Crypto Loot Boxes — Totally changed as dapp & defi in one.
Coinsloot is the first project in the world that completely changes the state of the known loot boxes.
Firstly, the combination of modern technologies such as blockchain and decentralized applications makes it possible to create an unstoppable platform.
Secondly, we connect the world of cryptocurrencies with the world of prestigious products.
Third, the project is unique and the only one, and therefore unrivaled.
Fourth, it is fully transparent — the code is publicly available, decentralized, i.e. a blockchain-based product, which makes it impossible to disable it.
Now you have a chance to invest in a modern and unique project before its starts. During this streaming, you will learn the details of these possibilities.
What is LOOT?
During our project, before the formal start, we completely changed the principle of operation of the LOOT token. So far, we planned the token to be created for players, but at an early stage we noticed difficulties for users that we eliminated. By creating an application available to every user, and the option to open a box will be available to anyone who has any trading currencies on the Ethereum network, such as ETH or USDT.
Why should I buy LOOT now?
The LOOT token is a utility token that you will be able to staking. Until now, the LOOT token was directed to platform users, now, due to the possibility of earning on it, it has become more attractive also for investors. To earn money, you must have a LOOT token, more people with tokens = more earners = less tokens available for sale = the token gains value.
Why should you be staking it?
You can find out in the section.
Now you have a chance to buy it at issue prices before the entire platform becomes so popular that it will be difficult to buy them. You have a chance to buy more of them at a lower price and thus have a greater share of staking. In the future, tokens can be traded on many known cryptocurrency exchange platforms, which will give the tokens global speculative value. All this causes the price to go up in value in the future.
LOOTS staking announcement
Many cryptocurrencies and tokens offer their users staking opportunities.
Staking is usually the blocking or holding of funds in a cryptocurrency wallet or contract in order to receive rewards. There are many ways to stake, the implementation of rewards is also completely differently in each project.
In our project, we decided to implement an innovative type of staking that tracks the time during which tokens are frozen. And the rewards will depend on the number of frozen tokens and staking time.
This gives early investors a chance to receive higher rewards. And it will also be an incentive to keep the tokens long term and speculate less.
The maximum staking time will be limited to limit the constant increase in the reward ratio. We will report on how the staking algorithm will work in a separate blog post.
What will be the incentive for staking? What are the rewards?
There are 2 main rewards for staking:
1. Distribution of profits from the CoinsLoot decentralized application
2. Farming of the TOOL token, which will be the main token for the future DAO (we will talk about these two components in one of the next posts).
When will users be able to freeze their tokens?
We will introduce the smart contract on the Ethereum network, the code on github and the interface for the contract on our website on December 25.