Here are some of the glossary of terms in the field of blockchain lottery:
- 1.Blockchain: A decentralized, distributed ledger technology that is used to record transactions.
- 2.Lottery: A game of chance in which players select numbers or other symbols in the hopes of winning a prize.
- 3.Smart contract: A self-executing contract with the terms of the agreement directly written into code.
- 4.Decentralized application (DApp): An application that runs on a decentralized network, such as a blockchain.
- 5.Random number generator (RNG): A system used to generate a sequence of numbers that cannot be predicted beforehand.
- 6.Token: A digital asset that is used as a unit of value in a blockchain network.
- 7.Ethereum: A blockchain network that allows for the creation of smart contracts and DApps.
- 8.Gas: A unit used to measure the amount of computational effort required to execute a smart contract on the Ethereum network.
- 9.Block: A collection of transactions that are recorded on the blockchain at the same time.
- 10.Hash function: A mathematical function that takes an input and generates a fixed-size output, which is unique to that input.
- 11.Mining: The process by which new blocks are added to the blockchain through the use of computational power.
- 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.Proof of work (PoW): A consensus mechanism in which participants must perform computational work in order to mine or validate block transactions.
- 14.Wallet: A software program that is used to store, manage, and transfer cryptocurrencies.
- 15.Consensus mechanism: A process used to ensure that all participants on a blockchain network agree on the state of the network.
- 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.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.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.