PoolTogether is a lottery platform that operates on the Ethereum network and allows users to deposit cryptocurrencies into liquidity pools to purchase tickets. Each liquidity pool conducts one draw per week, in which up to five winners can be drawn. If a person's ticket was not drawn at that time, it will be continuously entered into subsequent drawings until the person wins or withdraws their funds from the pool. It is because of this programming that PoolTogether is called “Lotterless Lottery”. Furthermore, the platform also indicates that this is a “reward economy” approach as the person can be rewarded for booking their cryptocurrencies rather than spending them on another platform. When users deposit funds in the pools, these funds are staking on the 'Compound' (COMP) platform, and the interest generated is allocated to lottery prizes. The draws are carried out through autonomous contracts, which keep participants who did not win registered in the following draws, without the need for any manual action.
See the video on you tube. Video time = 50 seconds
https://youtu.be/s00govGHmmQ]
Topic: Do you know how the “lossless lottery” of the PoolTogether protocol works? (Read 34 times)
August 02, 2021, 02:03:18 PM
Jump to: