Decentralized No-Loss Lottery, “Jack’s Pot” Goes Live!
The new Wanchain DApp is now available online and through the DApp store in the Wanchain Desktop Light Wallet
Jack’s Pot is the newly launched Wanchain based no-loss lottery DApp inspired by the Ethereum based no-loss lottery DApp, Pool Together. The DApp is a collaboration between the Wanchain and FinNexus dev teams and will be operated by FinNexus. As in Pool Together, Jack’s Pot allows DApp users a chance to win a lottery prize by staking their cryptocurrency (in this case, WAN). The staked WAN is delegated to a Wanchain validator, generating rewards as a part of the consensus process. The rewards are then pooled together in a single pot and awarded to the lottery winners.
No-loss, risk free lottery
Unlike a typical lottery where you lose the funds spent on tickets, with Jack’s Pot, your initial funds are never at risk. By generating the prize pot through delegation rewards from Wanchain’s consensus mechanism, Jack’s Pot allows for a no-loss lottery. Similar to a prize-linked savings account, the DApp is a fun and risk free way to play a game of chance and save your WAN at the same time.
How to play
You can access Jack’s Pot either through the web interface or through the Wan Wallet DApp store. You can download the wallet from the Wanchain home page at https://www.wanchain.org/getstarted/, and you can find wallet guides at http://wanchain.guide/ and http://explorewanchain.org/.
See this video guide for how to add a DApp in the Wan Wallet DApp store.
Unlike Pool Together, Jack’s Pot gives users the chance to choose their own lucky number. To get started playing, users buy tickets with four digit numbers of their choice, and all users who pick tickets with the correct four digit number will win a part of the prize pot.
You can also choose for your lottery ticket numbers to be randomly generated if you don’t want to choose your own number. Simply choose how many unique random number tickets you wish to generate:
Each lottery round lasts a single week, and winnings are distributed 23 hours after the end of the round. The lottery closes at 24:00 UTC Thursday, lottery results are settled at 23:00 UTC on Friday, and the lottery re-opens at 00:00 UTC on Saturday. If no player chooses a winning number during a round, the pooled WAN carries over the next round. If you wish to keep playing, simply leave your WAN staked in the game.
You may stop playing the game at any time by selecting the tickets you wish to withdraw and clicking the ‘Withdraw’ button:
Jack’s Pot uses a liquidity pool which allows for instant withdrawal (ordinarily, unstaking WAN can take up to 3 days). Generally speaking, withdrawal will be instant, although in cases of large numbers of withdrawal at one time, there may be a delay up to 3 days.
We hope you enjoy the game, let us know your thoughts on Twitter and Telegram!
About FinNexus
FinNexus is building an open finance protocol to power hybrid marketplaces that trade both decentralized and traditional financial products. The FNX token will live on the Wanchain blockchain to take advantage of the most robust cross-chain capabilities currently available in the industry. The first products FinNexus will release are innovative tokenized assets with value based on real world cash flows that live on Wanchain and XRP Ledger. The second product to be released is a fully decentralized bitcoin (and other cryptocurrencies) options model.
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