With an Audited Token, Luckchemy Wants to Purify the iGaming Experience
Originally published on: BTCMANAGER
Read the original article
May 17, 2018
Only a few cryptocurrency startups can boast both a unique smart contract-based platform and a certified security audit for the underlying blockchain code. One such project is the upcoming Luckchemy, a unique iGaming platform which shall be preceded by an “audited-as-safe” Initial Coin Offering (ICO).
Drawbacks of the iGaming Industry
Spearheaded by a superior off-chain cryptographic approach towards the $51 billion iGaming industry, Luckchemy’s powerful blockchain platform provides users with the best and most scalable and transparent tools for a complete suite of iGaming products, with an initial focus on lottery and scratchers.
The ongoing ICO pre-sale offers a 40 percent discount for the platform’s early supporters, with this discount halving after the public-sale commences.
Among the largest growing markets in the world, with a nine percent growth rate and billions of dollars in annual revenue, the iGaming industry, unfortunately, lacks secure digital systems that ensure a credible scaling of the lottery economy.
Several challenges further impeded growth, as the industry was marred with authenticity issues, financial fraud, and algorithms that give an unfair advantage to the operators. Additionally, users were concerned about “rigged” games and withdrawal issues.
Thus, it is evident that a transparent platform is needed for the iGaming market, which undeniably attracted a large number of gamers. Hence, Luckchemy was created with an aim to fill the gap, and ascertain its position as a high-quality, secure product for this growing market.
Enter Blockchain-Powered Luckchemy
As per Luchemy’s developers, players who are likely to use the platform are sophisticated, yet busy, and search for a product that reflects their lifestyle. To stand apart from the crowd amongst the hundreds of gaming products available, Luckchemy understood that a top-end design, superior user-experience, and a secure platform were the three major points to focus their platform around.
The company launched their platform with a lottery and scratchers games. Alongside this feature, they will also introduce third-party products to provide content, and a host of other developments meant for platform interaction. However, a strict code of conduct has been established regarding blockchain interactions, which would take place only when necessary.
As per Luckchemy, minimizing the usage of the blockchain, while provably increasing off-chain cryptography will ensure maximum scalability and exceptional user experience.
Luckchemy’s Functionalities and Native Token
Three different categories are provided by the platform:
- Own games
- Third party developers’ games
- White Label solution
To power the blockchain platform, Luckchemy would make use of LUK, its native currency. Based on the amount of LUK held by a player, they shall be invited to special monthly drawings only meant for holders.
The tokenomics of LUK are as follows:
- 70 percent available for the general public
- 15 percent as initial liquidity for the lottery
- 8.85 percent for private placement
- 15 percent reserved for team funding
Additionally, LUK provides value to holders, instead of serving as mere fuel for the network.
First, token holders can take part in Feedback polls and holders’ draw by staking their LUK. The latter allows participants a chance to win an impressive 0.5 percent of total wagers placed on the platform in the previous month.
Secondly, as LUK would be the preferred mode of payment on the Luckchemy platform, the token can be staked to play games, purchase platform services, and receive payments from games won. Additionally, third-party developers willing to build products on Luckchemy’s blockchain can access the platform’s API, exchange data, and several other tools by paying in LUK.
Finally, the tokens will be available on crypto-exchanges for trading, bringing publicity to the platform and further increasing their intrinsic value.
Luckchemy’s Certified ICO
One of the defining advantages of this platform lies in its ICO’s security audit.
A third party provider of security audits, New Alchemy, started investigating the platform in April 2018 with the aim to snag critical bugs and recommend any changes to the underlying code. There was no malfunctioning code found, but Luckchemy indeed got several recommendations.
Following the first analysis, New Alchemy researchers conducted a second audit and concluded that Luckchemy’s platform was immensely protected and had no critical risks present.
As part of the recommendation, Luchemy upgraded its entire blockchain to Solidity language version 0.4.21, having earlier using version 0.4.15 and 0.4.19 for its code.
The audit itself followed a two-step process on both occasions: First, identifying security flaws in the platform’s smart contracts in a technical inspection; second, evaluating if the smart contracts were compliant with publicly available documents and applications.
After the audit, it was apparent that Luckchemy remained truthful to its white paper and rightfully executed its claims.
To know more, buy LUK tokens or ask any questions regarding the platform, you can go to Luckchemy official Website.
Telegram channel: https://t.me/luckchemy_en
Disclaimer: BTCManager does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as investment advice.