Imagine that you and a group of your friends pool your money together then one lucky winner amongst you would collect a sizeable reward generated from that pool, but when they withdraw the reward everyone gets all the money they put in back. Would you play? Well, why not? Isn’t that better than the lottery? In fact it is a lottery, and it is brought together by a group call PoolTogether which runs the dapp (decentralized app) platform by the same name. It is basically one of the few application of the blockchain and cryptocurrency technology that is promising to change the way finance work.
How does it work? Well, it’s simple, when your “friends” are several hundreds or thousands of people on the internet, your total pool is large enough such that it can be put to accumulate interests. The winner takes the interests, while everyone can take back their ticket or coins.
Rewards can go from $5,000 to several hundred thousands depending on the pool. A ticket to enter the pool can be bought using DAI, UNI, or COMPOUND, or USDC tokens and one token equals 1 ticket. Like the lottery, the number of tickets buy increases your chances.
Sounds interesting? Check it out at https://app.pooltogether.com
Not convinced it’s legit? Here’s some articles that has reviewed the application
- PoolTogether Review – Is This a Legit dApp or Another Scam?
- PoolTogether Review – How It Works
- Pool Together Exposed
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