Advantages and Features of the Lucky Block – Blockchain-Based Lottery Platform

Advantages and Features of the Lucky Block – Blockchain-Based Lottery Platform

Whether you’re a gambling enthusiast looking to participate in electronic lottery draws or an investor looking for a lucrative crypto project to invest in, Lucky Block is something that deserves your attention. Lucky Block is a startup that uses a simple concept – it tries to create a decentralized lottery platform. Since the gambling industry is booming today, it looks like a very viable idea. Today, many gambling enthusiasts are able to participate in electronic lotteries run by specific organizations, which indicates that they are centralized.

As known, centralization always leads to a lot of challenges related to the security of user data, liquidity and delays in payment processing. Lucky Block is here to solve the above and other problems and to make electronic lotteries available for everyone. So, Lucky Block is a new generation gambling platform with its own token called LBlock. Used as money to buy lottery tickets, LBlock coin can be a promising investment vehicle. So, we are here to talk about the features of the Lucky Block crypto project and also to make a price forecast for LBlock token for the near future.

Features of Lucky Block Platform

Simply put, Lucky Block is a project that offers a whole new concept of lotteries. The first reference to lotteries dates back to 1466 when the widow of Jan Van Eyck, a famous Flemish painter, held a lottery to celebrate the 25th anniversary of her husband’s death. Over the centuries, lotteries have undergone many changes. The move to an online environment is perhaps an important milestone in the development of lotteries. However, there are a number of issues that anyone who wishes to purchase an electronic lottery ticket could face, including those regarding the security of personal and payment details as well as the speed of prize redemption. The team behind Lucky Block suggests harnessing the power of blockchain distributed ledger technology for this form of gambling. Anyone willing to invest in Lucky Block will not only be able to buy a lottery ticket, but will also gain passive profits from owning LBlock coins. If you want to buy bitcoin with card, you can use our service.Notably, like some other promising cryptocurrency projects, Lucky Block leverages the power of the Binance Smart Chain and offers a BEP-20 token that can be purchased through the decentralized PancakeSwap exchange.

Another Step Forward with LuckyBlock

With the promise of tokens like Bitcoin and Ethereum, the cryptocurrency industry has grown rapidly in recent years. However, many investors are put off by the overly volatile nature of the digital assets named. However, Scott Ryder, CEO and founder of Lucky Block, said the cryptocurrency he created is here to take a step forward. According to Ryder, his innovative decentralized platform Lucky Block has the potential to eclipse the Euro Millions and other major lotteries. Lucky Block’s main goal is to provide a more transparent and fairer lottery experience for all gambling enthusiasts, anywhere in the world with a global network connection. Participating in decentralized lotteries not only gives one a better chance of winning than in traditional lotteries, it also opens up vast opportunities for those who want to invest in digital assets. Notably, Scott Ryder has an extensive background in finance, and he first became interested in digital assets in 2017. Understanding the potential of cryptocurrencies as well as the shortcomings of electronic lotteries available today, he invented a new concept of decentralized lotteries that Lucky Block is trying to implement today.

Challenges the Lucky Block Platform is Trying to Solve

Just a couple of decades ago, in order to participate in lotteries, we had to buy physical lottery tickets, and that was not very convenient. Moreover, history remembers several cases where the winner of a lottery did not contact the organizer to collect their prize because they had lost the lottery ticket. Many problems of archaic lotteries have been solved with the emergence of online platforms. However, online gambling – and electronic lotteries in particular – now have a host of problems that need to be addressed:

  • Data security issues. When you register for an online lottery, you are giving away some personal data that could fall into the hands of third parties. The fact is that centralized online lottery platforms – despite their advanced security systems – remain vulnerable to hacking. Being aware of this problem, many gamblers simply refuse to participate in electronic lotteries.
  • From the latter comes to the problem of liquidity of electronic lotteries, which also needs to be solved.
  • Low payout speed. Participants in electronic lotteries have to wait for weeks or even months to receive their honestly won prize, and this is due to the inertia of traditional banking systems.

