http://lottocoin.online/ CONTRIBUTORS: Angler#5664 arnold#1095 avinashupadhyaya#4664 Michael Beer#7583
"Everyday users can now easily make money by mining using their phone, laptop, etc."
Cryptocurrencies are systems that allow for secure payments online which are denominated in terms of virtual "tokens," which are represented by ledger entries internal to the system and the stakes of the cryptos are too high but there is one big problem to it. "In May of 2018, Bitcoin Gold, at the time the 26th-largest cryptocurrency, suffered a 51% attack. ". So this stat made us clear with what we have to do.
What it does
It solves the biggest problem of cryptocurrency the 51%attack. It's a new coin created with a lottery mining system to deter large mining companies. The process is quite easy, you just have to register on the web app of LottoCoin and start making transactions, and mining blocks. For every block, you mine you will be getting an incentive as a lottery ticket and the coins will not be directly added to the personal account that has mined the block, else it will be added to one common pool. Finally, after every 9 blocks mined we will open the lottery, and randomly a winner is selected. The person who mines more has a better probability of winning the pool.
How we built it
Challenges we ran into
As a team, the main challenge we ran to was we were complete new to blockchain and creating cryptocurrencies so we put a lot of time into research and studied the features of blockchain technology. The other challenge was to integrate the lottery system with the creation and mining of the coins but finally, we solved it and integrated the entire system.
Accomplishments that we're proud of
Accomplishments that I'm proud of As a team, we knew coordination would be a challenge as we are an international team from 3 different continents and hence, 3 extremely different time zones. We stepped up to the challenge and made it work, by delegating each person with tasks of equal work, we managed to lower the workload all while keeping good communication all while being up to 7 hours apart. Another accomplishment was the lottery system which we were able to add to the existing cryptocurrency process. This is a big feat on our part as this solves the biggest problem that is 51%attack.
What we learned
What I learned This was also our first time as a team using Blockchain, and we quickly adapted to it and learned in a short time period. We also improved our understanding of Docker. Only one person in the team had any experience with using Docker and Azure, but we all made it a priority to learn.
What's next for LottoCoin
Automation- We will continue to implement features including automated mining, to increase the amount everyday miners can mine and ultimately win. Monetize-Our main goal is to give LottoCoin a value by pricing the coins and limiting the number of coins that can be mined. This could be done by setting up a transaction from USD to LottoCoin. Advertising- For our crypto to become successful we will need to increase the number of users by giving this coin a use. We intend to use this crypto in restaurants and shops, along with online businesses to maximize our reach.