Wednesday, May 25, 2022
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Cardano Lotto v2.0 Now on Testnet – The worlds only LSPO

I am extremely excited to announce the launch of Cardano Lotto v2.0! The worlds only Lotto Stakepool Offering on the cardano network, the next generation of ISPO.

Cardano Lotto Version 1.0, was the longest running perpetual lottery on Cardano. With version 2’s release imminent, we ran our last one at the end of Epoch 320. In our previous release, we sold individual tickets for 10 ada, with sales open to everyone. The lotto ticket cNFT was returned to the buyer, and the proceeds were held in a prize wallet. At the end of each epoch, 3 winners were selected, and the prize wallet was divvied up between the winners and the project team.

Version 2.0 is so so so much more than that!!! We now have built a system to be a massive value add for Single Pool Operators. A lottery collection can be either a collection of pools working together, or ran individually from a single pool. The system can be set up to have anywhere from 3 winners, to whatever maximum desired. The system works as follows:

1) Once a collection is established (single pool, or multiple pools), only delegates of those pools will be able to participate in their respective lotto.

2) Users buy a cNFT Lotto ticket. The sale can be set to be purchased with Ada only; or if you are running in dual mode, the purchase will be a combo of Ada and your designated Fungible token.

3) If you are running in Dual Mode, ticket holders will be 100% guaranteed that a lottery will run at the end of every epoch. That lottery will grab all of the fungible tokens on the prize wallet, and divvy them up to the winners. After these lottos run, the system will refill the prize wallet with whatever minimum quantity of tokens is desired. The BUDZ collection is placing 10k cbTHC on the prize wallet for every lotto.

4) If any pool in the collection mints a block, thats where the real fun begins. Once the operator rewards arrive, it triggers the grand finale. The system will determine the operator rewards for each pool in the collection. The designated lottery portion is added to the prize purse, along with all of the ada in the prize wallet. The non lotto portion of the operator rewards are queued up for delivery to the pool operators designated wallet. After that, winners are selected from all previously purchased tickets, that haven’t yet been used in the collections primary lotto. The system delivers the rewards to the winners, and the non lotto pool rewards to their respective owner. Any new tickets purchased move in to the next lottery cycle.

The lottery ticket cNFT is generated real time, with all of the current info (Epoch, Collection Name, Ticket Number, Etc). Each collections ticket will be unique to that collection. That includes the artwork, the font color (which we also have a random color option), font size, text location on the token, and metadata verbiage.

If a collection of pools work together, we could see very big prizes awarded. If you have a fungible token, this is an excellent way of making them more valuable.

We’re currently live on Testnet. As of this writing, we are in the last day of epoch 189. We have removed the delegation requirement on Testnet so that anyone can play there. We have some placeholder artwork on the BUDZ collection, which will be composed of BUDZ and FIGHT pool once we move on to Mainnet. To participate on testnet, you’ll need to do the following:

1) Flip your wallet to testnet. We recommend CCVault or Nami, since both have easy ways to switch to testnet. For CCVault, go to the bottom right corner and click where it says Mainnet. That will show you the available networks Mainnet, Testnet, Guild. Select Testnet. (Switching back to Mainnet is the same. You’ll have to create a new wallet in CCVault. You can either a) pair a hardware wallet if you already have one. The process is the same as it is on mainnet. b) create a new seed. c) restore your Mainnet seed. Since testnet and mainnet are two different networks, one will not impact the other. For Nami click on your avatar in the upper right hand corner, and then go to settings. Under settings, click on network. Switch from Mainnet to Testnet. (Switching back to mainnet is the same).

2) Get yourself some test ada. With your testnet wallet set up, go to https://testnets.cardano.org/en/testnets/cardano/tools/faucet/. Midway down the page, put in your receive address, and click request funds. Give it about 5 minutes, and you should have 1000 test ada in your testnet wallet.

3) Our testnet lotto collection uses cbTHC, so you’ll need to obtain some. You can grab some on testnet.sundaeswap.finance, or use our fountain. To use our fountain, send 5 test ada to addr_test1vrn2zkzq32jptqm9y2vs3fm58t0tq3x8f2mzwk2n4742exqnezats, and you will receive back 1000 cbTHC. If you like what you see, this is using the Digital Syndicate mint/fountain system we have on Mainnet. We are happy to host your cNFT drop or token fountain.

