Lucky Block: Blockchain Gambling by a Decentralized Lottery
The use cases for blockchain technology have grown as the blockchain and crypto industry continue to be subject to bursts of digital innovation. From the boom in DeFi to the explosive popularity of NFTs, the possibilities seem endless. This is not only due to the potential of cryptocurrencies but also due to the opportunities that their underlying technology has to offer.
The accelerated growth seen in NFTs has translated to a boom in GameFi, where many opportunists have leveraged blockchain technology to launch their own line of NFTs and to develop more occasions to earn through gaming. Lucky Block (LBlock) is no exception. Combining both GameFi and NFT elements to their project, the team behind Lucky Block has designed a crypto global decentralized lottery platform that boasts of a valuation of approximately $1 billion.
What Is Lucky Block?
The concept of designing a blockchain-based decentralized lottery system is that the underlying technology enables players from all around the world to participate in lottery games and to run the chance of winning the jackpot. Lucky Block, a UK-based crypto games platform, advocates for that and is determined to revolutionize the lottery gaming industry.
So to run its lottery platform, LBlock relies on a decentralized network to make its games accessible and secure for players globally. One of Lucky Block’s main objectives is to instill transparency and fairness in games through their global decentralized lottery platform, “where every player has better winning odds.” Powered by Binance Chain, Lucky Block also aims to offer a better alternative to traditional lottery systems by leveraging blockchain technology. By running on a decentralized network, Lucky Block hopes to make its platform accessible globally in a secure and transparent manner.
The platform also boasts of a faster and more seamless payout process. Using blockchain technology to reduce the risks of losing a lottery ticket, to maximize security, and to minimize the chances of a game being rigged, the Lucky Block project also provides investment strategies for its token holders. The latter is presented with several options to maximize their earnings using Lucky Block’s native token LBLOCK. The pre-sale for LBLOCK tokens was hosted in February 2022.
The Daily Jackpot
Owning tokens enables investors to also be owners of the decentralized lottery - every time someone purchases LBLOCK tokens, 4% of these tokens are placed into a decentralized lottery fund. Token holders can allocate some of their LBLOCK tokens to the Daily Jackpot hosted by the platform. Alternatively, they can also hodl their LBLOCK savings in a crypto wallet to receive the Daily Jackpot dividend payment that is distributed to each LBLOCK token holder. The Daily Jackpot is a pool of funds made up of ticket sales and the decentralized lottery fund. According to Lucky Block’s protocol, 70% of the Daily Jackpot is won by a single ticket holder. 10% of the winnings are donated to good causes and charities such as the British Red Cross. Another 10% goes into funding the marketing of Lucky Block. As for the remaining 10%, it is distributed to all the LBLOCK token holders. The amount received by an investor is in proportion to the amount of LBLOCK tokens they hodl.
Lucky Block’s NFT Collection
In addition to offering decentralized lottery games to players from all around the world, the Lucky Block project also offers an NFT collection dubbed the Platinum Rollers Club, which is hosted on the Binance Smart Chain. This exclusive NFT collection features 10,000 collectible items. The NFT resembles a card with a number inscribed on the front. Owning a Platinum Rollers Club NFT does not only give buyers proprietary rights. It also serves as an entry ticket for life for Lucky Block’s NFT lottery. The Platinum Rollers Club NFT collection debuted on March 19, 2022.
LBlock intends to host a daily NFT draw. Ownership of a Platinum Rollers Club NFT will give you access to an entry in that daily draw, where one lucky winner will have the chance to win the jackpot. Among the collection of 10,000 NFTs are 25 rare edition collectibles. Owning one of the latter will mean that you will have the chance of winning double the jackpot, should your name be drawn.
What Problem Is Lucky Block Trying to Solve?
Using blockchain technology, Lucky Block aims to create a secure, transparent, decentralized, and fair system to attract global participants. The project addresses common problems faced by traditional lotteries, such as slow payout times, tampering, and a lack of transparency. Centralized lotteries are often less transparent with players regarding internal structures and payout methods, making it easier for games to be rigged and for unclaimed winnings to remain so. Additionally, in traditional lotteries, the random number generator (RNG) required of casinos and lotteries can be tampered with internally, benefitting the central organization and leaving players vulnerable to scams. Lucky Block aims to solve these discrepancies in traditional lottery systems through blockchain technology.
Furthermore, by hosting the lottery and games of chance on a decentralized network, Lucky Block strives to provide a seamless experience for participants from all four corners of the world, with more transparency and faster payouts for winnings. Draw times will also be reduced on Lucky Block’s platform and multiple draws are allowed per day.
Finally, since the whole process is hosted on a distributed ledger platform, no intermediary is needed for transactions to go through, therefore minimizing the chance for errors that could occur in the process. Additionally, it also reduces tampering occurrences as every transaction on the platform is detectable. As Lucky Block’s tagline reads, “everyone’s a winner.”
LBLOCK native token
LBLOCK is the native token of Lucky Block. Its supply is capped at 100 billion tokens and currently, the circulating supply sits at 32.5 billion tokens. 1% of the sales transaction amount is burned to reduce the overall supply of tokens and to support the price of LBLOCK coin. At the time of writing, it is trading at $0.001895 on CoinMarketCap. LBLOCK tokens can be used for a variety of transactions within the Lucky Block ecosystem, such as jackpot distribution and purchasing lottery tickets.
The most common trading pair for LBLOCK token is BNB at the moment. To trade LBLOCK, investors can use LBLOCK exchange or PancakeSwap decentralized exchange. Additionally, LBLOCK holders will be rewarded for holding the token through jackpot payouts, as 10% of the daily jackpot is distributed to LBLOCK investors in proportion to their LBLOCK holdings. For investors looking to make passive income, purchasing LBLOCK tokens can therefore be an option.
What’s In Store for Lucky Block?
Lucky Block plans to revolutionize traditional lottery systems and come up with a better and decentralized platform that will be used worldwide. The main focus is to provide fair and more transparent lottery games by leveraging blockchain technology. Lucky Block also hopes to reduce draw times and enable multiple draws per day. With the popularity of lottery games and the rising innovation of blockchain, Lucky Block’s project is sure to gain traction in the future.
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