New people (users, developers, et cetera) are being attracted to and joining the Crypto World daily, and with them many new, interesting and exciting ideas are emerging as well.
Some of these ideas are already in work with normal internet world but how they are being adopted in the crypto world and on the blockchains is something worth keeping tabs on.
How innovatively some of these ideas are being adapted is impressive. One of the ideas, which is already in action under the category of gaming industry, are LOOT BOXES.
I am talking about the first Cryptocurrencies and Blockchain based platform for Loot Boxes, CoinsLoot.
CoinsLoot mechanism is very similar to the token swap mechanism already implemented on all of the exchanges, only they have added a fun/entertainment part in it.
We have created a platform where users can use any Popular ERC20 token and purchase Loot Boxes. This mechanism is similar to the swap mechanism found on all major exchanges. This process is boring for cryptocurrency enthusiasts and lacks any type of entertainment. That is why we have developed a platform that is fun and entertaining for users while allowing them to get valuable cryptocurrencies and diversifying their portfolio in the process. As each loot box contains different items, users will have a collection of multiple cryptocurrencies.
Source: CoinsLoot Whitepaper
One of the reasons that attracted me towards CoinsLoot is, it seems they are fighting the same war as we on HIVE, Leofinance and on different HIVE Blockchain based platforms.
We change people’s approach about digital currencies. Mostly, people are still thinking that investing in crypto is not safe and unprofitable. Thanks to our friendly solutions and using the best security technologies we are convincing our users that investing in cryptocurrencies can be both safe and profitable.
Source: CoinsLoot Medium Blog
This is still the most common and somewhat annoying problem for enthusiasts and users of the Cryptocurrencies' and Blockchain world. Team of CoinsLoot is trying to address it by facilitating or making it easiest possible for users to exchange cryptocurrencies to any other physical or virtual products.
HOW IT WORKS:
For Fun Lovers, Players, Chance Takers
- In the first step users get the LOOT BOX with any popular ERC20 token.
- This LOOT BOX gives the user an option for the spin
- When user spin the wheel, they get their reward.
- They can have this reward if they like it.
- They can have another spin in exchange for the reward if they don't like it. and so on and so forth. (Fees of each transaction should be kept in mind, though)
For Investors
- Users stake LOOT tokens and get the dividend/profit on each transaction that occurs while users open the LOOT Boxes.
- Staking of the LOOT tokens works on the same age mechanism as that of LEO tokens, the more the period of the staking, the higher the reward/dividend/profit.
NOTE:
- Do Your Own Research before investing in any project.
- All images and quotes are taken from CoinsLoot's official website and blogs.