According to the Lucky Block white paper, current electronic lotteries are slow, with poor user interfaces and enormous waiting times for prize payouts. And distributed blockchain registry technology is here to solve a number of these technical issues. Firstly, the transparency of the technology will ensure the integrity of all lottery results. Secondly, Lucky Block uses smart contracts that cannot be changed without the involvement of third parties. In terms of payment delays, blockchain technology, thanks to its high performance, can easily solve this problem as well. All of the above suggests that Lucky Block could become a very serious competitor to traditional centralized lotteries.

LBlock Token

Proclaimed to be a revolution in the world of online gambling entertainment, LBlock is the native token of a decentralized lottery platform that is primarily intended for the purchase of lottery tickets. According to the creators of Lucky Block, it is a platform where every participant is a winner, as all prize payouts are shared between participants. Here are some of the goals according to the crypto project’s white pepper:

  • Transparent and fair gaming practices. Every lottery participant can easily check the results of any lottery draw through a distributed ledger.
  • A global gambling platform providing higher winning chances for each participant. Anyone can participate in the lottery regardless of where in the world they are physically located.
  • An effective investment strategy for anyone who wishes to purchase a lottery ticket. This is because when you buy lottery tickets, you will be paying with LBlock coins, the native tokens of the lottery platform.
  • A large community of involved players and crypto enthusiasts.

According to Lucky Block’s creators, a 4% commission will be charged on each transaction, and these funds will be allocated to a lottery fund. By locking a portion of their tokens, holders will be able to participate in daily jackpot draws. In addition, the winner of the lottery only receives 70% of the prize pool. According to the above-mentioned participant reward system, 10% of the prize pool will be used to pay out rewards to each entrant. This means that you will make a profit whether you are a lottery winner or not. A further 10% of the prize fund will go to charity. The remaining 10% is used by the project for marketing purposes to grow the community.

LBlock Price Prediction

So, LBlock is one of the newest cryptocurrencies that does have intrinsic value as a token of a decentralized lottery platform. And while Lucky Block is a very promising project with a great future – given how the market for online gambling and lotteries, in particular, is growing – the intrinsic value of the coin is not the only factor to consider if you are looking for an investment vehicle that can generate good returns.

How the LBlock Token Price Has Changed Historically

So, LBlock is a BEP-20 token circulating on the Lucky Block decentralized lottery platform. This coin is used for several purposes, including the purchase of lottery tickets by those who wish to enter raffles. Because electronic lottery tickets are sold for LBlock instead of fiat money, it allows prize money to be distributed almost instantly. More importantly, being one of the newest tokens on the cryptocurrency market, LBlock has had a good start. However, as with many other crypto projects, the price of the token has fluctuated significantly over the months. So, let’s take a look at the main developments regarding both Lucky Block platform itself and its native token since its sales launch, additionally you can see on the website J2TX:

