With the advent of digitization, multiple ways of generating passive income became accessible to virtually everyone who had Internet access and owned a computer. Over the years, these options increased multifold - today, there are many people relying mostly on passive income generation who have invested time and resources to automate the process of profit generation.
Among all other advantages of blockchain, the technology enabled innovative ways to generate profit passively that were unimaginable before. Cryptocurrency mining became one of the hottest topics in the last years, with hundreds of thousands of people from all over the world getting into it to try to get a piece of the pie. From setting up a small rig in their own bedrooms to huge mining farms with hundreds of computers working towards one purpose, it became a profession for many. The mining boom was so significant that it led to a tremendous increase in the demand of GPUs and other hardware, greatly influencing other industries as well.
Another mechanism of passive income generation that was directly related to blockchain is masternode operation. Recently, the interest in mining started to slow down due to higher competition and the crypto market maturing, leading to a more balanced growth of cryptocurrencies. As a result, people started to look for alternative ways to earn money with crypto. With a higher number of blockchains coming into the fold, the concept of masternodes emerged and became the next big thing after crypto mining. Masternodes allow a blockchain network to have copies of it in real-time, which aids with the block validation and transactions. Operating a masternode is much more accessible than setting up a mining rig, which usually comes with high entry costs and requires extensive technical knowledge as well as ongoing optimization and maintenance.
With the properties of blockchain technology that opened new possibilities for multiple industries such as higher security, transparency and efficiency, many other implicit ways of passive income generation emerged. A new project called BitWin24 has explored a multitude of these innovative mechanisms and has combined them under one roof, creating a unique ecosystem offering five different ways of generating recurring income for its participants.
What is BitWin24
BitWin24 is the first blockchain-based lottery that offers masternodes, staking contracts, an innovative referral system known as WinChain and an exclusive airdrop program rewarding first movers with a lifetime profit participation in all winnings made on the platform as well as revenues from ticket sales. We will take a look at each individual offering by the company.
Masternodes. We already explained what masternodes are and how they have become superior to mining due to their easier accessibility, lower cost of operation and long-term efficiency. Everyone who can provide the needed technical infrastructure to operate a masternode (a VPS server that is available on the clock is sufficient) and a minimum collateral of 3,000 BWI coins will be rewarded with up to 80% of the value of each block they validate in the network. BitWin24 also offers the full service of setting up and maintaining a masternode.
Staking contracts. Staking has the same function as masternodes, with the only difference being that users are not required to deposit a minimum collateral. Participating in staking is also easier than becoming a masternode operator - all you have to do is deposit a certain amount of BitWin24 coins in an online wallet that requires no technical setup or prior knowledge in cryptocurrencies. These coins are then locked for a defined time frame (for example six months), at the end of which the holder is rewarded with a percentage based on his stake. The coins can also be withdrawn before the expiration of the staking contract.
Blockchain lottery. Although BitWin24 is not the first blockchain lottery in the online gambling scene, there are several advantages that make it stand out from the crowd. From a technical standpoint, BitWin24 uses its own proprietary developed blockchain technology to handle all transactions in the ecosystem, allowing it to scale better in the long term and offer shorter transaction times and lower costs than most popular blockchain solutions on the market. The winning combination is generated on the Bitcoin blockchain using a randomly chosen hash, making sure that the outcome is completely tamper-proof.
An innovative referral system known as WinChain. The referral system called WinChain enables ambassadors who refer BitWin24 to others to acquire a percentage of all future winnings made by their referrals. The unique part is that everyone brought to the platform by the referrals also yields the ambassador commissions. This program is indefinite and can go as far as 12 referrals down the line, which preserves the financial stability of the ecosystem while offers a high potential ceiling of profit participation.
An exclusive airdrop program for early adopters. To encourage early investments that will secure the initial liquidity of the ecosystem for ongoing operations and prize pool formations, BitWin24 has initiated the first airdrop program of its kind. Unlike a traditional airdrop that distributes a small amount of coins as a reward for small contributions, the BitWin24 airdrop offers early adopters an unconditional lifetime profit participation amounting to 10% of all winnings made on the platform and revenues from ticket sales.
The innovative approach of BitWin24
What is most important though is how each element in the BitWin24 ecosystem interacts with the lottery - everything is built around reinforcing its technical capabilities and aiding its widespread adoption. BitWin24 has focused on creating a construct of incentive mechanisms to ensure the increasing number of participants and the resulting high prize pools thereof, a concept that would potentially enable it to spread exponentially. Combined with the fact that blockchain lotteries are borderless and can pool funds from multiple countries around the world without having to rely on banks or certain regulations, the possibilities for growth are endless.
PS: Keep in mind that the exclusive airdrop program will be available only until the end of this year. Everyone who wishes to earn the right of lifetime profit participation in all future jackpots and ticket sale revenues must invest prior to the end of the year.
To learn more about BitWin24, their project and ongoing token sale, visit https://bitwin24.com/en/.
DISCLAIMER: This article was provided by an advertiser and should not be considered as an investment guide.