PoolTogether - a no-loss lottery on Ethereum network

By Arvydas77 | passivecrypto | 29 Aug 2019


 

What is PoolTogether?

PoolTogether is based on the concept of a “No Loss Lottery”. You join a pool by buying a “savings ticket”, each savings ticket gives you a chance to win a prize, but even if you don’t win, you still get all your money back! PoolTogether lets you have the best of both worlds -- saving money and the chance to win a prize!

Where does money for the prize come from?

During the “open period” anyone can join the Pool. Once the open period ends, all Dai in the Pool is locked for 15 days and lent out on Compound.Finance to earn interest. At the end of 15 days, everyone gets their original Dai back, but one randomly chosen person gets all the interest that accrued on all the locked Dai.

Is this secure?

We’ve worked hard to ensure the security of PoolTogether, including an independent smart contract audit by Quantstamp. However, as with all early-stage products there are risks associated with using PoolTogether and users assume the full responsibility for these risks. You can review our terms of service here.

Is there a minimum to enter?

Yes, each ticket costs 20 Dai! You can buy as many tickets as you want.

What are my chances of winning?

Your chances of winning depend on how many savings tickets are sold before the Pool locks. For example, if 1,000 savings tickets are sold before the Pool locks and you bought 1 ticket your chance of winning would be 1 in 1,000.

How do I know if I won?

If you joined a Pool you can check if you’ve won after the lock period has ended. You’ll see the lottery winning added to your original deposit amount -- if you haven’t won, you’ll see your deposit amount and be able to withdraw it! We’ll send notifications when a Pool concludes via Twitter and email so sign up for those.

 

New version of Pool is coming in 2 days

The new version will:

  • automatically re-enter your tickets
  • let you buy and withdraw at any time
  • ensure your funds always earn interest

 Please read announcement here: https://medium.com/pooltogether/next-steps-for-pooltogether-b35052165c9c

 

Resources: https://www.pooltogether.us 

 

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Arvydas77
Arvydas77

Crypto maniac since 2016


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