Posted on: February 14, 2022, 10:28h.
Last updated on: February 14, 2022, 10:28h.
Cryptocurrency is taking a further step into gaming with the first crypto-currency-based lottery. Blockchain-powered lottery platform Lucky Block has added its native crypto LBlock to centralized crypto exchange (CEX) LBank ahead of the lottery’s March 21 launch.
Lucky Block has already gained notoriety this year as the world’s first global lottery that operates on blockchain properties. The company has its own cryptocurrency system, LBLOCK. Users use this system to purchase tickets on the website. Jackpots, too, are distributed in the currency.
In January, CEO Scott Ryder saying said he wants to create a “worldwide lottery” that could dwarf Britain’s national lottery.
On Friday, the LBank listing was the blockchain lottery’s first CEX listing, while it’s initial listing on decentralized exchange (DEX) PancakeSwap took place on Jan. 26. Both listings come ahead of a much-anticipated listing on popular CEX, Binance.
CEX, as the name suggests centralizes the handling of assets, so any transfer goes via the exchange and is not directly between one individual and another. A DEX simply enables the transaction between two parties.
There are protocols and verifications that must happen before a new coin or token can be listed on a CEX, hence they carry a greater sense of legitimacy to the fledgling crypto adopter.
Lucky Block has also applied for a listing on centralized exchanges, Crypto.com, FTX, Kucoin and OKex. Its Binance listing is expected to be announced imminently.
Lucky Block’s token has been bullish following its LBank launch on Friday. The total supply of LBlock is 100,000,000,000 and the token is currently trading at 0.0060 USD.
We believe that Lucky Block is part of a trend that will see the rise of crypto products that are able to grow revenues by focusing on real-world use cases that can garner mass-market adoption and generate revenues,” Lucky Block chief executive officer Scott Ryder said after a successful token pre-sale earlier this year.
The Lucky Block lottery will require tickets to be purchased in and pay-out in LBlock tokens. These will be accessible via a purpose-built app, that is scheduled to launch on March 21, after a period of beta testing which is set to start March 7.
Tickets will cost $5 and the first lottery draw will take place on March 25.
Web 3.0 lottery
Lucky Block claims to have significant advantages over traditional online and offline lottery systems, including faster pay-outs and greater transparency.
The platform claims that, as a global lottery, the odds of winning are better. All token holders receive a dividend and 10% of the lottery pool goes to charity, giving it its tagline is “Everyone’s a winner”.
The jackpot will be distributed as follows, 10% to charity, 10% to Lucky Block marketing, 10% to token holders and 70% to the winner.
Using conservative estimates, Lucky Block modeling shows a holder of $1,000 worth of LBlock tokens will earn a dividend yield of 19.2% p.a, assuming they hold their tokens for a year,” a January press release from PancakeSwap stated.
However, it later says “Each transaction of the Lucky Block token attracts a fee of 12% unless it is a transfer from a whitelisted exchange to a token holders’ own wallet – this mechanism encourages long-term adoption by the community of LBlock holders”.
This means there is a transactional fee applied on the sale of LBlock tokens but not on the purchase of tickets.