Quanta Technology Limited (QTL) has recently been granted a licence to operate the first fully compliant blockchain lottery in the world by the Isle of Man.
Built on the Ethereum blockchain, Quanta utilizes smart contracts for tickets sales, the selection of winners and prize payouts, thus ensuring fully autonomous, transparent, and manipulation-proof gaming.
Developed with breakthrough RNG (random number generation), the first provably fair lottery can operate independently or be adopted as a white label solution. Quanta’s decentralized global network provides not only safety and credibility to players and operators but democratizes the experience by making it available to people regardless of border or economic status.
Obtaining a licence is a part of Quanta's important business plan. Lee Hills, Quanta's COO, says ‘as the first blockchain gambling business in the world to obtain a reputable gambling licence, we have negotiated significant regulatory and operational hurdles.'
The Isle of Man is one of the most respected gambling jurisdictions offering licences to operators in the online gambling industry, thus by receiving the world-class licence from Isle of Man government, Quanta has proved its fully transparent, fair, and secure lottery system.
In order to receive the official gambling licence, Quanta Technology Limited's technical system was tested and verified by the regulated test house: NMI Metrology and Gaming. Through this compliance certification, it allows Quanta to receive its Isle of Man OGRA (Online Gambling Regulation Act) licence and therefore operate, with full compliance, in numerous nations around the world.
One of Quanta’s largest technical challenges was to create a secure and truly unpredictable RNG on the Ethereum blockchain.
Quanta’s RNG relies upon the Randao process to produce the random number for selecting lottery prize winners. Randao accomplishes this by requiring outside participants (who have achieved the appropriate KYC verification level) to commit a random hashing number to the automated API and socket server using their Randao Wallets. An Ether deposit is required to join the Randao process.
For Quanta's obtaining the licence, Daphne Caine MHK, the Department Member with responsibility for e-Gaming commented that ‘we are delighted to welcome a new company to one of the Island’s fastest growing sectors. The Isle of Man is a leading jurisdiction for online gaming and blockchain operations, with a well-established digital business ecosystem and community. The Isle of Man’s regulations and compliance procedures are specifically designed to accelerate cryptocurrency and e-Gaming industry growth on the Island. I would like to wish Quanta the best of luck with their future operations.’
Company name: Quanta Service
Company site: quanta.im
Company contacts: Alma House, 7 Circular Road, Douglas, IM1 1AF, Isle of Man
Shogo Ishida; +852 5426 8275