4) Buy some tickets! Each ticket costs ₳5 + 10 cbTHC. You can buy up to 10 at a time. So for 10 tickets, you’d send 50 ada and 100 cbTHC. The wallet address is addr_test1vz6mlgqdy869l2apw5j5q3wfwav9rfkhrlzwzdq8kyzhewqk3wtyy.

5) If you’d like to see how our discord alerts look while the system is running, hop in our discord at https://discord.gg/Ty7rGy65CA. Once you’re in, ask to be added to the beta group so you can see the Discord Notices.

Some additional noteworthy mentions:

1) The system refunds all overages. If you sent 1000 ada, and 1000 cbTHC, you will get back 10 lotto tickets, 950 ada, and 900 cbTHC. It also looks at in between values. If you send 8 ada + 12 cbTHC, it will return one Lotto Ticket, along with 3 ada and 2 cbTHC. If the transaction includes anything other than ada or cbTHC, it refunds the entire transaction. Because we dont want your spacebudz (well we do, but… we dont).

2) If you mess up (or intentionally try to throw a wrench in the system) and send a transaction where there isnt enough ada to return it, we quarantine your transaction. For example, if you attached 10 cbTHC, but forget to add 5 Ada, and click send, there wont be enough ada for us to refund the transaction (this works with any Cardano Asset). Unlike every other services, we place your transaction in a self service quarantine. Coming soon (likely in the next week or so), we will make a basic web interface where you can enter your wallet. If you have any quarantined transactions tied to your wallet, it will show if to you. You can then send 2 ada to the retrieval wallet, which will then recover your quarantined items, along with any excess ada. This system only costs the dust for the transactions; we make no money on it. We built this as a value add, and for convenience, so that we dont have to manually recover them for you. There are some safeguards for transactions’ that are sent from Exchanges, but they aren’t foolproof. So the usual warnings of never sending from an Exchange still need to be clearly stated. But regardless, only pool delegates should be buying tickets anyways. This refund/triage system is currently in use on the Digital Syndicate Mint Engine.

3) We have lots and lots of Discord Alerts. We may add some custom collection settings in the future. But for now it will alert your Discord’s designated channel with:
3a) Any new ticket sale; displaying the ticket number sold (we plan to add the ipfs artwork soon), and the total number of tickets sold for the next primary and secondary lottos to run.
3b) New blocks (block check runs every 2 hours) — Every time your pool mints a block, we trigger an alert with the total blocks minted in the current epoch, and an estimate of what that lotto payout will be. This is all determined real time from your pools config (((min blocks minted * margin) + fixed cost) * percentage designated for lotto) + prize wallet balance.
3c) Start and stop of ticket sales. We halt sales 45 minutes prior to the epoch boundary, and restart them 15 minutes after.
3d) 1 minute warning prior to a lotto payout, and then the results of the lotto; winners and their prizes paid.

4) We have not added any administrative fees to the system yet. We likely will at some point after we go live on Mainnet. Any fee will be nominal. If you are interested in either being part of the BUDZ collective, or creating your own collective, please reach out to us on our Discord.

5) Keys, keys, keys. We have a highly secure system that is hosted in a country where gambling is legal. You’ll have to do your own research to determine if participating runs afoul of your local laws. Wallet keys are held in a highly secure fashion. We believe the risk of theft is highly unlikely within the current environment. But we are currently working on a revolutionary key system, where all keys are held in a database after being encrypted. The encryption passkey will not be held on any computer, anywhere in the world. Transactions will all be signed and submitted in memory. The ETA for this key system is early March, and we will make this code open source.

6) Our planned Mainnet launch for Cardano Lotto is Epoch 326 starting March 11th, 2022. If you want to use the BUDZ Lotto on day one, be sure to delegate before the end of Epoch 324. If you want to have your own collection onboarded to be live in epoch 326, we will need to have you all set up before the end of Epoch 324 as well. Onboarding is a process, so dont wait till the last minute. If you have a pool on testnet that you’d like to demo with the system, we’re happy to do that as well.

On behalf of the Digital Syndicate/Cardano Budz team, I want to a give warm Thanks to all of the awesome people who have helped us along the way. We are definitely standing on the shoulders of giants.

Cardano Budz Harvest 2 is currently selling, and Grow Your Own Adventure lands April 20th, 2022.

– Huth S0lo

https://CardanoLotto.io
https://CardanoBudz.io
https://cNFTHub.io

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