  • Pre-sale of LBlock coins started at the beginning of 2022 and was scheduled to end on 1 February 2022. However, because the token generated a huge buzz, the entire supply was sold out by January 21, 2022, when the pre-sale phase effectively ended.
  • During the pre-sale phase, Lucky Block raised a total of about $6 million, thereby forming a solid community of about 9,000 token holders.
  • Initially, LBlock was planned to be listed on the PancakeSwap decentralized exchange immediately after the pre-sale stage closed. However, as all tokens sold out much faster, LBlock was listed on PancakeSwap on 26 January 2022. The news that the coin was going public caused hype, and the Lucky Block community began to grow literally by leaps and bounds.
  • The British Red Cross is the first charity organization to get a donation from Lucky Block. The project team donated $5,000 to the charity on January 27, 2022.
  • Eager to keep up the hype, the project creators hinted that LBlock would soon be listed on FTX and Crypto.com, two major cryptocurrency exchanges. Amid these rumours, the price of the token increased from $0.0008 to $0.002 in just three days.
  • February 11, 2022, is a landmark day for LBlock as the token reached its record price of $0.007 amid news that LBank listed the coin.
  • Three days later, amid the news that the LuckyBlock platform token has come under the radar of a major player like Binance, the value of the coin increased markedly.
  • On February 17, when Lucky Block representatives announced the availability of $6 million in the lottery pool, LBLock reached its historical price of $0.009 which it hasn’t been able to overcome until now.
  • By the end of February, in the absence of any other high-profile news about the decentralized lottery platform and its coin, LBlock’s price had corrected to around $0.60.
  • On 19 March, the first batch of 10,000 NFT tokens was launched. NFT holders gained access to some exclusive raffles, and overall this gave a boost to the growth of LBlock coin.
  • The first sale of lottery tickets took place on 30th May 2022, and this had a positive impact on the value of the lottery platform’s native coin (up to a 20% increase in value).
  • Due to the unstable economic situation caused by various negative political processes in the world and the Russian invasion of Ukraine, the cryptocurrency market is in a bearish trend, which had a negative impact on LBlock coin. As a result of a series of sharp drops in price, the coin was valued at $0.001 in mid-June.
  • Although the coin was valued at around $0.0015 on August 1, 2022, a downtrend has set in.

Note that all the information above was about the so-called LBlock V1, which is the BEP-20-based token of Lucky Block’s cryptocurrency platform. However, after realizing the reasons why centralized cryptocurrency exchanges are bypassing their token, Lucky Block team introduced LBlock V2, which is in quite high demand today, and we will talk about it below. At the time of writing, LBlock V1 was valued at just $0.0004041 with an uncertain market capitalization and a daily trading volume of around $75,000. However, the rather low price of the coin today is not a reason to dismiss the crypto project.

Lucky Block V1 Price Prediction

While the value of the LuckyBlock platform token has fallen dramatically from its all-time high, most experts believe that its price will gradually rise. However, the V1 token may not be as promising as the V2 token due to the fact that it is not listed on major centralized crypto exchanges. We found out what major crypto companies like DigitalCoinPrice, CryptoPredictions and WalletInvestor think about how the price of the coin will change in the near future:

  • WalletInvestor representatives called LBlock V1 a poor long-term investment, as they believe there are many factors preventing the token from growing in value. By the end of 2022, the coin will only be worth about $0.0001, according to experts.
  • DigitalCoinPrice believes that the coin will grow in value, but rather slowly. While the value of LBlock will drop to $0.0059 by the end of 2022, the coin could trade at $0.00073 in 2024.
  • CryptoPredictions are the most optimistic in their predictions regarding the value of the coin, as they believe that the coin could trade above $0.002 by the end of 2022.

Building longer-term projections of LBlock’s value is a pointless exercise, as the LuckyBlock platform has yet to reach its full potential. Moreover, there are many different factors that could affect the coin’s price dramatically. Investing in LBlock V1 is gambling-like, so it’s hardly a suitable option for serious investors.

What is LBlock V2?

Launched in January 2022, LBlock V1 was a digital coin designed for easy trading on decentralized crypto exchanges. Aimed at long-term investors, LBlock V1 set a 12% transaction fee to avoid attracting the attention of those aiming to make money from speculative trading. However, centralized exchanges like Binance have very different policies when it comes to setting transaction fees. Therefore, LBlock V1 is only available on decentralized exchanges. However, in order to increase awareness and the coin’s project and liquidity, the creators of Lucky Block introduced LBlock 2, an ERC-20-based token that is more suitable for day traders because it does not charge exorbitant transaction fees. Listed on several large centralized crypto exchanges, LBlock V2 is a much more liquid financial vehicle. According to some crypto experts, the growing demand for V2 tokens could have a positive impact on both the price of both tokens and therefore not all holders of the original coin are rushing to exchange it for V2.

