars. Reviews written by people who do engage in cryptocurrency lotteries suggest this is one of the more massive prizes out there.
The biggest monthly jackpot since the launch of the game was 4.48 ether. In terms of weekly wins, the most that an award holder has redeemed is 1.49 ether.
At the time being, the supersize jackpot has not been handed out yet. It, however, has reached 1,478 ether or slightly over 222,000 dollars.
Can You Play Ethex Lotto Online?
Ethex Lotto is a 100 percent digital lottery.
As you probably know already, cryptocurrency is a digital type of money. It doesn’t “exist” in the physical realm. To hold some cryptocurrency, you need to have a digital wallet. To play Ethex Lotto, you will have to connect that digital wallet to your Ethex Lotto account.
Ethex Lotto has a dedicated app you can download on your mobile device to play effortlessly. You will need to create an account that’s used for the submission of your bets and for the payment of prizes in the event of winning.
Keep in mind that some countries do restrict access to cryptocurrency-based platforms. Thus, even if you see Ethex Lotto, you may be incapable of setting up a digital wallet or buying cryptocurrency online. Do check the local regulations to find out if restrictions apply.
Some Information for Ethex Lotto Winners
Once the verification process for the respective block is completed, players will find out if they’ve won anything from Ethex Lotto. The information about prizes and prize distribution is published on the Ethex Lotto website. The winning amount will also be provided in the player’s profile, under the Balance tab.
Alternatively, go to Etherscan.io and enter your Ethereum wallet address. When done, click on the Internal Txs tab to get the information you’re interested in.
Keep in mind that if your bet amount is higher than the prize pool or jackpot for the respective drawing, you will receive the respective sum that’s to be allocated to the winners plus the amount that you bet.
Ethex Lotto is an exciting and pretty innovative opportunity.
Is it the right lottery for you? The answer to that question will depend on many things. Your comfort level and your knowledge of blockchain platforms like Ethereum will be determining whether you’re going to enjoy Ethex Lotto or not.
Why You Should Play Ethex Lotto
A 100 percent online lottery that can be played from any part of the world
Ethex Lotto gives you access to the pretty lucrative cryptocurrency world
The minimum bet amount is pretty small, making the lottery readily accessible
There are multiple types of drawings, each one featuring a progressively more massive jackpot
Blockchain technology itself guarantees the fairness of the lottery
There’s no prize withdrawal process; the money goes directly to your digital wallet
Why You Shouldn’t Play Ethex Lotto
If you’re not familiar with cryptocurrencies, you will be lost entirely here
All of the payouts, apart from the supersize jackpot are pretty small
To win big, you have to place a big bet
You cannot win actual national currency; if you win ether, you will have to go through a currency conversion to cash out
Is Ethex Lotto Legit?
Anyone who is not familiar with the nature of blockchain technology may worry that any opportunity based on it is a scam.
This statement couldn’t be further from the truth.
Ethex Lotto is based on the Ethereum platform. Every single transaction there is decentralized and “verified” by the members of the network. Due to the independent and extensive verification process, there is no opportunity for fraud to take place.
If you don’t deal with blockchain technology, all of this probably sounds as if written in another language. This is why you may want to acquaint yourself with exactly what Ethereum is and how its security is guaranteed.
Is Ethex Lotto legit? Absolutely? Is it an easy lottery to conquer? Not if you’re vaguely familiar with cryptocurrencies. If you’re passionate about blockchain technology, however, you’ll probably find this game pretty exciting.