Over the ages, the lottery concept has evolved multiple times. Its most recent iteration is Lucky Block cryptocurrency. Lucky Block (LBLOCK) creates a decentralized lottery using blockchain technology. It integrates blockchain technology with a decentralized gaming system. By combining the two principles, Lucky Block intends to make the system more transparent, equitable, and lucrative.
The whitepaper from Lucky Block identifies a number of issues with the present lottery and gaming landscape. Online lotteries have security, speed, and liquidity challenges. And, unlike physical systems, which can be rigged, internet gambling can be hacked. It claims that the present lottery and gaming procedure is “notoriously slow,” owing to excessive paperwork, administrative costs, and delayed bank transactions.
According to Lucky Block’s whitepaper, current lotteries provide a poor user experience with significant time lag from win to payout, with even more complications added when there is no record of who purchased a certain ticket. Blockchain technology has the ability to address all of these issues. Lucky Block proposes a global lottery with participants using Blockchain Protocols and the Binance smart chain.
Lucky Block is founded on the concept that the lottery should not be geographically restricted or related to local banking systems. As a result, the developers have sought to achieve more transparency and justice in gaming by utilizing blockchain technology. In terms of speed, blockchains and cryptocurrencies have naturally solved this problem because they often allow for rapid rewards. This provides Lucky Block a logistical advantage over its more concentrated competitors. Lucky Block seeks to address a number of issues plaguing the present gaming and lottery systems, including security, liquidity, and delayed payments.
Despite the fact that the currency has a long way to go, it has caught the interest of traders worldwide owing to its price forecast. The LBlock currency is one of the most recent cryptocurrencies, having been introduced in late January 2022 and is yet to perform a full lottery event.
Lucky block trends and Price Prediction
Lucky Block’s first trade data was in January 2022. (based on current exchange data). Lucky Block reached its all-time high of $0.009061 three months ago. On January 27, 2022, the currency reached an all-time low of $0.000432439869. There is much speculation about how high the price of Lucky Block may rise in the future. At the beginning of this week, on 20th May 2022, when the major currencies were experiencing a significant drop in their values, with a transient uptick, the price of LBLOCK was about $0.002771, representing a 75 percent increase in 24 hours.
Today, on the morning of May 28, 2022, the price of one Lucky Block was $0.002137, with a decrease of 4.7 percent in the previous 24 hours. Lucky Block’s 24 hour trading volume is $311,211. Most analysts anticipate a steady price increase for the lottery token. The Lucky Block price forecast for 2022 predicts it will reach $0.00367. It predicts that LBLOCK will witness a steady growth and is likely to touch $0.00404 in the beginning 2023.
Why is LBLOCK gaining popularity?
Lucky Block’s innovative idea of decentralising the lottery system is gaining the attention of media and investors. The Lucky Block coin differs from other cryptocurrencies. It not only allows traders to invest and earn money through trading, but it also gives them the chance to win a lottery ticket if they invest in LBLOCK.
However, because the LBLOCK coin and platform are still in their infancy period, it is tough to pass judgement on its success. The fact that traders who invest in the Lucky Block cryptocurrency have the opportunity to earn passive income while also winning a lottery ticket is what’s enticing the traders. It offers a lottery in which every participant has a higher chance of winning while also offering a sound investment plan for token holders.
Lucky Block has yet to host its first lottery, but it has revealed how it would work. It claims that 4% of all LBLOCK transactions go to the lottery fund. Token holders can choose whether or not to participate in the daily jackpot by locking in their tokens. This jackpot combines the lottery cash plus the sum of LBLOCK that has been locked in. When the lottery is performed, one individual receives 70% of the jackpot, 10% goes to charity, 10% goes to marketing, and 10% is dispersed to all LBLOCK holders in proportion to the amount of tokens owned.
As investors await the first daily jackpot lottery, the Lucky Block crypto platform debuted its much-anticipated jackpot reward in the first week of May, with drawings scheduled for mid-May. It was revealed that one NFT holder would receive a Lamborghini. The draw will be completed after all 10,000 NFTs have been sold.
Whether investing in LBLOCK turns out to be a profitable deal or not is yet to be disclosed. However, the idea that LBLOCK came up with adds something fresh to the crypto market and that is what’s enticing the traders to try their fortune with LBLOCK!
Stay tuned with PCEX Member for more such latest updates relating to businesses, blockchain and crypto.