How pool prize work?
Get2bit's no-lose crypto lottery is a lottery model where anyone who buys a ticket has a chance to win. But even if you don't win, you won't lose the money you spent to enter and you'll get the profit on the contract. In fact, your tickets will be entered into subsequent draws over and over again, so you won't lose any money. But maybe you will win. This service is basically a combination of old lottery systems and cryptocurrency lottery. In this article, we will explain how it works.
Each pool holds a monthly drawing and awards one person a grand prize, but if you don't win, your tickets won't be voided after the drawing. Instead, the tickets carry over to the next draw and subsequent draws. This process continues until you win or withdraw your funds from the pool and your tickets are voided, effectively voiding the contract.
In that sense, it's a no-lose lottery. You may not win the lottery, but you are not a loser either. The lottery is no-lose, also described as a "bonus saving" approach, as you can potentially receive a daily bonus for keeping your tokens instead of spending them elsewhere, which you can claim at the end of each period.
Many cryptocurrencies offer currency staking on their network, which allows users to lock their cryptocurrency into the network to provide liquidity and get rewarded for doing so. With this assumption, get2bit's no-loss lottery implements it on a larger scale and in the form of a lottery. When users deposit some cryptocurrency into the pools, they are entered into a lottery through the decentralized financial platform Compound. In this platform, the profit generated is used for lottery prizes.
Rewards vary by cryptocurrency, but given that there are many users and they keep their capital in prize pools for a long time, a lot of jackpots (stacked prizes) are added to the amount. Smart contracts will automatically select the winners and register the remaining participants in the latest monthly drawings.
What is special about the Get2bit site?
Just as decentralized financial systems (DeFi) have revolutionized other traditional financial services, Get2bit's No-Loss Lottery brings a new twist to the traditional lottery. In this system, the worst part of the lottery, which is the amount of money spent on disposable tickets, is left out of the equation.
You have to purchase tickets to enter the lottery, but your money stays and as long as you keep your money in the pool, you will continuously participate in the monthly lotteries and receive the profits according to the contract with the company.
