The popularity of blockchain technology has allowed thousands of intriguing ideas to come to fruition over the last decade. These ventures span a wide range of industries and demographics, and as they say “there is always a space for improvement” so as the technology improves, we’ll certainly see more blockchain-based businesses emerge.
Lucky block, a blockchain-based lottery platform, has created a lot of buzz among mainstream investors and media. In this article, you will get to know every aspect of this new player in the playground of cryptocurrencies.
Lucky Block Crypto– Lottery Revolutionized.
First and foremost, what is Lucky Block, exactly? Lucky Block, based on the Binance Smart Chain, is a rapidly developing lottery platform. The platform’s creators designed Lucky Block after noticing a number of crucial areas where current lottery systems may be improved. These systems are frequently operated by large organisations with little consideration for the user experience – and they frequently lack the ‘digital’ aspect that today’s society requires.
By moving the lottery system to the blockchain, Lucky Block developers are able to increase transparency in relation to the existing lottery process.
Also, unlike the traditional lottery system, Lucky Block allows entrants to access it globally.
By making big changes to the prize payout system which generally pays weekly or bi-weekly draws Lucky Block introduced a daily payout system which again will show up as an alternative to the legacy lottery system simultaneously increasing the odds of winning for each entrant.
Lucky Block & Decentralisation
Lucky Block platform is built and hosted on the Binance Smart Chain which essentially means that the platform is built on a super-quick and scalable network that has smart contract functionality.
As BSC is decentralised it re-assures that the Lucky Block platform is “Trustless” as all network participants can see the data on the ledger.
There is no centralised store of data so cyberattacks will be possible on the network this means that they can take part in lotto draws safely and can feel confident deploying their financial resources on the platform.
The Lottery Token: LBLOCK Token
The Lucky Block platform’s native digital coin, LBLOCK, is another important feature. Within the Lucky Block ecosystem, LBLOCK is utilized for a variety of operations, including purchasing lottery tickets and distributing winnings. Due to the fact that awards are paid out in LBLOCK rather than FIAT currency, jackpots can be distributed relatively quickly, as opposed to the lengthy procedure that occurs in traditional lottery systems.
One of the most intriguing aspects of LBLOCK is that it allows holders to earn money while they sleep. LBLOCK holders will receive benefits solely for retaining the digital token and not selling it, according to a new press release from Lucky Block’s development team. These dividend payments are projected to be significant because a total of 10% of each lotto prize will be reserved for LBLOCK holder benefits.
According to the developers, investors who hold $1,000 worth of LBLOCK for a year can expect to earn a 19.2 percent annual income. This payout, interestingly, is exactly proportional to the number of users on the platform. As the platform expands and jackpots grow higher, the amount awarded to LBLOCK holders will grow as well, allowing opportunities to produce a steady stream of revenue.
Lucky Block: Future
The official Telegram group has nearly 40,000 members, which is impressive given that it was only launched a few months ago. Furthermore, It has already been highlighted in a number of mainstream media outlets, including The Herald and Yahoo Finance, which is unusual for a project at this stage of development.
The platform’s introduction of Lucky Block’s lotto drawings, on the other hand, is just the beginning. The website’s roadmap outlines plans for massive marketing campaigns, Lucky Block goods, metaverse integration, and more. Finally, because the Binance Smart Chain is compatible with the Ethereum Virtual Machine, there is a potential that it can become interoperable with the Ethereum network, opening up a slew of new opportunities for the platform.
Lucky Block crypto price in INR
Since its launch in late January 2022, the Lucky Block cryptocurrency lottery initiative has been on a tear. Soon after the presale phase concluded faster than predicted, the crypto lottery system set an all-time high (ATH) of $0.003135 on its third day of trading.
With a 24-hour trading volume of ₹73,522,668 INR, the current Lucky Block crypto price is ₹0.146081 INR. In the last 24 hours, It has gained 0.67 percent. With a live market cap of ₹5,484,867,488, the current CoinMarketCap ranking is #3300. There is no circulating supply and a maximum supply of 100,000,000,000 LBLOCK coins.
To summarize, Lucky Block has already caused an uproar on social media and in the mainstream media, and it’s easy to see why. It is a fresh spin on standard lottery systems that gives a slew of compelling reasons for lottery participants to use it.
The official launch of its’s lotto drawings on March 25th has poised to be a major milestone for everyone involved in the project – and with more exciting plans in the pipeline, 2022 appears to be a fan favourite.
Inspiration was taken from the source: Economic Times