Bitcoin Lottery

7 min readFeb 27

A blockchain-based lottery by Liquiddery®.
Instant gratification after each round.
Win 1 BITCOIN. Entry: 50 BUSD.

Rules of the “Bitcoin Lottery”

The rules are simple.

Imagine a game with rounds.
During an active round users may buy tickets.
1 ticket costs 50 BUSD.
Each user may buy up to 20 tickets per round (in several transactions, if desired).
“Gifted tickets”: Users may not only buy up to 20 tickets for themselves, but also buy tickets for other users (the limit of 20 tickets per user still applies).
The BUSD are collected in a pool.
As soon as the pool has enough BUSD to buy a Bitcoin (plus a 10% dev and maintenance fee), the round ends.
The winner is determined (within 1 minute), and the Bitcoin is sent to the winner automatically.
A new round starts immediately.

Prizes of the “Bitcoin Lottery”

There is 1 prize per round: 1 Bitcoin.

The prize will be randomly distributed among all ticket holders. Each ticket has an equal chance of winning the prize.

Note: As the contract operates on BNB Smart Chain, it uses the “Binance-Peg BTCB Token” (“BTCB”), which is the Bitcoin on BNB Smart Chain.
Address: 0x7130d2A12B9BCbFAe4f2634d864A1Ee1Ce3Ead9c
Link: https://www.binance.com/en/price/bitcoin-bep2

Chance to win

As the Bitcoin price might chance during the game, the chance to win depends on the Bitcoin price. To calculate the chances, here’s a table.

Bitcoin price (price + 10% fee) — chance
40,000 BUSD (44,000) — 50:44,000 = 1:880
35,000 BUSD (38,500) — 50:38,500 = 1:770
30,000 BUSD (33,000) — 50:33,000 = 1:660
25,000 BUSD (27,500) — 50:27,500 = 1:550
20,000 BUSD (22,000) — 50:22,000 = 1:440
15,000 BUSD (16,500) — 50:16,500 = 1:330
10,000 BUSD (11,000) — 50:11,000 = 1:220

Observation: The lower the Bitcoin price, the higher the chances for each ticket to win.

Requirements to play the “Bitcoin Lottery”

1) A computer or mobile phone with internet connection,
2) a cryptocurrency wallet installed (e.g. metamask.io),
3) which is connected to the BNB Smart Chain and
4) with some BNB and BUSD tokens in that wallet.

Where to play the “100x Lottery”

The “Bitcoin lottery” is available on liquiddery.com

Have fun using the Liquiddery®!

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Made with ❤️ by the REX Community
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Anything unclear?

Please find the the FAQ below.

FAQ

Q: I don’t have any cryptocurrencies yet. How do I start?

A: At first, you’ll need to buy cryptocurrencies and transfer them into a software wallet — on your computer or mobile phone. Feel invited to visit the community educational series to learn about it, the REX UNIVERSITY channel.

Q: Where can I find the software code?

The code is publicly available on the blockchain.
Feel free to inspect it: bscscan.com/address/0x5839fB609210e1AC25F283b3e2CEbF4FD9A53C74

Q: What are the risks attached using the “Bitcoin Lottery”?

A: The 100x Lottery is a software running on the BNB Smart Chain blockchain, more precisely a “Smart Contract”. Current safety standards were applied during the development of the software and the software has been extensively tested. Nevertheless, it must be mentioned that no software can ever be 100% secure against failure or errors, under all conditions.

Considering the specific Smart Contract design (just 2 simple main functions) and the limited amounts handled (50 BUSD per ticket) and the limited number of tickets per round (around 500 tickets only, depending on the bitcoin price) and the implemented fallback and emergency functions for foreseeable events, the overall risk of loss is both highly reduced and limited by design.

At first, it is theoretically possible that BUSD sent to the contract gets lost — for example, if Binance switches off the blockchain. The probability for this might be considered near zero. But in this case, the tokens might be lost forever. (Can’t be solved.)

