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Abandoning The Idea That The House Always Wins

Online gaming has grown immensely popular, mirroring the rapid pace of penetration for internet and mobile usage. However, the iGaming industry faces many challenges to attract new players. It is convenient to play online, but building trust and credibility is incredibly difficult, as is efficiently exchanging value from point to point in the ecosystem. A central priority of any gaming company is ensuring that players feel like a service is both honorable and dependable. Unfortunately, these two qualities are difficult to convey exclusively online.

 

Part of the difficulty in establishing trust stems from the reputation of the iGaming industry in terms of fairness. Trust is difficult to establish when consumers face multiple hurdles to claim their rewards, including transactional and legal roadblocks. Furthermore, it’s difficult to trust odds whose randomness cannot be fully verified.

Building Transparency While Improving iGaming Provability

Though iGaming operations may face a PR minefield related to their credibility as unbiased actors, there is already a solution available designed to instill a sense of transparency, reliability, impartiality, and evenhandedness. While blockchain has predominantly focused on fixing what many deem a broken financial services paradigm, the technology has multiple promising applications, one of them being the transformation of iGaming.

Thanks to blockchain’s immutability, the ability to ensure greater transactability in real-time, and transparent record-keeping enabled by distributed ledger technology, Luckchemy is demonstrating that a more impartial solution exists for restoring the balance of fairness for players.  After launching its first two games which include a lottery and scratchers, the company is already validating the idea of hosting games on the blockchain to improve the customer experience. 

Unlike other blockchain-based crowdfunding endeavors, Luckchemy comes to the market with a minimum viable product that’s publicly available. The platform aims to reveal its dedication to highlighting its advantages over the status quo in iGaming. In addition, the emphasis on provable fairness which can be tracked through the ledger gives greater assurances to players that the odds are not being skewed in favor of the house. 

This benefit relies on the transparency of the ledger which ultimately assures players that the results are not only verified but also provably random.  In addition, the incorporation of blockchain means higher payouts thanks to significantly reduced administration costs. According to Luckchemy, 99.00% of each lottery sum goes to lottery fund, with 0.50% devoted to marketing operations while the remainder goes towards a Holder’s Monthly Lottery drawing (in which holders with a larger amount of tokens, therefore, have a greater probability of winning).

The technology behind this feature relies upon cryptography or the same type of encryption that helps secure cryptocurrency and other blockchain-based functionalities. After logging in, in a lottery, for instance, a user chooses numbers in a ticket and Luckchemy servers use a small piece of computer code to generate a random string of consecutive numbers. Then both numbers are ‘hashed’ by encrypting them and comparing the results. If the resulting numbers are a match, the user is a winner. Neither Luckchemy nor users know the original seed, so it’s impossible to forge one. Once the game is certified, the hash is recorded on blockchain’s ledger and is fully public, so anyone can verify the results.

Click the video above to learn more about Luckchemy’s platform

One of the most important features of the platform deals with the streamlining many of the processes that hold back established iGaming outlets. By incorporating smart contracts into the system, Luckchemy can rapidly transmit payments between participants and the platform, fostering a seamless and trustful ecosystem that is reliable thanks to the transparency afforded by distributed ledger technology.  Furthermore, an audit of the smart contracts was conducted by noted firm New Alchemy.  After the first audit’s findings and implementation of suggested fixes, a second audit was conducted to ensure the veracity of the smart contract coding and assure conformity with Luckchemy’s whitepaper and compliance needs.

Apart from just providing its own games, Luckchemy also intends to serve as a platform for other games to help expand the available offerings. In addition to the existing lottery and scratchers, Luckchemy plans to augment its current games with dice, slots and other games. Most importantly, it will also enable 3rd party developers to add games to the ecosystem, giving players even more options through the platform. And finally, Luckchemy even will be able to distribute its technology solution for white labeling.

Fulfilling the Ambitions of Transparent Randomization

The team behind Luckchemy draws upon own years of experience in the gaming sector alongside industry veterans' - advisors' - experience. Together, the team has already delivered a working proof of concept that stands out as unique in a crowded ICO market full of unproven white papers and no minimum viable product. With plans to launch slots shortly and incorporate more games through internal development and external parties, Luckchemy intends to reach a wide array of users that are looking for a more reliable iGaming solution that delivers on its promises.

Already the crowdsale efforts have yielded results, with the pre-sale reaching more than halfway towards the soft cap of 2000 ETH. The pre-sale will continue to run through May 21st, giving early entrants an opportunity to pick up LUK tokens at a 40% discount. Ultimately, the goal is to sell 700,000,000 tokens out of a total of 1,000,000,000 minted.

When considering the scale of the iGaming industry and its notable progress in bringing offline gaming online, the industry is ready for its next phase of evolution.  Luckchemy is fortunately positioned to capitalize on the growing need for greater verifiability and easier fungibility within iGaming ecosystems by promoting a blockchain-based solution designed to deliver provable randomness. With a value proposition that exceeds the transparency afforded by competitors and a careful audit of its systems, Luckchemy is destined to become an iGaming market leader thanks to the inherent trustworthiness, reliability, and scalability encouraged by the platform.

Learn more about more about Luckchemy’s token sale Click Here

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