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Pool Together

by Alan Daniel
, Pool Together

Pool Together is something that everyone just might appreciate. For the first time in history (possibly) someone has come up with a no loss lottery.

That’s right.

Pool Together is a no loss lottery built on Ethereum.

But what’s a no loss lottery?

Let’s find out.

Here is How Pool Together Works
Interested individuals simply purchase tickets like they would for a regular lottery with a few caveats.

Instead of buying it at a gas station or other typical location lottery enthusiasts would purchase it online.

Lottery enthusiasts would purchase a ticket for a chance to win while sleeping soundly knowing that they will get most of their money back if they don’t win.

First, they will get most of their money back because there might be some transaction fees to convert into the right cryptocurrency.

More importantly, those who lose the contest get their money back.

PoolTogether invests the cryptocurrency placed into the pool and uses the interest as reward money and gives this interest money to the winner.

As such, Pool Together incentivizes saving while also providing one lucky winner with a potential windfall.
Remember, you will need DAI to participate in the lottery.

PoolTogether Differs from the Traditional Lottery
PoolTogether provides for a different way to play the lottery. Instead of many players simply spending their money on a chance winning, with several losers and one winner, PoolTogether minimizes losses.

Instead of the money being held with a specific institution PoolTogether places all money into a smart contract account that earns interest.

After the pool period closes, everyone receives their value back and one person gets additional interest.

This is boring.

One person just gets interest back?

Where’s the fun in that?

Saving might be boring when done on an individual level but value compounds at a greater rate when more funds are in play.

With PoolTogether many people participate in the pool and together add value into an interest-bearing account.

With more funds comes more interest and more fun
PoolTogether and Defi
The concept is intriguing because it shifts the narrative from gambling to saving. PoolTogether is also fascinating because it utilizes decentralized finance and shows its potential applications.

It also shows that the Ethereum blockchain is capable of handling more transactions (it will be released on the Ethereum mainnet today).

PoolTogether shows that applications present within the cryptocurrency sector is just getting started, we’re still figuring things out and there’s more building on the way.

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