Lumenswap and its newly-launched decentralized lottery round 1

Lumenswap and its newly-launched decentralized lottery round 1

Lumenswap, a decentralized exchange based on the Stellar blockchain has launched the first-ever decentralized lottery model also built on Stellar. The idea behind creating such a lottery was to provide its community with a fully transparent and fair experience of participating in a decentralized lottery rather than the traditional type.

Lumenswap’s Innovative decentralized lottery

On october 22nd, lumenswap team made an official announcement about kickstarting the first round of Lumenswap decentralized lottery which has already been dubbed as a part of web 3.0 revolutionary plan. This lottery which might look similar to any old-school lottery functions the same way. There is a pre-determined timeframe, a ticket of participation, and a sufficient prize to be won by the winner paid by the Lumenswap team in the end.

But the lumenswap lottery is different from any traditional lottery due to the nature of its prize. The ultimate lottery prize for a lucky winner is pegged to the equivalent value in Stellar token (XLM). Even the ticket used in the lottery is planned to be in a digital form. Once participation closes, the organizers of the lumenswap lottery will choose the winner through a decentralized mechanism. Whereas in other cases, a person is in-charge of making such an important mission.

This would ensure that every participant has an equal chance of winning in this open, fair, and fully transparent digital lottery. All of the steps mentioned above would occur on a distributed network that uses immutable records. To be fair, this is the first time any decentralized project has come forward to create and offer a globally accessible and fair lottery platform using the transparency of blockchain technology.

What is Lumenswap?

Lumenswap is a feature-rich decentralized exchange that handles swap and trading of digital assets easily as it built on the Stellar blockchain. On Lumenswap platform users can;

Experience Lumenswap spot exchange

The main attraction on Lumenswap platform other than its seamless swap functionality is Lumenswap Spot Exchange where users can create their own trading pair (consisting of two supported digital assets) and then trade on a completely distributed network. The spot exchange also has an order limit feature to properly execute a trade. There are several crypto trading pairs available on the Spot already for trading but users are welcome to choose a custom pair to trade on Lumenswap quite easily.

Swap digital assets

For easy conversions, lumenswap users do not have to look for a transparent, open, and fully decentralized platform but simply access Lumenwap swap. The swap service on Lumenswap guarantees that any of the available assets on Stellar can be swapped easily giving users the best rate. As of now, assets supported through swap are Lumenswap token (LSP), USDC, USD, USDT, USDS, ETH, PEN, DOGET, and many more.

Users turn to Lumenswap due to the following reasons;

  • Since it is based on a truly decentralized model of Stellar, all available public Stellar Networks are available through Lumenswap. Users can add any type of cryptocurrency and have Lumenswap’s mechanism convert them openly and in a decentralized manner.
  • Users are provided with the best price on the Lumenswap platform. It utilizes Horizon that helps compare different prices of several kinds of crypto assets in order to find the best rate for any particular trade based on its liquidity.
  • Using Lumenswap is easy, fast, and safe thanks to its working model and minimal user interface which leaves no room for confusion or mistakes. Swapping on Lumenswap is also low-cost because of the Stellar network’s built-in scalability and low fees.
  • This decentralized exchange platform is compatible with people’s favorite crypto wallets to provide enhanced Some of the popular cryptocurrency wallets that are supported by Lumenswap are Albedo, Freighter, and Rabet, including private keys.
  • Participation in Lumenswap Lottery

    Now that the first round of Lumenswap Lottery is open, anyone can participate before its closure. To get the participation ticket, one must transfer their Lumenswap tokens (LSP) to a particular address manually or using Lumenswap. The hash of that transaction will become the participant’s ticket ID.

    For a maximum number of inclusions, the Lumenswap team will be responsible for setting ticket prices for every single round. These ticket prices would also be announced in an article called “Round Introduction”. Ticket prices would be considered affordable so that anyone having any financial capacity can freely join the Lumenswap lottery and hope to win the prize.

    How winners will be chosen?

    As mentioned earlier, this digital lottery is based on a fair model which means it is quite easy to understand the method utilized to select a winner. Before starting each round, a specified ledger/block number on Stellar would be generated within 30 days or so according to the Lumenswap team members. Ledger completion would kickstart the selection procedure of the Lottery winner. When ticket hashes are being compared with the ledger has, the longest matching substring would be deemed a winner.

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