BACKGROUND
The token was created to move contests, lotteries, and giveaways away from the traditional upvoting model. This is where a post is made and it’s expected folks will upvote to reward the poster. To help defray the cost of the prizes given and to provide an income. The danger with that model is the act of posting for upvotes is frowned upon.
The $LUCKY Token is meant to be used to “buy in” to various giveaways or lotteries. For example: a post is made with a specific prize and there would be a cost to participate. The various plays would have a provably fair winner using the transaction id (txid) when the winning comment is posted to the blockchain.
**THE EXPERIMENT **
Over the last several months I have been posting two giveaways. One, my Hi or Lo giveaway, has participants choosing to guess whether the winning comment will have a txid over 50, or under, using the first two digits. The winners receive a small amount of the token (.15).
The second giveaway involves taking a snapshot of the richlist for the token. A comment is made on the previous week’s post and that txid determines the number of the account on the list as the designated winner. The prize so far has been 1 HIVE with the stipulation I could change the prize to another token. If the first digits are too high for the parameters of the contest, I move right a digit until the number is reached. The winners receive must hold the token and must be in the top twenty.
Together this has started putting the $LUCKY Token out into the wild and has allowed me to solidify research on using the txid. Mostly involving the ease of actually finding the number using a blockchain explorer. Everything is now set for the next phase of the token’s use.
THE FUTURE
Soon there will be a launching of posts whose prizes can only be won by a purchase of an entry using the $LUCKY Token. A post will be made requesting the amount to be sent and the choosing of a specific number. The participants will send that payment and the number that they chose in the memo line. Then they must comment to the post they have done as requested. This is so I can keep track on a spreadsheet. The token can be purchased from hive-engine or tribaldex. As before the previous week’s post will have the comment determining the winning digits. If the jackpot is not won that week, it will roll over for the next week.
This should create a vibrant market for the token as it is bought and sold to use. Right now the spread is large, but will hopefully tighten as more folks find the need to transact. As with the current giveaways the rewards will be burned as they won’t be needed to fund the project. Any and all income will be solely derived from the sale of tokens.
Comments and questions are welcomed.