Hi frens, If you have been following my articles by now you should know that I promote for a Casino Company on Web3 - It's still in its start up stages but this article won't be about that today, I have ventured out on the blockchain and come across another project similar to slots (Just kidding a friend sent me their X post and I thought it was interesting so here's a quick article on this new project on the ADA Network) I hope you enjoy this as much as I did.
A Quick Read On Cardano
Before we get into the project let's have a quick run on the Cardano Blockchain, it's a blockchain and a platform designed to run decentralized applications through smart contracts making it a Layer 1 network on the blockchain founded in 2015 and officially launched in 2017 . Cardano positioned itself as an alternative Proof of Work (PoW) blockchain like Bitcoin mostly because it is more energy-efficient, as it does not rely on crypto mining, however uses Proof of stake protocols (PoS) called Ouroboros. - (You are able to find more information on Ouroboros here)
Cardano is apart of the third generation of digital crypto currencies on the blockchain, the other is Polkadot, these networks are the ones that brought in the PoS system, where ETH moved on to PoS from PoW in 2022. Like Eth and the Bnb network Cardano has the ability to perform peer to peer (P2P) transactions with its central cryptocurrencies and ADA, just like the other networks we see on the blockchain today.
The project is led by Ethereum co-founder Charles Hoskinson
AdaLot was created on the 18th of May, 2023 on the Cardano Network with a total supply of 600,000,000,000 (600B) and half of that is currently in circulation the remaining
tokens are held in reserves for future use, as to date they have over 2,638 holders.
In brief AdaLot is a lottery type token, example; Any individual who holds ADALOT tokens in their wallet is eligible to participate in the daily
lottery and there are no additional fees or requirements to enter the lottery other than owning the tokens, the lottery takes place every 24 hours as long there are 50 participants in the pool, then the winners will be airdropped free ADA into their wallets within 72 hours.
Join the AdaLot community today by getting a bag;
Policy id: e6f464202e7c89befd79fdd3905ca96c896772721485dff66fd6b2d2
AdaLot NFTs
AdaLot has multiplier NFTs, making the payouts for winning the giveaways depending on which NFT you are holding, double, treble, or even multiplied by five the best part is you can use them for an unlimited amount of time, keep in mind if you are holding multiple NFTs only the best multiplier you are holding will effect your prize. You can mint the NFTs directly from the AdaLot.io website but if the ones you want are sold out you can head on over to their collection on Jpg Store and see if there are any listed and/or make an offer to the owners.
Additional Information Available On The AdaLot Website
On their website you will come across their official links, roadmap and also see the results of the lottery winners, Adalot has also been partnering with other Cardano Projects and they have their tokens available for the lottery games that take place according for when their timers are set to. Some tokens are set to airdrop every 24 hours, 20 hours, 30 minutes, 6 hours or whatever the lotteries are set to. This all depends on how the project developers want to carry out on the system.
Project Owners Can Start Their Own Jackpot Vending Machine
This is something that caught my attention and I think it'll bring many more projects to the AdaLot ecosystem, at the bottom of the website you'll come across a program where project owners can open their very own account and create their very own jackpot vending machine, the project owners will be free to distribute as they please using this feature in a hassle free manner and ofcourse they will also receive a portion of the ADA earned from their pool so they can grow their jackpot vending machine for example or use it how ever they feel is right to grow their project. The best part about all of this, while the project owners creating and building their JVM on the AdaLot website and dealing with the financial side of things, the Adalot team deal with the rest. Too Easy!
Additional Links for Adalot
Adalot LitePaper
Adalot Chart - Taptools
AdaLot Discord Community
https://twitter.com/adalot_io
You can find all the partnerships and other tokens on the AdaLot website on this page - There are currently 24+ projects onboard with Adalot.
Support Me
Thank you so much for reading another article of mine and please share this article around, as it's a newly launched project and I do see potential in them, being on the ADA network I do see the advantages of buying some tokens and holding a bag for a chance to win free ADA tokens daily and the ADA network transactions are cheap. We want to get as many people aware of the awesome built on other network me being apart of the ETH/BNB community, after writing this article I am keen to see which other projects I come across on the Cardano platform.
You can find me on all social media platforms through my linktree by clicking this link.
