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You decide to bet on the lottery, trusting that fortune will smile on you some day. Day after day, week after week or year after year, you bet on lottery games and always with the same result. Fortunately there are alternatives in which the options are to win-win: the crypto “no-loss” lottery is obtaining more and more followers. Find out more about this curious blockchain lottery here.
PoolTogether is the company behind this project that makes saving money as fun as a game.
PoolTogether lottery: how it works
It was founded in 2019 with the aim of creating a lottery game system where it was impossible to lose. And it seems it has achieved it. All thanks to the use of DAI, the stablecoin created by MakerDAO (a decentralized organization born with the objective of offering stability within the world of crypto-economy), and USDC.
We already noticed it when we made the blockchain predictions for 2020, the stablecoins are stomping!
The PoolTogether DeFi application, based on the Ethereum network, raised $ 1 million in a financing round for its “lossless lottery project” which, according to their official website, “does not make money.”
This crypto-lottery works thanks to the interests generated by the ensemble of lottery tickets buyed with stablecoins. That’s where the money earned by the winner comes from.
How to play the lottery of PoolTogether
To play the PoolTogether lottery you need 3 things:
- DAI. It is the cryptocurrency you need to “bet” on the game.
- ETH. In addition to DAI you also need to have some ETH in order to pay the transaction fees generated from the use of the Ethereum network on which the project is based. This fee is paid as a “cost per network use” and is not intended for PoolTogether.
Remember that from Bitnovo you can buy DAI online and also buy ETH online quickly, safely and conveniently. After these two prerequisites you will only need one wallet to start playing the PoolTogether lottery.
- Cryptocurrency wallet to interact with the PoolTogether app. There are many cryptocurrency wallets, from mobile apps to browser plugins, etc. Find out the safest wallets to store your cryptocurrencies.
After that, with all this ready, you can participate in the game.
Firstly you just have to access the PoolTogether homepage and click on the “Join The Pool” button. Next you will be asked to link the PoolTogether app with your wallet and that’s it. Now you can buy lottery tickets using the DAI. 1 ticket = 1 DAI and 1 DAI = 1 $.
Each ticket represents an opportunity to win the DAI jackpot, so your chances of winning will increase as you buy more lottery tickets. And also, there is one option to automatically buy as many tickets as possible with the DAI tokens stored in your wallet.
Thus, the funds raised from the purchase of tickets (with stablecoins) generate interest that is finally granted to a single winner, every Friday.
The rest of the participants also don’t lose because they receive their bet funds back.
That is to say it is a win-win game, a crypto-lottery in which you never lose your bet funds. If you don’t win … you keep all your money!
When the time comes, you can convert your DAI tokens into fiat currency through the Bitnovo platform. It is as simple as selecting the option to sell cryptocurrencies, choose the amount and receive your DAI converted to euros in your bank account.
Or if you prefer to escape from banks and their conditions, you can also request a prepaid reloadable card with cryptocurrencies, such as Bitsa Card. In this way, with the DAI tokens of your wallet you can top-up this prepaid card that is not linked with any bank account, is controlled from the app and allows you to make all kinds of transactions, both in physical stores and online.