The LuckyBlock platform aims to compete with traditional lottery solutions. By offering a product entirely based on the blockchain. In this way, the project makes it possible to respond to certain problems of online lottery games. With LuckyBlock, the lottery becomes:
- More transparent – transactions are visible on the blockchain
- More inclusive – the blockchain allows players from all over the world to participate in the same draw
- Better paid for winners – running costs are much lower going through the blockchain
The figures presented via the example are obviously likely to vary . Thus, depending on the enthusiasm, the number of players may vary upwards or downwards. Modifying in passing the probabilities and amounts of winnings.
Very active in recent days, the LuckyBlock project is once again making headlines with the setting up of daily draws . To better understand how these work, we will take concrete examples with figures.
How a jackpot works at LuckyBlock
The LuckyBlock gaming platform offers a business model that rewards winners but also an entire ecosystem around it. Thus, 70% of the amount of the jackpots is donated to the winners, 10% to the holders of the LBLOCK token, 10% to charities. The last 10% are shared to finance the marketing of LuckyBlock (8%) and its various partnerships. Finally, 2% of the amount of each jackpot is used to feed the NFT jackpot.
To better understand, let’s take a concrete example based on the following 3 parameters:
Current capitalization of the project: 70 million dollars
Number of token holders : 52,500
LBLOCK token trading volume: $200,000 per day
If we combine this data with the fact that 50% of the holders play the lottery by each buying 1 ticket for an amount of $5, we obtain a kitty of an amount of $139,250.
Or the following numbers:
$97,475 for the winner(s)
$13,925 for various player-selected charities
$11,140 for marketing LuckyBlock
$13,925 for holders of the LBLOCK token, to be divided according to the number of tokens kept
,785 for the NFT jackpot
It should be noted that Lblock holders will be able to obtain free tickets for the lottery.
Focus on staking rewards
To get a place in the crypto market, LuckyBlock has often used the following slogan:
We pay you to play and we pay you not to play.
A clever way of saying that at LuckyBlock, the protocol gives pride of place to the holders. Firstly because the resale of the token is largely penalized financially by the protocol. But above all because LuckyBlock allows, as we have seen, to pay 10% of the amount of each jackpot to the holders
So, using the data from the example above, someone holding $1,000 worth of LBLOCK tokens could generate a reward of $0.20 per draw. Interesting when you know that these draws will take place daily.
In addition to this reward, holders also have a 1 in 26,250 chance of pocketing the jackpot and its $97,475 in our example. Because within its protocol, LuckyBlock offers a lottery ticket to all holders who connect their wallets to the application every day.