TERRA Lottery - Sharing a though & suggestion!

FEATURES & DEVELOPMENT
1

Hi All,
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:

  1. Accept entry contributions via other cryptos including: Eth, Bitcoin, Dogecoin, USDC, USDT. This way all crypto people - regardless of their background will come around.
  2. 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).
  3. 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).
  4. 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).
  5. 20% of Prize pool can be burned. 5% can be dedicated to developers/community.
  6. 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.

  1. 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.

  2. 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.

  3. 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.

  4. 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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7 Likes
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I think this is amazing, i hope we move forward with these ideas

3 Likes
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Good morning, I think it’s a very good topic.

Opening entrances to new coins, and converting premiums to lunc would help burn!

1 Like
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Dear Magnifico,

I must say, your idea of expanding the Lotto game to engage the entire crypto community is quite intriguing and has the potential to create a significant impact. Your suggestions to accept entry contributions in various cryptocurrencies like Ethereum, Bitcoin, Dogecoin, USDC, and USDT are excellent as they cater to a wider audience and make it more accessible for crypto enthusiasts with different backgrounds.

By involving prominent crypto software like MetaMask and Ledger, you make the process even more user-friendly and inviting for participants. The concept of offering more prizes to a larger number of participants is a smart move, as it enhances the overall excitement and chances of winning, which will indeed attract more people to participate.

Burning a portion of the prize pool (20%) and dedicating a percentage (5%) to developers and the community is a fantastic way to promote sustainability and give back to those supporting the project. This approach could lead to a more positive reception from the crypto community.

The idea of abolishing weekly rounds and implementing an open rounds system is a refreshing change. It allows for flexibility and the opportunity to reach larger prize pools, encouraging greater participation and excitement among potential contestants. The live counter showing the collected prizes is an ingenious addition, as it could create a sense of urgency and encourage influencers to promote the game, resulting in more exposure and engagement.

Furthermore, considering that the initial round’s target prize pool of $8,000,000 may be achievable with the potential interest from the entire crypto world, the idea becomes even more promising. As you mentioned, even if the price of LUNC goes up, the popularity of the game and increased frequency of running it can offset any potential drawbacks.

Your calculations and considerations about LUNC’s burning number and the required number of entries make a strong case for the feasibility of this project. It’s evident that you’ve put a lot of thought into the proposal, and it shows your passion for creating something that can truly resonate with the crypto community.

In conclusion, I believe your idea has the potential to be a resounding success, especially if implemented strategically and with proper community engagement. It could become a viral sensation, bringing more attention to LUNC or TERRA as a whole. I encourage you to share this proposal with the relevant stakeholders and influencers in the community to see if they find it as compelling as I do.

Best of luck with your endeavor, and I hope your idea finds the recognition and support it deserves!

Sincerely, D1

4 Likes
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Dear Community Members,

CryptoFarmers we are an aspiring farm business that aims to revolutionize sustainable agriculture by integrating cryptocurrency payments and fostering a community of forward-thinking farmers and investors.

The Vision:
At CryptoFarmers Group, our vision is to create a model farm that leverages cutting-edge technology, embraces sustainable farming practices, and adopts cryptocurrency payments using (LUNC) for our products. We envision a future where agriculture and the blockchain ecosystem work hand-in-hand to promote environmental stewardship, economic growth, and financial inclusivity.

The Farm:
Our farm will be a hub for cultivating organic produce, Almonds, nut, and walnuts. raising free-range chickens for eggs, and maintaining happy cows for high-quality milk and cheese production. By emphasizing the ethical treatment of animals and eco-friendly farming methods, we aim to set a benchmark for the future of agriculture.

The Importance of Cryptocurrency Integration:
By integrating LUNC payments, we will empower consumers to support sustainable farming practices while participating in the growth of the Terra ecosystem. We believe that adopting cryptocurrencies will not only enhance the accessibility and security of transactions but also promote the adoption of digital assets in the wider community.

Why Your Support Matters:
Launching a farm with the integration of cryptocurrency payments requires substantial initial funding. By contributing to our cause, you will be supporting the advancement of sustainable agriculture and contributing to the success of the Terra community. Your donations will directly impact the growth of our farm business, enabling us to acquire essential resources, implement state-of-the-art technologies, and scale our operations efficiently.

How You Can Help:
We kindly request the Terra community to consider contributing to LUNC to support our farm startup. Any amount, big or small, will be immensely valuable and will be used diligently to build a sustainable, innovative, and community-driven farm.

Donation Address: (LUNC) terra1ur07zjdktd36nplptkvus2j6cef96j580td49t

Stay Connected:
We promise to keep our supporters informed about our progress and provide regular updates on our journey. We invite you to join our community and witness the positive impact of your contributions.

Contact Us:
For any questions, suggestions, or inquiries, please feel free to reach out to us

Closing Words:
We extend our heartfelt gratitude to the Terra community for considering our proposal. Together, we can usher in a new era of sustainable farming and crypto adoption. Your support will not only help us achieve our dream but will also foster a lasting legacy of environmental consciousness and financial empowerment.

Thank you for being a part of this exciting journey!

Sincerely,

1 Like
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Hello Terraport Community;

I have put this idea forward a little while ago; I know it was a bit early as the Terraport team is extremely busy proritising the Re-launch - well respected!

However; I am willing to fund this particular side-project if Terraport/TerraCvita can help sourcing dvelopers and sponsor building it! Perhaps; it can be listed on the Launchpad once available (can’t wait to see it functioning).

Open question for any enthusiast/expert who may be willing to help or participate; any estimate how much building such software would cost? We could rally up and summon all LUNC community/army to support this plan financially to make it real.

I would be very keen to see if TerraCasino would consider this bid?

It does not have to be a pure guessing game or gambling, it could be something like playing a simple game and ranking is based on: Time to finish + points made; results remain anonymous until the bounty is full, then winners announced.

Any thoughts/ideas to add?!! I am all ears!

1 Like