Lotteries have always been exciting to many people; however, have we ever been certain about their fairness towards all participants? Well, Lumenswap has introduced the first fully transparent, decentralized lottery model built on the Stellar blockchain, providing that disputed fairness in traditional lotteries.
Now that Round 1 of Lumenswap lottery has begun, it is best to know how to know what’s it about and how to make a good use of it.
Lumenswap lottery vs. traditional lotteries
Just like traditional lotteries, you would purchase a ticket within a set timeframe to enter the Lumenswap lottery, and if you hopefully win, you will get a prize.
Only your purchased ticket will be digital, winner selection occurs through a decentralized and transparent process, and the prize will be pegged to the equivalent value in XLM.
Participation
For each round of the lottery, Lumenswap will independently set ticket prices in a way that would be affordable for anyone with any financial capacity.
While each round is open, you may buy as many tickets as you want. In matter of just a few clicks, you can buy your tickets. What happens during buying tickets is that you will transfer you LSP to the address GAB7…24WK (through the interface or manually), and the transaction hash will be your ticket ID.
Information about Round 1
Period: 37922526 Ledger → 38405815 Ledger (~ 22 Oct 2021 → ~22 Nov 2021)
Prize: Tesla Model S ($100k*), its equivalent value will be sent to the address of the winner in XLM.
Ticket price: 1 LSP
Goal Ledger: 38405816 (The winner will be determined in this ledger number.)
Lottery round 1: purchasing single tickets
By using Lumenswap’s interface and for each ticket you want to buy, you need to click on the Buy Ticket button and verify your LSP payment through a modal window. This will send the request to the Stellar network and your ticket purchase will be finalized.
You should repeat this process for other tickets that you might want to buy.
Lottery round 1: purchasing multiple tickets
You can login with your private key and now click on the Buy Tickets button, after which you can specify the number of tickets you want to buy on a modal window. Then you click on the Buy button and after all transactions have been sent to the network, you will have your tickets.
Lottery round 1: purchasing through other wallets and clients
In this case, send 1 LSP for each ticket through a payment operation to the following address:
GAB7STHVD5BDH3EEYXPI3OM7PCS4V443PYB5FNT6CFGJVPDLMKDM24WK
Now, note that your transaction must have a single operation, and multiple operations inside a transaction result in loss of funds without getting any tickets.
Also, beware not to send more than the specified value to this address because you will only get one ticket and not less than the specified amount because you will not get any ticket and you will lose your funds.
Lottery round 1: important notes on bulk purchases
The auction client for this lottery is Horizon, which has set the request limit to 3600 requests per hour for each IP. Considering this situation, you would better limit your hourly ticket purchases to 1000 to avoid IP blockage by Horizon.
Choosing the winner
At the beginning of each lottery round, Lumenswap specifies a ledger/block number on Stellar that will be generated about 30 days after the start of the round.
The winner of the round is selected based on comparing ticket hashes to the specified ledger hash to find the longest matching substring.
The comparison process starts with the first characters of the ledger hash and that of ticket IDs, and only the matching hashes proceed to the next step. Now, the same logic applies to the second characters, then the third characters, and so on.
The winner is that single ticket ID which remains after all the elimination steps.
Consider the following example for a better understanding of this process:
Assume there are three tickets for one round:
T1: 9330ba3bc04d04b258390f8c7e42fe03af57b79d5413a53341e0c09a306534
T2: 3ab2ddf00b4c17ceea016d45b6ac11cc1d4c70ee7b943de72669210ae7098a
T3: 378f0d225a59c7caabe46079a3aef6edba47ab7838c45feffc6abb9436808f1e
And the ledger hash is:
3ac61ddc1df04bd76fe965d3193710d130baa85503cd911a7ddb37b674432b
Here, the first character of the ticket IDs and that of the specified ledger hash are compared. As you can see, only the first character of T2 and T3 are the same as the first character of the ledger hash — unlike T1. So, T1 is removed. Now, the same process is repeated for the second character of the hashes. T2 has the same second character as the ledger hash, as opposed to T3. So, Ticket 3 is eliminated, and T2 wins the lottery.
Final words
We hope this article could be useful for you and wish you the best of luck in Round 1 and the ones to come.
