I stumbled across Lucky Bit when I was doing one of my late night internet research sessions; I tend to do these, it’s when I have the most success with finding good and worthwhile projects to support. I have a lot of time to think and concentrate when I’m the only one awake in the house. It’s my quiet time. Anyway, I stumbled across Lucky Bit a couple of days ago and I generally loved the idea, and I loved the concept. Simple, yet very, very effective. I’m glad I found it.
The project behind Lucky Bit is one aiming its sights on the gambling industry. Essentially it’s a coin willing to lend its blockchain to new and rising starts in the Gambling sectors. That’s all. A ready-made, and flawless system to boot for projects wishing to gain the competitive edge over their rivals.
I know what you’re thinking right now, “How can another token system be seen as a competitive edge over rivals? Especially when every gambling platform has their own style of chips,” I would assume that normal gambling chips systems would have a complex platform of keeping watch on them at every moment. But, that’s the beauty of Lucky Bit. It’s a blockchain based system. Lucky Bit tokens are virtually impenetrable. You can’t copy them, you can’t pretend that you have more than you do, and more to the point, you can’t hack them. Not only that but every single transaction on the blockchain is visible, so no dodgy dealings behind closed doors — the vendors can see you!
I’ve already set up my own masternode and it’s paying out rewards regularly.
There are multiple parts to Lucky Bit. If you’re new to the blockchain and don’t quite understand how any system can be as robust as I’ve laid out in the last paragraph then here’s a rundown of how many parts are incentivised to keep this system in check. Lucky Bit is slightly different to a normal blockchain in the sense that it relies heavier on Masternodes to keep the whole blockchain speedy and fast. A masternode is the equivalent of having a 24/7 up-to-date crypto-wallet running at all times. If any of you have downloaded a Bitcoin wallet then you will know after opening it, it may take a day or two to synchronise with the network. A masternode is running all the time and is kept frequently up to date. This way it can ensure the stability of the network it runs on, and the more masternodes that run, the easier it is to secure the robustness of the network. Think of it like a giant web of information rather than a chain. If one becomes faulty then the information is sent to another instead.
This promises a highly robust and secure network for any gambling platform, which is needed in today’s era. Quite frankly I’m sold on the concept entirely. I’ve already set up my own masternode and it’s paying out rewards regularly.
There is so much more to Lucky Bit than it’s masternode weight and good payout system. What you’re really getting with Lucky Bit is a super fast processing token system. It takes regular banks and the financial processing industry hours at their finest, and weeks at their weakest to pay out cross-continental payouts for peer-to-peer monetary transactions in regular FIAT (dollars, pounds, yen, etc), whereas with Lucky Bit — mere minutes. Need to send a transaction to Dubai and you live in Canada? No problem. No need to sweat over complicated processing, long waits, and ridiculous fees. Lucky Bit will charge less than a penny for transactions. Crazy right? Yup, even if you were transacting the equivalent of a million dollars, the cost of which would be less than a dollar. This is a literally done for you system, ready to go. I love the concept for the gaming industry.
If you’re a fee hunter like I am then you’ll probably be interested in setting yourself up a masternode. Lucky Bit relies on masternodes, and the more of them that are set up and running, the more safer, faster, and appealing their network will be for potential customers. Personally, I’m not a gambler, but that’s what I’ve always loved about blockchain technology; there’s always something in it for everyone. People that like to invest in an idea, people that like to be part of the system, and people that want to use the system for its intended purpose. With Lucky Bit I liked both the idea and the incentive there was for setting up a masternode. To run a masternode you will need 1000 Lucky as collateral, and at the time of writing this 1 Lucky coin is worth about $1. As you can see it’s an expensive game to invest in, but definitely worth the rewards.
If you’re unfamiliar with how to build a masternode but would love to give it a try then luckily Lucky Bit have created the most comprehensive guide I’ve seen to date. Follow it step by step and you shouldn’t have any problems. I recommend using Digital Ocean, and a cheap $5 droplet. Please use common sense though, a very basic understanding of Linux, how to use shell access, and command line prompts are a bit of a must! If not, go away and learn about them like I had to — there’s plenty of free information out there.
You can find their comprehensive guide here.
I can see a future in this project. A good solid team, with a great idea, that is committed to leading their project into the future. I’m stoked for the future!