How to find refuge: Recommendations on dealing with the freezing crypto winter
The crypto winter has been brutal so far, and it might be far from over.
The online betting industry has undergone significant changes in recent years as the majority....
The online betting industry has undergone significant changes in recent years as the majority of bookmakers have switched from conventional sportsbooks to cryptocurrency betting. Blockchain technology is catching up to the industry as more decentralized platforms enter the market.
Online betting dominates theindustry. The global sports betting market is expected to grow from $89.65 billion in 2021 to $99.20 billion in 2022 at a compound annual growth rate (CAGR) of 10.64%. As of 2019, Statista estimates that the value of the online gambling and casino industry is approximately $262 billion, with a projected value of $266.6 billion in 2021. There doesn't seem to be anything wrong with today's betting based only on the numbers.
Decentralized betting is built on open-source programming and blockchain technology. Unlike centralized betting, it is intended to function without the aid of a middleman. Instead, platform operations are automated using self-executing smart contracts.
The blockchain-based lottery platform, Lucky Block, which has generated enormous hype among investors and the mainstream media, is one of the most interesting projects to launch this year. Let’s take an indepth look at the project.
The Lucky Block cryptocurrency lottery platform was created utilizing blockchain technologies to enhance the lottery experience. Hosted on the Binance Smart Chain, it removes obstacles to worldwide entry to establish a global lottery in which every participant has a higher chance of winning a jackpot than with conventional lottery systems.
For the blockchain-based online lottery, the aim is simple: to make the lottery process completely transparent, fair, and safe.
Using distributed ledger technology, Lucky Block enables quicker and more transparent payouts, regardless of the size of the win, while retaining thorough monitoring and documentation. To further reduce the likelihood of data loss, deletion, or manipulation, Lucky Block checks both players and tickets. Lucky Block is also managed as an open-source project. Companies are free to use the blockchain, especially start-ups.
The platform is made operational by LBLOCK, the native coin of Lucky Block. The token is employed for a variety of use cases on the Lucky Block platform, including ticket purchases and prize distribution. Furthermore, jackpots can be disbursed immediately because incentives are given out in LBLOCK rather than fiat money.
For the development team, charity is at the heart of the Lucky Block platform. As a result, 10% of each prize pool is donated to charitable causes, including a large donation to the British Red Cross donated in January. These donations are anticipated to increase in frequency as the platform expands, ensuring that Lucky Block's stakeholders may have a positive influence on local and global communities.
The platform's creators came up with Lucky Block after identifying a number of crucial areas where existing lottery systems may be strengthened. These systems frequently lack the "digital" aspects that modern society expects and are managed by large organizations with little care for the user experience.
The platform’s whitepaper outlines specific objectives:
There are many problems plaguing online lottery platforms. Existing online lotteries can be hacked, while physical systems can be subject to rigging. They are also vulnerable to speed, liquidity, and security difficulties.
Even if you do manage to win, the existing procedure is "notoriously slow" because it involves paperwork, fees for administration, stifling bureaucracy, and slowly moving bank transactions. Current lotteries provide a poor user experience with substantial time-lapse from win to payout, with even more complexity added when there is no record of who purchased a specific ticket.
In order to advance transparency and safety, Lucky Block makes use of the power of distributed ledger technology (DLT). This feature is built into the network of blockchains like BSC, which helps protect projects from cyberattacks because there is no "centralized" data repository. Participants in Lucky Block can feel secure using their cash on the platform and can easily participate in lotto draws.
Lucky Block addresses a number of issues at once: fraud, delayed payments, dependency on centralized systems, unexpected account freezing, and lack of control over personal finances, thanks to the integration of a liquidity pool and Web 3.0.
A block is made publicly available when it is added to the blockchain, making it possible for anybody to confirm the legitimacy of a bet. Among other merits, it provides the ability to preserve anonymity, the transparency of no longer modifiable processes, the provision of a liquidity pool for payments, and the avoidance of mistakes brought on by human error.
The Lucky Block ecosystem is supported by its native digital currency, LBlock, which is fundamental to the framework's decentralized operation. 100 billion Lucky Block tokens have been created.
One of LBLOCK's most alluring features is that it gives owners a way to make passive income.
Owners of LBLOCK who keep their tokens in a crypto wallet linked to the Lucky Block app may occasionally get incentives. The number of lottery participants affects the prizes. As a result, owners of LBLOCK will generate more passive revenue as the Lucky Block platform grows. Furthermore, according to a recent press release from Lucky Block, token owners should receive a 19.2% annual dividend on their investments.
It's a good idea to look into the Lucky Block token's price history before a purchase to get a sense of where the price may go in the future. CoinMarketCap reports that the price of Lucky Block is now circling around $0.001286. On a fully diluted basis, this gives the token a market cap of $128 million.
According to DigitalCoinPrice's Lucky Block price forecast for 2022, the prediction notes that LBlock will be valued at $0.00242 in September before falling back to $0.00222 by the end of the year. It predicts that in 2023 and 2024, LBLOCK will average $0.00241 and $0.00273, respectively. They expect the Lucky Block price be $0.00328 in 2025 and $0.00297 in 2026.
WalletInvestor takes a more pessimistic view, predicting the token will be worth $0.00015 (a 90% decline from current trade values), making it a poor long-term investment.
According to a Lucky Block coin price forecast from CryptoPredictions, the token is expected to reach $0.00217 in September 2022 before closing the year at $0.00188.
At its core, the Lucky Block platform aims to enhance the current lottery experience. The platform's launch of Lucky Block's lotto draws is only the start, though. The roadmap provided on the Lucky Block website includes information on strategies for massive marketing efforts, Lucky Block products, metaverse integration, and more. There is also potential for Lucky Block to become interoperable with the Ethereum network since the Binance Smart Chain is compatible with the Ethereum Virtual Machine. This would open up a wide range of opportunities for the platform's growth.
Given the lack of previous price data, Lucky Block is comparable to some of the most intriguing Web 3.0 coins in that it is challenging to anticipate what price it may eventually achieve. However, the Lucky Block price should increase positively if the organization's tamper-proof, long-lasting, and transparent lotteries gain popularity. After all, Lucky Block succeeds with a fresh and ground-breaking approach.
Even though Lucky Block is still a relatively new project, it has already received a lot of media attention. Even so, purchasing Lucky Block is literally a gamble. Lottery aficionados can participate in the decentralized future of this form of gambling with the help of the token. However, for serious, established investors, it is probably not worth the risk.
The crypto winter has been brutal so far, and it might be far from over.
To tokenize or not to tokenize, that’s the question.