MVP Definition

Abstract

This page introduces a pioneering decentralized solution that redefines the lottery ecosystem, demonstrating the potential for implementing traditional lottery rules in a decentralized fashion with remarkable advantages.

Motivation

The global lotteries market is expected to grow from $211.77 billion in 2022 to $298.29 billion in 2023 at a compound annual growth rate (CAGR) of 40.9%. The lotteries market is expected to reach $358.40 billion in 2027 at a CAGR of 4.7%.

Offering by ResearchAndMarkets.com

In the realm of traditional lotteries, substantial prize pools have the remarkable ability to captivate a larger audience. This presents a remarkable opportunity to swiftly introduce the web2 world into the domain of Web3, while concurrently establishing a decentralized lottery ecosystem imbued with traits of openness and transparency. These characteristics effectively counterbalance the credibility advantages associated with web2 lotteries.

In contrast to other protocols, our vision for LuckyWeb revolves around attracting and engaging a broader audience from the web2 world. Such an infusion of positive external input is paramount for every Dapp protocol, fostering an inclusive and thriving industry.

Drawing from these perspectives, we have meticulously formulated the guiding principles that underpin LuckyWeb:

1. Open-source codebase with rigorous auditing.

2. Core services are to be implemented through smart contracts, encompassing betting, lottery draws, and inviting rewards.

3. Only essential centralized services shall be centralized to ensure seamless operations and convenience.

4. Rules shall be designed to closely align with Web2 practices, facilitating user familiarity and ease of adoption.

With LuckyWeb, our decentralized approach guarantees a global, open, and transparent lottery experience, emancipated from the shackles of geographical boundaries. Through the implementation of smart contracts, we unequivocally ensure fairness and tamper-proof results, dispelling any doubts about the integrity of the lottery process. LuckyWeb heralds a paradigm shift in the lottery industry, seamlessly integrating the finest attributes of both Web2 and Web3 domains in an eminently user-friendly manner.

Specification

The content presented in this module does not deviate by more than 10% from the actual implementation.

Overview

The system overview provided on this page comprises two essential aspects:

1. Contract Design: This section outlines the meticulous design of the contract, detailing its architecture and components.

2. Underlying Interactions Definition: Here, the fundamental interactions that drive the system are precisely defined, encompassing user engagement and system response.

The ensuing diagram illustrates the seamless user interactions with the contract: