If you got as far as meeting us here (or e-meeting us,which is probably more likely), you’re ‘re probably quite familiar with the concept of decentralization and white papers. But, let’s face it; blockchain is a broad topic and getting a full understanding of it, can be challenging. So before jumping into a detailed technical description of our white paper and talk about ways to structured the code, let’s get the basic understanding of what this code can do and how it can, fundamentally, change the rules of the game we have all been playing for centuries.

We know that not all players are hundred percent into crypto. So, just in case you’re new to the scene, here are some key definitions that we will be using throughout the article.

Of course, if you consider yourself a pro, be patient or feel free to to skip ahead to the next article where we talk about the white paper in more details. But before you do, give us a chance to explain the thinking behind our philosophy and why we have chosen the path we’re on. The following paragraphs will go straight into the nit and grit about our self-running casino with the LUCK token at its very core.

The basics

The term blockchain-based projects and cryptocurrency is used for any projects that will ultimately run itself. This is done through algorithms and rules that provide the community with a system they can use for whatever service they need — be it a casino, a school or, even, a self-regulated government.

Mining is a way to describe a way to earn money (or tokens as they are normally referred to) in the crypto-based world. Community members that mine are often doing so by adding value to the community itself by doing a job for the system to operate successfully.

Stakeholder in a blockchain project are all the token holders. Usually, this means that the more tokens you earn the more voting power you have, which is, in essence fair, but can be quite problematic. We have been thinking a lot about this here at LUCKY.io and structured a system that is decentralised and fair for all parties.

Ways forward

‘Regular’ or ‘centralized’ casino is a tricky game. While every casino’s intention is to make revenue, it is contra-productive to have that revenue stuck on a pile without generating any additional value. With a token at its core, a casino can become highly competitive providing the players with that they needs. These are the main points where it can stand out:

Fair distribution. The more people are involved in ‘the house’ the more interest there is to make the casino as profitable as possible. It becomes the casino’s interest to distribute the funds amongst as many people as possible because the more people play, the more is generated through the games. By doing this, LUCKY.io out-competes other casinos, becomes more profitable and attract more stakeholders.

Quick growth. The more the merrier. It’s a common practice for casinos to give out promotional cards for free spins to new players. With tokens this becomes possible on a community level. Each player that invites new ones in gets paid for doing so. Both parties are paid in tokens and ads liquidity for all stakeholders. So, the more people involved in LUCKY.io, the faster we grow.

The future. Ultimately we all have to think about where we are going and what the cost of business is going to be in the future. With a decentralized community, the future runs itself. Once it is all operational the algorithm will operate on its own, so no need to trust the casino anymore. You simply trust the maths!

See there you go! Some basic ideas about a casino for players and by players! That’s LUCKY.io!

Stay tuned for the next article when we describe our white paper and the thinking behind it.