To provide a trustworthy experience, total transparency, and decentralization for investors, LitBit's lottery system will be performed on Litbit's own built-in verifiable source of randomness for the smart contracts.
Investors will have a better experience with LitBit's lottery as the random number generation will work with its ticketing system and leverage random outcomes.
After entering the lottery for an initial dex offer (IDO) the investor will be granted a set number of tickets. The number of tickets an investor will receive will depend on the amount of LitBit tokens you have staked along with other bonuses that may be applicable.
No ticket will have a better chance to be chosen, The more tickets you hold the higher chance a ticket can be drawn. No matter how many tickets a wallet holds (Max 50) only one can be drawn at which point the wallet is removed from the random number generation system.
Let's take a look at the different functions available on our platform.
To request random numbers from our contract, navigate to the "Request Randomness" page on our platform. Here, you will need to enter a unique request ID and the number of random numbers you want. Keep in mind that this function is payable, so you will need to have some Ether in your wallet to complete the request.
To view the total number of tokens staked in each of the five pools, navigate to the "Pool Information" page on our platform. You will be able to see the total number of tokens staked for your address in each of the five pools.
Our platform also provides functionality for manipulating sets of addresses. On the "Address Sets" page, you can use the functions "Add", "Remove", and "Contains" to add or remove addresses from a set or check if an address is in a set. You can also use the "Length" and "Values" functions to see how many addresses are in a set or view all the addresses in a set.
You can also manipulate sets of unsigned integers (uint256) on our platform. The functionality for this is similar to the one for manipulating address sets, but it operates on unsigned integers instead of addresses. You can find this on the "Unsigned Integer Sets" page.
Our platform also provides functionality for manipulating sets of byte arrays. The functionality for this is similar to the one for manipulating address sets, but it operates on byte arrays instead of addresses. You can find this on the "Byte Array Sets" page.
Our platform has a page called "APY Calculator" where you can use the "Calculate APY" function to determine the annual percentage yield for a given value. You can also use the "Calculate Tokens" function to determine the number of tokens you will receive for a given value and lock period.
On the "Winning Number Calculator" page, you can use the "Calculate Winning Number" function to determine the winning number for a given winning hash.
In order to create fairness LitBit has established a minimum and maximum amount of tickets a wallet can have.
To be able to participate in the lottery for an IDO the minimum number of tickets is 1, and the maximum number of tickets is 50 that a wallet can have.
Bonus virtual tokens can be earned by staking, which can unlock more tickets for your wallet
0% bonus tokens
15% bonus tokens Example: 10000 Tokens + 15% bonus = 11500 tokens
30% bonus tokens Example: 10000 Tokens X with 30% bonus = 13000 tokens
50% bonus tokens Example: 10000 Tokens X with 50% bonus = 15000 tokens
80% bonus tokens Example: 10000 Tokens X with 80% bonus = 18000 tokens
150% bonus tokens Example: 10000 Tokens X with 150% bonus= 25000 tokens