Staking Lossless Lottery
- Get even more, by saving your money.
Most classical lotteries are built with a gambling mindset where one or a few winners grab the whole prize while most of the participants lose their bets. It doesn’t have to be like that. The staking lossless lottery built by Stakin leverages on ICON blockchain and its Proof-of-Stake consensus engine in order to offer a fun saving game, where nobody loses their bets!
With Proof-of-Stake, interests are generated by locking up digital assets and participating in consensus. It is with these interests that Stakin builds a lossless lottery. In this model, participants buy tickets by locking $ICX tokens in a smart contract deployed on the ICON blockchain. The locked-up tokens then generate interests through staking. Each week, a random draw is organized, and lucky winners win the whole pot of generated interests, but none of the initial bets from other participants. Thus, at any time, it is possible for participants to leave the lottery and redeem their tickets for the $ICX face value.
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