LBlock V2 Price Prediction

This token was introduced to the crypto community in Q3 2022. Using the ERC-20 standard (compatible with the Ethereum blockchain, the platform where the number two cryptocurrency by value and market capitalization circulates), LBlock V2 initially cost around $0.0008 per coin. However, in mid-July 2022, the coin’s listing on MEXC was announced (and this did take place in early August), and this caused the coin’s price to rise by more than 550%. Considering that the V2 token could be a great tool for speculative trading, we made a price forecast for LBlock V2 in the near term:

  • In Q3 2022, the token will be in a trading range of $0.002 to $0.0045.
  • In Q4 2022, there will be a market correction which will result in a slight drop in the value of the coin to $0.0032.
  • At the beginning of 2023, the token has a good chance of crossing the 1-cent barrier in value.

As you can see, LBlock V2 price forecasts are more optimistic, and there are several reasons for that. First, the token may soon be listed on Gate.io, the Tier 1 exchange which is ranked 5th in terms of the trading volume. The second important factor is the completion of the BEP-ETH bridge which will allow LBlock V1 investors to move their assets to the Ethereum blockchain. According to Lucky Block representatives, LBlock V1 holders will be able to exchange their coins for new version tokens at a rate of 0.94 to 1. As of now, the blockchain bridge is being verified by Certik, which is trusted by Binance. The bridge will be launched as soon as it passes all security checks.

F.A.Q.

1. What is Lucky Block?
Lucky Block is a next-gen decentralized lottery platform. The platform is designed to solve the challenges of existing electronic lotteries, such as centralization, liquidity, security of user data and speed of jackpot payouts. Thanks to a special software solution, Lucky Block will perform checks on both entrants and their lottery tickets, providing an unparalleled level of security. In addition, since LBlock (the platform’s native token) is used as the money to buy tickets and pay out jackpots, all payment transactions will be almost instantaneous.

2. What Makes Lucky Block crypto project special?
If the crypto project roadmap is fully implemented on time, Lucky Block could become the first global decentralized lottery platform benefiting from a distributed blockchain ledger. It will allow anyone to participate in lotteries with large prizes, no matter where in the world they are located. With the online gambling market growing at a rapid pace, Lucky Block looks like a very promising project that could be the future of lotteries.

3. What is LBlock?
It is a native platform token that is intended for a variety of purposes. LBlock token holders will be able to buy lottery tickets to enter jackpot drawings. Notably, only 70% of the prize pool goes to the winner. However, 10% is used to pay out rewards to participants. And that’s why the creators of the project call Lucky Block a lottery platform where every participant wins.

4. Why has the price of LBlock fallen?
Starting at less than 1 cent, LBlock has experienced several ups and downs. The token’s price has been heavily influenced by a meltdown due to the unfavourable economic situation in the world amid the Russian military invasion of Ukraine. However, Lucky Block looks like a promising project that can cope with temporary difficulties. Last but not least, the price of LBlock (BEP-20 token) has declined due to many major centralized crypto exchanges not adding it to their listings. However, the team behind the project came up with a solution to the problem by releasing LBlock V2, a token using ERC-20 technology.

5. Is it possible to exchange V1 tokens for V2 tokens?
Holders of LBlock V1 have the opportunity to exchange their coins for new tokens at a rate of 0.94 to 1. Considering the fact that LBlock V2 has quite a high potential for further growth (low fees, listing on centralized crypto exchanges, upcoming BEP-ETH bridge), it could be a good deal.

6. Is LBlock a good investment?
To answer this question, we need to look at the crypto project from different angles. Despite very ambitious goals, Lucky Block has obviously faced some difficulties, and it is trying to solve them. However, there is every reason to believe that the token (LBlock V2) will grow in the short term, as it is already listed on some major centralized crypto exchanges.

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