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The recently deployed Lotto Maxx platform is a platform similar to Powerball in the US or, Lotto Maxx in Canada.
Any MaxxChain user can try their luck at the weekly lottery which will include a prize pool based on tax accumulation from MaxxChain, ticket sales as well as occasional bonus pools provided by the MaxxChain team.
Individuals will be able to purchase tickets and select 3 out of a possible 30 numbers – the selection can be done by choice or through a randomly generated combination.
Once every five days, a drawing is held and winning tickets will need to match all 3 numbers from that draw to win prize pool consisting of one, or a combination, of Nexus and XTRA tokens.
The prize pool consists of 1% from all buys and sell taxes on Nexus token, ticket sales where each ticket purchased will cost 500 PWR (subject to change) and occasionally, bonus tokens added by the MaxxChain team from the Lotto Maxx wallet which contains 4% of the total supply. All proceeds, less a 10% fee explained below, will be used to purchase Nexus token which will then be transferred to the prize pool.
Users can purchase as many tickets as they like, increasing their chances of winning.
At the time of draw, the drawing will continue until a winner is selected therefore no matter how many tickets are sold, a winning ticket will always be purchased.
10% of the prize pool will be collected by the MaxxChain team as a fee which will then be divided and used to buyback and burn Nexus token removing those tokens from circulation forever.
If there are several ticket holders with the winning combination, the prize pool will be split equally among all winners.
The purpose of the lottery is to engage both, users and non-users, on a consistent basis. The lottery will also help in providing consistent volume and corrections of the charts even if winning users decide to sell a portion or all of their winnings. Collectively, the volume produced will ensure staking rewards are increased consistently while reducing supply through buy back and burn.
As an example, if the volume of Nexus token were just $10,000 daily, this would produce a minimum periodic prize pool of $1,400 worth of Nexus token. With a guaranteed winner, the team anticipates that interest in participation could be present by many users. Assuming the team were to attract 1,000 ticket sales, the periodic prize pool would increase to $3,400 worth of Nexus token to a guaranteed winner.
Ongoing development of the platform will introduce additional features, expanding the range of lottery-based utilities available to a broader user base. Further information on this utility, as well as its updates, will be provided to the community as development progresses