Staking Pool Lottery

I am wondering if there is any interest in creating a staking pool lottery similar to PoolTogether

Using Pool Together’s model, the pool works as follows:

1.Join the Pool

Deposit PRV into the pool to get tickets. Each ticket is a chance to win weekly prizes! For every 1 PRV you deposit you get 1 ticket.

2.Interest builds

All the PRV in the pool earns staking rewards. The prizes are funded solely by the staking rewards earned.

3.Prizes awarded

Every Monday one lucky person wins all of the staking rewards that accrues!

4.Never lose!

Whether you win or not you get all of your PRV back! You can withdraw your PRV and winnings at any time.

6 Likes

Yeah I have suggested the same thing here:

I think it’s a good idea.

2 Likes

While I don’t know how much the theoretical prize is, I would not be interested in going in this direction. I don’t think Incognito should be about gambling or get rich quick.

2 Likes

@Josh_Hamon thanks for your feedback. Incognito is best focused on blockchain privacy. I would like to clarify my “Lottery” proposal. I am gathering interest in a “lottery” as a stand alone project which uses the Incognito “staking rewards” as the “prize”. The approach is similar to PoolTogether which uses the collective interest earned from investing in the Compound protocol.

2 Likes

I like the idea, and it’s not a gambling or get rich scheme. It would have to be a third party project though. In my opinion it will help the network as more people will then to hodl prv as they want more chance of winning. What the winner gets is the staking rewards for the time period specified. No one loses and the network has more prv stakes. I have thought about it and the closest to realising this is to use constant’s staking pool model but pay out to one random ticket. Then comes the randomness. That’s where I got stuck.

1 Like

Would this mean that we still earn PRV interest like normal? Just at a reduced amount from the 37%?

@Jared only the winner of the lottery receives the rewards from the pooled staked PRV.

Example using 3 people each providing 100 PRV.
Total PRV = 300.
300 PRV are staked by the pool for one week.
A winner is randomly selected from the 3 people.
The winner receives the rewards of the 300 staked PRV plus the winners original 100 PRV.
100 PRV is returned to each of the remaining participants.
No one loses the original 100 PRV staked by each participant.

1 Like

Yes that’s what I thought you meant. I believe it would be better to provide participants with some reduced reward regardless of winning or not. Instead of the 37% giving them 17% or 27% and using the remaining percentage towards the lottery.

3 Likes

@Jared This is what I had in mind too as a compromise if this functionality is widely desired.

I am personally more incentivized to contribute to the pool knowing that my stake in the network directly correlates to the PRV I earn; I feel like a lottery could be a great opt-in feature though, where the lottery reward is the sum of the staking rewards generated by those who have opted-in.

1 Like

Sorry but this slogan is misleading. A lottery makes someone lose by definition. You assume that the rewards are not earned yet. However, this assumption is not correct.

1 Like

Agreed. The non winning participants forfeit any staking rewards on the PRV they would have invested on their own.

2 Likes

Yup this is good idea for tiny holder of prv. As they can win a good amount of prv weekly. hopely in the future any community make it.

2 Likes