In this episode I wanna talk about one of the most important and unique aspects of #SwiftCash that sets it apart from other Proof-of-Stake coins in the market. This aspect is known as DeLotts or Decentralized Lotteries which run fully on the blockchain. From buying tickets to the accumulation of the jackpot to picking and paying the winners. It all happens on the blockchain in a decentralized fashion, providing users and players with a cheat-proof experience.
Buying lottery tickets is as simple as buying SwiftCash from an exchange, transferring it to our web wallet and picking the dice icon or typing in
Lottery in place of a SwiftCash address and sending an amount of SWIFT to
Lottery on the blockchain. You can also play from the core wallet, using the
lottery command but it won't be as user friendly as the web wallet. To play with x amount of SWIFT, you can type
lottery play x in the debug console. These transactions are initially 100% deflationary which means the coins you send will burn in the blockchain under the
Lottery protocol. Winners are picked based on a future blockhash which is completely random and predicting it is next to impossible. The picking is also based on discrete distribution which means those who play with more coins, will have higher chances of winning the jackpots.
Once winners are picked, they get paid by SwiftCash Miners. What's fascinating is that 5% of the tickets burn forever and are never mined back which is deflationary and very good for the value of SwiftCash. 15% of the tickets are mined back by Miners and Masternodes in fees. Miners and Masternodes who secure the network and take 10% of the maximum inflation tend to also take 15% of the lottery tickets. This provides SwiftCash Miners and Masternodes with a solid income in addition to the ever-decreasing inflation.
80% of the tickets becomes the jackpot which is split between 3 lucky winners every 5000 blocks or appx. every 35 days. First winner gets 60% of this jackpot, second winner gets 30% and third winner gets 10%. You can see an example of this in block 5001 where the first draw took place in the SwiftCash blockchain. You can also notice that Miners and Masternodes start to get more rewards from block 5002 and these extra rewards are in fact 15% of the tickets bought in the first round of SwiftCash DeLotts. This 15% is distributed over 5000 blocks or 35 days between SwiftCash Miners and Masternodes, making the distribution as fair as possible!
That's it folks. In 5 episodes I broke down why I believe SwiftCash is the best altcoin out there. You might also want to consider the fact that as I'm writing this, SwiftCash has a marketcap of only 135,000 USD. That is less than a single house costs almost anywhere in the world and of course it's only and only because 99.99% of the world's population hasn't heard of SwiftCash yet; so if you're reading this before more people find out, consider it a golden opportunity like one similar to hearing about Bitcoin in 2009!
Episode 1 | Episode 2 | Episode 3 | Episode 4 | Episode 5