PoolTogether is based on the concept of a “No Loss Lottery.” You join a pool by buying a “savings ticket”, each savings ticket gives you a chance to win a prize, but even if you don’t win, you still get all your money back! PoolTogether lets you have the best of both worlds -- saving money and the chance to win a prize!
When you join the pool the money you used to purchase tickets starts earning interest along with all the other money in the pool. The interest is generated through Compound.Finance. Every 7 days when a prize is awarded all the interest that has been earned since the last prize is given to the winner.
Dai is a cryptocurrency pegged to the US Dollar. This means the value of 1 Dai equals 1 US Dollar and does not fluctuate like Bitcoin and other cryptocurrencies. However, because Dai is a market-driven system, there are still very small price changes. You can view the current price of Dai here.
You can acquire Dai through a number of different cryptocurrency exchanges. Coinbase is one that is popular and easy to use. If you already own Ethereum you can exchange your Ethereum for Dai on the Uniswap exchange.
We’ve worked hard to ensure the security of PoolTogether, including an independent smart contract audits by OpenZeppelin & Quantstamp. However, as with all early-stage products there are risks associated with using PoolTogether and users assume the full responsibility for these risks. You can review our terms of service here.
Yes, the price for one ticket is 1 Dai! You can buy as many tickets as you want.
Your chances of winning depend on how many savings tickets are sold before the Pool locks. For example, if 1,000 savings tickets are sold before the Pool locks and you bought 1 ticket your chances of winning would be 1 in 1,000.
If you joined a Pool you can check if you’ve won by looking at your “account” page after a prize has been awarded that you were eligible for. We’ll send notifications when a Pool concludes via email so for those!
Over 80 billion dollars are spent on lottery tickets each year in North America alone. At the same time, 40% of Americans do not have $400 of cash saved. PoolTogether changes these economics by turning money spent into money saved. We believe this is crucial to the economic safety and well being for millions of people around the world.
Currently PoolTogether does not make money. In the future we plan to make money by taking a small percentage of the winnings of each pool.
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