Quanta Technology Limited the other day announced that it has been granted a license to operate and develop its lottery business powered by blockchain technology in the Isle of Man. In the process, Quanta became one of the first blockchain based gambling business in the world to obtain a reputable gaming license.
The Isle of Man is one of the most respected gambling jurisdictions offering licenses to operators in the online gambling industry. This license also has an important impact on Quanta lottery players since the license places a strong emphasis on protecting player’s funds, which means that any deposits or winnings players have with Quanta are secure and can be enforced by law.
Utilizing Ethereum global network system, Quanta automatically manages the sales, ticket issuing, lottery pool, and winning ticket selection, therefore ensuring fully autonomous, transparent, manipulation-proof gaming. Quanta’s decentralized network not only provides safety and credibility to players and operators but also democratizes the experience by making it available to everyone regardless of border or economic status.
Lee Hills, Director of Quanta Technology Limited, commented:
“As the first blockchain gambling business in the world to obtain a reputable gambling license, we have negotiated significant regulatory and operational hurdles. Our business partners on the Isle of Man and the Department of Economic Development have been extremely knowledgeable and helpful throughout the process of establishing operations on the Island.”
“We are delighted to have found in the Gambling Supervision Commission, an incredibly supportive regulator, committed to understanding our unique technology, while maintaining absolute dedication to the principles of ensuring the Island’s gambling industry remains crime free, protects the young and vulnerable, and ensures our services are fair and that players receive their true winnings.”
Built on the Ethereum blockchain, Quanta utilizes smart contracts for ticket sales, the selection of winners and prize payouts. The system allows for fully autonomous, transparent, manipulation-proof gaming. Developed with breakthrough Random Number Generation (RNG), the first provably fair lottery can operate independently or be adopted as a white label solution.
Daphne Caine MHK, the Department Member with responsibility for e-Gaming commented:
“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.”
Ecosystem
The operation of the lottery is assisted by the Quanta Wallet, a secure cryptocurrency wallet that allows users to safely send, receive and store cryptocurrencies (currently BTC, ETH, and QNT). Quanta wallet integrates with the Quanta lottery and is ideal for utilizing Quanta Network Tokens (QNT). It is available for download for Mac, Windows.
QNT holders have the following rights:
- Can apply with Quanta Technology Limited (QTL) to become a QTL Affiliate. QTL Affiliates can market the sell Quanta lottery tickets to earn QNT. A bonus for QTL Affiliates is paid out in QNT and subject to the Affiliate’s performance and other relevant requirements and at the discretion of QTL
- Receive rewards (compensation) in the form of QNT as well as Ethereum (ETH)
