Tedcrypto lottery or TedLotto is a new product from Tedcrypto that brings fun to Staking. It is attractive because on top of the usual APR/APY you will get by staking and securing your favourite projects/network you will also be eligible to a no-loss lottery, the game of chance.
For every project, TedLotto is enabled there is a dedicated wallet that holds the lottery prize. Every 15 minutes/hour/day (depending on the blockchain) we are sending a portion of our rewards to this wallet to increase its pool size and therefore the jackpot prize. We are also delegating the balance of this wallet to our validator, which in turn will generate more commission rewards increasing the tokens we send to the lotto wallet and this own wallet is going to generate some delegation rewards which will also divert to the total lottery amount. The bigger the wallet gets, the more delegators it will attract which in turn the bigger commissions will get and so on... the idea is self-sustained with a little investment and there is no need for Tedcrypto to sell lottery tickets nor to delegators to do anything else other than delegating their tokens. Our delegators will earn these tickets by staking a specific amount of tokens depending on the chain and the current token price, these tickets are perpetual and recurring which means that they will be valid for every lottery until you withdraw/redelegate your tokens. Your tokens will be delegated/stake as you would normally do when staking tokens. This means unlike in normal lotteries, delegators never lose their token/money and are always earning rewards through PoS (Proof of stake) even if they never win the lottery. Lottery draw day will change from blockchain to blockchain, please check the different blockchains to know when the draw is happening. Before the draw time, we might temporarily hold all processes related to staking and ticket generation to prevent any sort of gaming around the draw time. You can stake and redelegate your tokens with wallet explorers but you NEED to connect your wallet to Tedlotto at least once so the system recognizes you as a participant.
The lottery drawing is conducted following a decentralized and non-predictable process. This allows Tedlotto to deliver a fair lottery without relying on any central party. Nobody, including Tedcrypto team, can predict the winning ticket combination.
Attention: Tedlotto is an adaptation of Glow Lotto to cosmos. The idea is the same but the contents are a lot different. Glow Lotto is now stopped due to the Luna/UST problems!