- October 27, 2021
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Created with the purpose of proving more accessibility to financial services, the Stellar network, and its ecosystem continues to expand in that direction. Lumenswap, a decentralized exchange (DEX) running on top of Stellar, launched a new product poised to disrupt a sector worth billions while it gives people more financial opportunities.
Recently, Lumenswap launched a lottery model based on Stellar’s vision to transform the dominant legacy financial system. Thus, they want to provide users with a product that allows them to earn rewards with a transparent and decentralized model without the limitations and issues with the traditional lottery model.
The Lumenswap Lottery is part of the platform’s tokenomics upgrade. Every round will operate as a component in the burning mechanism for their native token LSP. The funds collected from the contract address will be removed from circulation.
Therefore, the deployment of the lottery platform is another major milestone successfully accomplished by Lumenswap as part of the roadmap to increase the value locked in the ecosystem. The community and LSP holders will see the token’s value rise as the lottery attracts more users and the platform creates more buying pressure and demand in the market.
A Democratic Lottery, How To Buy Tickers And Earn Rewards With Lumenswap
Lumenswap’s lottery will remove the disadvantage of trusting a third party to pick a winner in the lottery by leveraging a decentralized selection mechanism. The process will be shielded by the power of the Stellar network and its immutable records to achieve a transparent, open to everyone, global, and especially fair lottery platform.
The first lottery round on the Stellar-based project took place on October 22nd, Lumenswap has empathized the importance of pricing tickets at a target that allows as many people as possible to be included without limitations.
For this first round, every ticker sold for 1 LSP or for less than 1 USD. Participants had the opportunity to win 1 Tesla Model S with an estimated value of $100,000 to be delivered in XLM to the winner’s address.
In order to buy a ticket, users must enter Lumenswap’s lottery platform. The easy-to-use and friendly interface will display a Buy Ticket button which will let users enter the process via a modal window.
This will allow the platform to verify the LSP payment, send the request to the Stellar network, and deliver the ticket to the users. The transaction hash or transaction ID number will operate as a ticket ID. The process must be repeated each time a person wants to acquire one.
Lumenswap Set Out To Revolutionize The Lottery Industry
In order to maintain the entire process transparently, the team behind Lumenswap will specify a block number on the Stellar network to be generated in the coming month after a round has begun. After, the winner selection mechanism will start to compare ticket hashes to the ledger hash.
In doing so, the mechanism will find the longest matching substring. This process will be live until one of the participant’s tickets remains. This ticket will be announced as the winner.
In an official post on the launch of their lottery, Lumenswap highlighted the importance of the community for the project. Since 2020, tokens that deployed a burning mechanism, including Ethereum, BNB, and others, have seen their value increase rapidly as adoption grows.
In that sense, they turn to the future and the potential for the Stellar ecosystem to transform and create a trustworthy and transparent global financial system. The team added:
“It’s just the first step of our evolution towards transforming decentralized finance with Stellar, and we can’t wait to share it with you.”
Image by jacqueline macou from Pixabay
