FunFair Applies for Isle of Man Blockchain Licence
August 15, 2019
FunFair Technologies has applied to Isle of Man Gambling Supervision Commission for an inaugural Token Based Software Supplier Licence.
Quanta Lottery is a fully licensed blockchain lottery and the first in the world at that. It holds a license from Isle of Man Gambling Supervision Commission, and it runs under the management of Quanta Technology Limited.
Other than its being a dApp, this lottery game stands out from other fiat money and crypto casinos online because it is the first-ever to run on blockchain, to have a license, and to hold a draw and give away prizes. Its inaugural draw happened in January 2019, wherein 67 tickets were bought and 19 prizes won by players.
While this is great news, only players in Isle of Man can join the Quanta Prize Draw at the time of writing. But Quanta reportedly will soon accept players worldwide in the next months this year.
Quanta knows how to make its lottery even more appealing, and this is by adding bonus deals. Here are the promos up for grabs:
New depositors will get more Quanta Game Tokens (QGT), thanks to this one-time bonus offer. The 4x First Deposit Bonus will multiply the number of QGT you will get. If your deposit gives you 10 QGT, expect to find 40 QGT added to your Game Wallet.
This is perhaps one of the best deals you will find. For every QGT you spend, receive half of the amount. This means you will get 1 QGT if you spend 2 QGT to buy tickets. You can then use the free QGT to buy more lottery tickets.
Although these two bonuses are minimal compared to the bonuses and promos offered in most online casinos, these deals are perfect for a blockchain game like Quanta Lottery.
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Quanta Lottery currently offers only one game — Quanta Prize Draw. How this game works is you buy a ticket that costs 1 QGT (equivalent of £1) using the Quanta Game Wallet. You need to have this wallet installed on your computer or mobile device so that you can create your Quanta account. This game is designed for mobile gaming, and this is why it’s so convenient to just scan the QR code to buy tickets.
Quanta Prize Draw happens every Friday, so lucky winners can win prizes every week, especially if they buy more tickets, which has a maximum limit of 30 tickets. If you’re lucky enough, you can win as much as 10,000 QGT. This is the jackpot in this game, which is the amount equivalent of £10,000.
You’er correct by saying that lottery is all about luck, but what you can be sure of is that the results are fair and transparent. This is thanks to Randao and blockchain technology. Quanta defines it as “the process for creating the truly random number used in the Quanta lottery”. Then all the results are available on the Ethereum blockchain, and this means anyone can validate the fairness of every draw.
Other than Quanta Prize Draw, a new game will soon open as the 6/49 Lotto is already previewed on the website. Another game — 5/45 Lotto — is also listed on the terms but not yet previewed elsewhere on the site. It would be exciting to see and play more games here.
First things first, Quanta Lottery doesn’t work with any fiat money or crypto except for ETH. Then you use convert your ETH to QGT, which you will use for purchasing tickets. If you don’t have any ETH yet, then you’d better get an Ethereum wallet and buy some ETH. Likewise, make sure you have the Quanta Game Wallet installed on your smartphone, tablet, or computer.
You can transfer any amount of ETH to your Quanta Game Wallet. Just keep in mind that 1 lottery ticket costs 1 QGT, and that the value of 1 QGT is equivalent to £1. When it comes to depositing QGT, however, your limits depend on your KYC verification level:
Your KYC verification level is crucial to your withdrawal abilities. This is why you need to comply with Quanta Lottery’s KYC requirements to cash out your wins. Here are the withdrawal limits:
It’s easy to love Quanta Lottery because it runs on the Ethereum blockchain, its games are provably fair, and it makes betting convenient. But at the same time, its being a blockchain game can be a factor against player adoption. This area, however, has been taken good care of the Quanta team because it provides potential players with easy-to-use guides and materials to embrace Ethereum and blockchain gaming. Add to these reasons the fact that Quanta Prize Draw and the future games are promising. Crypto players, however, may not like the lack of anonymity on board (but this is in exchange of the security provided by the Isle of Man gambling license). As soon as Quanta Lottery opens its doors for players outside Isle of Man, be sure to buy lottery tickets and get your chance to win the jackpot.