The Next BNB Crypto Project to Be Based on ‘Lottery Format’

On March 24th, Binance exchange announced its latest development in the BNB token sale format on their official website. This new format will be based on a ‘lottery’ system, and it will replace the old ‘first come first served’ system which the Binance launchpad was following.

The blog revealed that the future launch will be managed through a lottery. The blog explains how much tickets ‘Binancians’ can hold depending on the twenty days minimum BNB balance. Starting from 1 ticket, the user can go maximum up to 5 tickets. Therefore, if a Binancian manages to hold the required account balance as per the required period of time, they will be granted ticket/s accordingly. In order to participate in the lottery draw the Binancians will need to hold at least one ticket

Further, the lottery draw will be made based on the last digits of the lottery tickets. Each ticket comes with a unique number. These last digits will be selected on a ‘transparent, randomized system with a random selection’ as per the blog. Depending on the number of BNB in the user’s account, the tickets will be granted, and if the users claim for more than one ticket, then in that scenario, the users will be awarded consecutive numbers for lottery participation. Since there is a transparent and randomized lottery selection system in place, the user needs not to worry about the consecutive numbers, if he/ she has more than one ticket.

Further, the blog revealed that the upper limit of probable lottery ticket winners and the winning amount will get announced for every project ahead of time. The blog said,

“[…] For example, 10,000 potential winning tickets, each representing 500 USD worth of tokens. This will change for each project on Launchpad.”

The Binancians will have 24 hours in their hands for deciding on how many lottery tickets they want to enter into the lottery draw. Once the number of lottery tickets to be entered is sealed, then it will be read as a commitment to buying the number of tokens as specified by the user. Referring to an example cited in the blog- if a user enters five tickets and out of those five only two win the lottery draw, then the user will need to purchase the two ticket ‘allocations in BNB for the tokens.’

The BNB Launchpad has conducted many fundraising events. Some of them are Celer Network token sale, a seventeen-minute sale which ended on 19th March. Other events seen on the platform are BitTorrent token (BTT) and Fetch.AI (FET). The token sale programs of Binance have inspired other crypto exchanges too to launch their own token sales. These exchanges include- Bittrex and Huobi.

Moreover, today’s price of BNB coin has reached 17.08 U.S. Dollars. It has managed a jump of 14.2 percent growth. The total market cap of the coin is 2.5 Billion U.S. Dollars. Binance is the largest crypto exchange based on trading volume. The exchange wants to dig its teeth deeper into the token sale, and the introduction of the new token sale format is all about shifting gears to newer growth.

41 posts

About author
Michael Mowery is CoinSubtle's one the best full time news editor and ICO analyst. He is passionate about blockchain technology and cryptocurrencies. He always stay updated with latest happenings in fintech industry. He also contribute his insights on upcoming ICOs.

Leave a Reply

Your email address will not be published. Required fields are marked *