The world’s first cryptocurrency lottery launches today. From Monday, March 21, people from all around the world will have the luxury to play a blockchain-powered lottery called Lucky Block. To get involved, users will need to buy lottery tickets using the platform’s own digital currency.
Called LBLOCK, the token has been in circulation since January, available at a range of crypto exchanges including Binance, Crypto.com, FTX, and others.
LBLOCK Token Up for Sale
LBLOCK token has been bullish since its launch on January 26. Its price moved from $0.00093 to $0.00947 in February, before dropping a bit. On the day of the launch of the lottery, the price of one LBLOCK token is $0.0036998.
The Lucky Block token is meant to be used for buying tickets to take part in the lottery draw. One ticket cost $5, which means that in order to get it, one needs to buy about 1,350 LBLOCK tokens. Further, all winnings are also paid out in the form of LBLOCK tokens.
The first crypto lottery draw in history is scheduled to take place on Saturday, March 26.
Everyone’s a Winner With Crypto Lottery
Privacy and security are some of the main advantages of using cryptocurrencies. However, when it comes to online gaming, cryptos have even more pros. According to people behind Lucky Block, the crypto lottery has much faster payouts than traditional lottery systems, as well as greater transparency.
On top of that, the odds of winning are better with the crypto lottery. Lucky Block claims that “everyone’s a winner” as all token holders get a dividend.
How the scheme works is that 10% of the lottery pool is spread equally among the holders of the LBLOCK token. Another 10% goes to charity, while Lucky Block also takes 10% for marketing purposes. The remaining 70% of the pool is rewarded to the jackpot winner.