First of all, my apologies for this lengthy post. This is a copy from Reddit (r/LunaClassic) I posted a while ago to the LUNC sub, it had a nice discussion but it reached no ears nor minds of any person of influence in the community.
Now seeing Terraport embarking on similar topic (Lottery game at some point in future), I thought to share this post as a suggestion/idea, hoping it could raise some interest - in part or as a whole, to those at the helm.
- Please be aware this post was targeting LUNC, but everything can apply to TERRA instead.
Great idea is the #1 dApp, the Lotto game is the way to entertain, entice & burn!!
However; it’s deeply flawed bc it’s designed only for the community, expanding may be, yet still in the limited domain of those enthusiastic/interested individuals.
The question we should ask - I shall argue: how to engage the entire crypto world rather?
My answer (and my suggestion) is:
- Accept entry contributions via other cryptos including: Eth, Bitcoin, Dogecoin, USDC, USDT. This way all crypto people - regardless of their background will come around.
- From above, wide range of wallets could be engaged to facilitate connecting & transacting from/to Lotto wallet. Prominent crypto softwares (which most crypto people have) such as: MetaMask, Ledger , … etc. This will be seen as an encouraging aspect (very inviting indeed).
- More prizes could be deployed to cover wider range of participants, say 100 win 1st Prize, 200 for 2nd & 300 the 3rd (every winning lot grabs 25% of prize pool). Now we dedicated 75% of prize pool for 600 participants. This is fairly large number which should attract the interest of the whole crypto community. Any person could see it as a great opportunity to win something among 600 people, the odds are very encouraging (as opposed to only handful of winners - which can be regarded as discouraging).
- Moreover; Prizes can be handed out in Bitcoin/Dogecoin (my view), but, only LUNC is accepted for entry (or its equivalence of other cryptos, then converted to LUNC).
- 20% of Prize pool can be burned. 5% can be dedicated to developers/community.
- Abolish the weekly rounds. Rather; make it an open rounds system. That is; have a set target prizes (say 1 Bitcoin for the first prize (100), second prize is 100,000 Doge (for 200), third prize = 66,666 Dogecoin (300)). Winners should have the option to receive equivalent LUNC/USTC.
Let’s assume we have the above target prizes at 1BTC = $20,000 and Doge = $0.1. In this case the round is open until we raise a pool money = ($2,000,000 + 100 x 20,000 + 200 x 0.1 x 100,000 + 300 x 0.1 x 66,666) = $8,000,000.
8 million dollars is not that big number considering we are inviting and enticing the entire world. The first round may take a bit, but once the word is out, the rest shall follow easily, we might end up having more than one round per week! Imagine how crazy the world would go over 1 Bitcoin Prize just by sending 5,000 LUNC!
Sure, prices may go up, this means we should wait a little longer, but the outcome is worth it.
Allow for multiple entry. Anyone should be able to buy as many tickets as they like to increase their chances, this will speed up collecting the targeted prize.
On the Lotto Page, show an active/live counter that displays the collected prizes so far. This way there will be an army of youtubers/podcasters/social-media activists talking, showing & updating their followers about this Lotto. It’s going to be a free publicity & will attract big crowds - again, the very mention of 1 Bitcoin to 100 winners will do magic.
if we have $8,000,000 collected, then we are talking about 32.6 Billion LUNC (at 0.000245 each), burning 20% will give out 6.5 Billion - This may well become our weekly burning number from this game only! Certainly this number will come down as LUNC increases in value, however, if the game proves popular and run more frequently - this can offset LUNC price increase.
At price 0.000245 per LUNC, we will require: 8,000,000/0.000245 x 5,000 = 6.5 Million entry. Say 5M participants (assuming some multiplicity), this still less than the members of r/CryptoCurrency Subreddit. The argument here is that this number is very achievable & realistic. Good news, as LUNC climbs up in price, less entries are required (however, community may want to adjust required LUNC per entry).
I hope the above provides some insight into how this LUNC Lotto could be upgraded/promoted in a rather more efficient/speedy way.
I would really appreciate it if the community would give it a serous thought & perhaps present it to the core team for consideration. After all; I’m one of many who want nothing less than the resurrection/success of this very coin.
Over to you all … …
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