Lucky Pool


Here are some of the glossary of terms in the field of blockchain lottery:
  1. 1.
    Blockchain: A decentralized, distributed ledger technology that is used to record transactions.
  2. 2.
    Lottery: A game of chance in which players select numbers or other symbols in the hopes of winning a prize.
  3. 3.
    Smart contract: A self-executing contract with the terms of the agreement directly written into code.
  4. 4.
    Decentralized application (DApp): An application that runs on a decentralized network, such as a blockchain.
  5. 5.
    Random number generator (RNG): A system used to generate a sequence of numbers that cannot be predicted beforehand.
  6. 6.
    Token: A digital asset that is used as a unit of value in a blockchain network.
  7. 7.
    Ethereum: A blockchain network that allows for the creation of smart contracts and DApps.
  8. 8.
    Gas: A unit used to measure the amount of computational effort required to execute a smart contract on the Ethereum network.
  9. 9.
    Block: A collection of transactions that are recorded on the blockchain at the same time.
  10. 10.
    Hash function: A mathematical function that takes an input and generates a fixed-size output, which is unique to that input.
  11. 11.
    Mining: The process by which new blocks are added to the blockchain through the use of computational power.
  12. 12.
    Proof of stake (PoS): A consensus mechanism in which participants can mine or validate block transactions based on the amount of cryptocurrency they hold.
  13. 13.
    Proof of work (PoW): A consensus mechanism in which participants must perform computational work in order to mine or validate block transactions.
  14. 14.
    Wallet: A software program that is used to store, manage, and transfer cryptocurrencies.
  15. 15.
    Consensus mechanism: A process used to ensure that all participants on a blockchain network agree on the state of the network.
  16. 16.
    Ticket: A ticket is a unique identifier that represents a user's entry into a blockchain lottery. Tickets are typically sold in exchange for cryptocurrency, and the more tickets a user has, the higher their chances of winning the lottery.
  17. 17.
    Prize Pool: The prize pool is the total amount of cryptocurrency that is up for grabs in a blockchain lottery. The prize pool is typically funded by ticket sales and can be distributed among multiple winners, depending on the rules of the lottery.
  18. 18.
    Provably Fair: Provably fair refers to a system that can be mathematically verified to be fair and unbiased. In the context of blockchain lottery, a provably fair system is used to ensure that the winning numbers are generated in a way that cannot be manipulated or predicted in advance.
Last modified 1mo ago