LONDON, Feb. 28, 2022 /PRNewswire/ -- Crypto lottery platform Lucky Block has announced a major software upgrade.
The upgrade will involve changes that make it easier to implement its 12% tax on sales of Lucky Block's LBlock token. The tax is used to incentivise long-term holdings, discourage day-trading and fund the lottery prize pool.
Another key part of the upgrade builds a 'bridge' to open up Lucky Block to the Ethereum ecosystem. Ethereum is the second-largest crypto network.
Lucky Block is based on the Binance Smart Chain (BSC) blockchain, so becoming interoperable with the much larger universe of Ethereum decentralised applications and token holders will provide Lucky Block with an even bigger audience.
Lucky Block is currently listed on the LBank centralised exchange and the PancakeSwap decentralised exchange.
LBank was not able to implement Lucky Block's 12% tax on deposits of LBlock coming from Pancakeswap. Token holders on Pancakeswap could move LBlock to LBank to avoid paying the tax on sales enforced on Pancakeswap. The centralised trading venue has instead implemented a 6% tax on all transactions involving LBlock.
Lucky Block launching a first-of-a-kind NFT, 11 March 2022
Lucky Block is also launching its first non-fungible token (NFT) collection, the Platinum Rollers Club, in early March.
The collection consists of 10,000 pieces, which will each be minted for $1,500.
The NFTs are expected to be available for purchase on 11 March on a brand new NFT marketplace yet to be revealed. Each NFT comes with its own unique number that acts as the ticket number for lifetime entry into a dedicated daily lottery draw, only open to NFT owners.
Unlike most NFTs the first Lucky Block collection comes bundled with ownership rights to a service - in this case the utility of access to a daily lottery draw.
First crypto project to hit $1,000 billion valuation in less than a month
Lucky Block made history on 17 February after it took just three weeks to reach a market capitalisation valuation of $1 billion - making it the fastest-growing crypto project ever. More details are available here.
Lucky Block chief executive officer, Scott Ryder commenting on the upgrade and NFT launch plans, says:
"After issues with getting exchanges to agree to implement our tax on sales of our token, we have decided to move forward with an upgrade to our smart contract so that everything is ready for our scheduled launch of our app on 21 March.
"But we also taking the opportunity to widen our audience by becoming interoperable with the Ethereum, the largest decentralised application platform in the crypto space.
"This means that those in the Ethereum world who want to partake of Lucky Block services, such as buying lottery tickets, will be able to do so using ETH."
Lucky Block strategy advisor Chris Williams, commenting on the NFT launch, says:
"We wanted to do something a bit different with our NFTs. Instead of just providing a pretty picture we wanted to give them unique utility features, which we have done with the lifetime daily draw entry.
"The response from our community has been fantastic, so we expect the pieces to sell out fast.
"Our NFT collection will be on sale by mid March."
About Lucky Block
Lucky Block is a lottery-based cryptocurrency platform launching on 21 March 2022.
Beta testing of the Lucky Block mobile app will begin on 7 March, two weeks before the app is scheduled to launch.
The first lottery draw is scheduled to take place on 25 March 2022.
Full information about Lucky Block can be found on the website: https://luckyblock.com
Keep up to date with Lucky Block on Twitter and Telegram.
Launch partners of Lucky Block are Finixio and The Manc Group.
Contacts
Media contact email: pr@luckyblock.com
Lucky Block Address: Office One, 1 Coldbath Square, Farringdon, London, EC1R 5HL
