This app is part of the emerging, exciting, ‘de-fi’ (decentralised finance) space in blockchain and cryptocurrency.
PoolTogether.com is a simple and revolutionary, audited lottery where you don’t lose any money.
It’s also a good way to start dipping your toes in the web3 waters.
How it works
It’s actually just a way to money aside.
Tickets you buy (currently with DAI or USDC stablecoin) enter an interest-earning pool account (secured by smart contract). Even if none of your tickets win the prize for that round, you don’t lose your tickets, they just go towards the next round.
However, you could get lucky and be the person who wins all the interest earned by the pool for that period.
Or… you just could withdraw your tickets at any time.
So a lottery game becomes a way to encourage people globally to save their money? It’s now possible via crypto and blockchain (web3).
The app is audited and has recently received a ton of fresh investment.
How to Buy Your Tickets (and start saving)
You’ll need to add DAI or USDC to your wallet, but remember you can just use the in-built wallet DEX (decentralised exchange) or sites like KyberSwap to instantly swap Ether for stablecoins. Coinbase also converts cryptos for free.
Read also the site FAQ.
A note about risk:
Many of these ‘de-fi’ projects are being built on Ethereum, but will likely spread onto other networks. However, security is a consideration here, and Ethereum remains more decentralised than most, and this is important. Because the app uses smart contracts, there are no intermediaries or custodians involved in the process.
There can also be congestion and speed issues with Ethereum, with high gas fees when network usage is in demand, which can come at crucial times in market movements. This means withdrawal speeds can occasionally be slow.