We’ve talked a lot about the LUK Tokens so far, but how exactly do they work? This article will help you better understand the significance and essence of the LUK token.

Basic Principles of LUK Tokens

LUK Tokens are multifunctional: they can be used to play any game on the Luckchemy platform or held to participate in Holders’ Draw and Feedback Polls.

By using LUK tokens, 3rd parties will get access to our technical solutions and benefit from them on their own platforms. White label solutions will enlarge the holders’ fund, which will increase interest and turnover of the LUK token in general.

The system assigns a unique identifier for each token, allowing us to enhance the token’s applicability for current features (such as the Holders’ Draw and Feedback Polls) and for future products.

All transactions on the platform are virtual, so our players won’t have to pay transactions commissions while playing games. As a holder, you will not lose anything when making small and frequent transactionsы.

So what is the Holders’ Draw?

All LUK holders will be automatically entered into a monthly drawing, funded by a minimum of 0.5% of wagers placed on the platform during the previous month. Holders will be entitled to 1 entry per token owned, meaning the more LUK tokens a holder has in their wallet, the higher their chances of winning are.

The Holders’ Draw will take place on the first day of each month at 7 PM GMT and will split the prize evenly between the 100 winning tokens/addresses. 24 hours before the draw, the system will take a snapshot of all LUK holdings on the chain to be entered into the draw. Luckchemy will take the first block that fits the technical requirements and combine it with a server string to generate the prize.

Okay, and what about Feedback Polls?

Participation in Feedback Polls is completely free and one full LUK equals one vote. Holders sign a message containing their preference (e.g. Slots), hashed with their private key to prove custody of the LUK address and rights to the corresponding token votes. Verifiable feedback can be signed by a standardized method.

All Holders will be able to send their suggestions and feedbacks to the Luckchemy team via a form on the website, and all hashes will be publicly available and verifiable.

What else can you do with a LUK Token?

LUK Tokens will become available for trading on several cryptocurrency exchanges, announced after the coin sale. LUK uses Ethereum smart contract.

LUK provide a number of significant benefits for all industry participants:

1. LUK tokens for users. As a user, you can use LUK tokens to play games on our platform. By getting LUK tokens, you are automatically selected to participate in the Holders’ Draw lottery (as long as you have them). Tokens can also be exchanged for ETH at any moment in the future. Your reward will be paid out to your wallet right after the game round is finished.

2. LUK tokens for third parties. Once it’s released, LUK grants you access to our API, allowing you to get more information and benefit from implementing our games on other platforms or websites. LUK tokens will be used for transactions between partners. We will provide functionality to exchange tokens and in the future some extra platform services can be paid with LUK.

3. LUK tokens & White Label. As part of our White Label solution, LUK gives you access to the account and API. This access provides all the necessary information on how to use the games under your own brand and customizable solutions. Additionally, a share of the profits from the White Label solution will be added to holders’ fund.

In other words, the tokens are multifunctional: they can be used to play any game on the Luckchemy platform or held to participate in the Holders’ Draw and Feedback Polls.

How Will the Tokens Be Distributed to Their Holders?

LUK tokens are designed to provide long-term utility and value for both holders and players. The distribution of LUK is designed to be equitable and scalable.

A maximum of 1,000,000,000 LUK will be issued and distributed as follows, while 700,000,000 are for sale. All unsold tokens will be burned.

For more information on the LUK Token and the investing model that they bring to life, check out our Whitepaper and follow our updates on Facebook, Twitter, and in our Telegram channel.

Don’t forget also we still have a 40% discount at this stage ;)