Luckchemy Aims to Make iGaming Fairer Using Blockchain Technology and Cryptography
The project is creating a provably fair iGaming platform based on a combination of blockchain technology and off-chain cryptography.
iGaming is among the fastest growing sectors of the RMG industry, accounting for 11% of the $385 billion of RMG profits posted in 2016. Its value stood to $44.16 billion in 2016 but is forecast to reach $81.7 billion by 2022, according to Research and Market data.
While the results look impressive, the RMG industry cannot exploit this potential in full as it is plagued by severe trust issues and the exodus of players discouraged by numerous high-profile cheating and scam scandals in recent years. Only 33% of people believe that RMG is fair and can be trusted, while 44% associate it with criminal activities, according to research carried out by the British Gambling Commission.
Luckchemy believes that blockchain can bring more transparency, accountability, and innovation, becoming a game changer for the whole industry. With that in mind, the team is developing an iGaming platform where cheating, vague computations, and results manipulation will not be possible in any way.
Luckchemy is not another online casino; it is an entire ecosystem where players, operators and iGaming product developers can benefit from an innovative approach based on provable fairness principles.
Luckchemy platform key features
Provable fairness: This is the distinguishing feature of the platform. Based on Ethereum blockchain and off-chain cryptography, it ensures valid randomness and prevents outcome rigging.
Scalability and diversity: The platform will feature a variety of iGaming products, including lottery, scratchers, sweepstakes, slots, poker and classic Powerball-like lottery with a 99% payout to prize fund from ticket sales.
The team plans to provide third-party games integration and white label solutions and release a new game on the platform every quarter. You don’t need to be a cryptography guru to organize your lottery or draw since the platform offers a user-friendly interface to create a lottery from scratch.
Legal compliance: The team is working also on Sweepstakes games for Android-based devices. Due to the advertisement-based monetization scheme, users can participate in lotteries for free, which makes it legally available for anybody in the world, including US players.
Lottery for holders
Luckchemy cares about its customers and knows what they are looking for. That's why it offers a special draw for the LUK token holders - the more you own, the greater your chances of winning the monthly Holder's lottery. What is more, the platform's lottery offers the best returns in the industry, significantly higher than in traditional lotteries.
"Luckchemy is a scalable and provably fair iGaming platform driven by a unique combination of blockchain technology and off-chain cryptography," comments Alex Tatarchuk, co-founder and CEO. "Our platform will offer turnkey solutions for a full suite of casino products, with lottery as our initial product. Luckchemy will develop and publish products on the platform but is designed to anticipate interactions with a number of entities, including the 3rd party content providers."
Luckchemy ICO details
Luckchemy’s private sale ends on April 24, 2018, with the goal to distribute 7% of tokens at this stage. The pre-sale is scheduled to run from April 30 through May 21, 2018, and the main crowdsale from May 22 to July 20, 2018. Users will be able to try the whole platform before the ICO stage is over, and at this time everyone can already try Luckchemy MVP - the lottery.
The company plans to issue 1 billion LUKs, with 700 million available for sale. The hard cap is set at 45,360 ETH at the exchange rate of 1 EHT = 12,500 LUKs.