Secondly, the participants’ BUSD tokens might be stuck in the contract — for example, if the external service, the “Chainlink oracle”, fails to deliver the random numbers. This is a foreseeable event, so it was possible to create a solution. An “emergency” function has been implemented, that simply makes all sent BUSD tokens available to be claimed back by the participants. (Solved.)

Thirdly, if people send tokens to the contract directly (without using the defined “buyTicket” function), those tokens might be stuck in the contract. To prevent from this, there is another emergency function that allows the tokens to be sent back to the sender. (Solved.)

At last, there are unforeseeable events that might occur. (Unsolved.)

Everyone is cordially invited to revise the code themselves.

Q: What if any misuse is being observed?

A: In case of observed or reported misuse or unintended Smart Contract behavior, there are two options for the developers to protect the players:
1) Emergency end the round. 2) Prevent the contract from automatically starting a new round after the current round.

Probably, those functions will never be needed, as current safety standards were applied during the development of the software and the software has been extensively tested. Still, for the worst case, you better have emergency functions.

Rest assured, the EmergencyEndRound function does not allow withdrawing any of the participants’ BUSD tokens from the contract. Sent BUSD will be claimable back by the participants.

Q: May I get addicted to Liquiddery® games?

A: The aim of the games is to have fun. Still, if participating in the game feels like gambling to you, please read the following notes.

1. It is the user’s sole responsibility to inquire about the existing laws and regulations of the given jurisdiction for “online gambling”.

2. Always make sure you treat gambling as a form of entertainment and not as a source of income. Never bet more than you can afford to lose or while being in a state and make sure you take regular breaks from gambling.

3. If you are playing to a degree that starts to compromise, disrupt or damage family, personal or recreational pursuits, it often entails betting beyond your means and sometimes feeling an uncontrollable impulse to gamble. Always make sure to treat gambling as a form of entertainment and not a source of income.

4. If you think that you have started to spend more money than you can afford, or gaming starts interfering with your normal daily routines, you may contact any of the following organizations for consultation and support: Gambling Anonymous / GamCare / Gambling Therapy — or find other organizations in your country.

5. Feel the need to be apart for a while?
Taking regular breaks is crucial for responsible gamblers. The contract will fully support you: You can set a Cooling-Off period for your address for a day, a week or a month — any number of days you want — up to 365 days.

Q: Who made the Liquiddery® Games?

A: The REX community and their developers.

The REX community is a group of people around the world who love blockchains and cryptocurrencies and try to help increasing its usability, adoption, value and reputation — by creating both new software (Smart Contracts and dApps), and educational programs (like the REX University).

Find the REX Community on Telegram (main chat, English), YouTube, Twitter and on all important social media.

Find a REX Community speaking your language on linktr.ee.

Q: Wait — The REX Community always promoted long-term thinking, investing responsibly, and they created the REX (“XRX”) token, a blockchain savings account that stands for delayed gratification and is focused on long-term holders and stakers. How do instant-gratification games fit into this?

A: The idea of REX is “Stop trading, start staking”: Get some tokens, make a savings plan and create your stakes accordingly.

Such responsible behavior leads to less speculation and less volatility, more stability in price, more trust, and thus helps cryptocurrencies being widely accepted. As a store of value and means of payment — without restrictions or permissions, blockchain-secured, easy, fast and cheap to transfer around the world. The REX (“XRX”) token is the implementation to provide this, the solid foundation of the REX ecosystem. It’s a fee-less digital currency with a built-in savings account — and mighty functions to manage it.

Still, the world doesn’t end with just having this currency. We also need to be able to use it, pay for the goods and services that we need in our lives — the ecosystem around it. And some people just love lotteries — so why not put this on a blockchain and make it better than before: more transparent and unrestricted, with higher payouts, and available from anywhere in the world.

Let’s harness the positive aspects of this new technology for our everyday life.