Pool Together Review
Lottery sites abound today, and most people have their favorite place from which they acquire tickets. This is the reason why numerous innovative developments have been launched lately in an attempt to differentiate the platforms from the general agents. Pool Together is one such project.
When you first visit the Pool Together website, you may feel somewhat confused. We don’t blame you! It looks different from what an online lottery agency typically presents. To make things simpler for you, we’ve done a lot of digging to discover exactly how Pool Together works and what it has to offer.
Games at Pool Together
Pool Together isn’t your standard online agency, and the mechanism in which it works is very specific.
According to the official presentation, Pool Together makes it impossible to lose money when you buy tickets.
When you decide to play, you join an open pool and acquire your tickets in it. You buy the so-called “savings tickets.” A savings ticket is supposed to allow you to win a prize. Even if you don’t win a lottery prize, you still get your money back.
Here’s how it works – anyone can join an open pool. Once the pool closes, the money is “locked” for a specified period. During that period, the funds collected through the purchase of tickets in the pool is lent out on compound finance to earn interest. This is the method enabling all of the participants in the pool to receive something in return for their “investment.”
At the end of the period, all pool participants get their money back. One chosen person is the big winner that receives all of the interest accumulated over the locked period.
As you can see, this is not a standard lottery agency. You don’t get to play some of the most prominent international lotteries. Instead, you get an opportunity to cash out on an investment that you participate in eventually.
Keep in mind this is a cryptocurrency-based opportunity. If you don’t like the innovative currency variety, you should probably stick to a standard lottery operator.
Getting Your Winnings with PoolTogether.us
Pool Together is based on so-called Dai – a cryptocurrency pegged to the US dollar. Thus, one Dai is worth exactly one US dollar.
Several cryptocurrency exchanges currently offer Dai, which means you can obtain this digital type of currency if you wish to.
Pool Together prizes are also based on Dai. Currently, for example, there’s a closed pool that features an estimated prize of 174.61 Dai.
To enter a pool, you have to spend a minimum of 20 Dai (or 20 US dollars). Once the lock period ends, the name of the big winner gets announced. Anyone who hasn’t won will see the deposit amount back in their account. This sum can be withdrawn, or it can be invested in another pool.
The winner will also see Dai in their account. When this happens, a cryptocurrency exchange will have to be visited so that Dai can be turned into actual cash that the winner can spend.
Who Can Play at Pool Together?
There are no restrictions when it comes to playing Pool Together. As you’ve probably gathered already, this isn’t a standard agent that’s regulated by national laws. Rather, this is a digital agency that offers a cryptocurrency-based lottery. Regulations are still somewhat lacking when it comes to cryptocurrency.
Pool Together is still a very, very new concept. It was announced on June 24, 2019. Still, it has managed to get a lot of people interested since then – statistics show that more than 1,900 tickets have already been purchased.
If you have an interest in cryptocurrencies and you’re willing to take on the risk, Pool Together is open to you. The only condition is for members to be aged 18 or older.
Who Is behind PoolTogether.us?
The good news is that Pool Together is characterized by a high level of transparency.
Leighton Cusack is Pool Together’s founder. He has given multiple media interviews already to explain the concept and how Pool Together pools accumulate interest to create a “no risk” lottery experience.
Pool Together operates under a company called Pool Together LLC.
There’s an official Twitter, as well as a community based around the Pool Together concept. You can use these to acquire more information and also to have your questions answered.
We haven’t managed to find a phone number for contact purposes, and there aren’t that many Pool Together reviews out there. Based on the media coverage that the project has received, however, it’s easy to conclude that the opportunity is a legitimate one.
Other Bits and Pieces
If you’re unfamiliar with the concept of cryptocurrency, you may find Pool Together somewhat difficult to stomach.
You need to understand that before getting started with the no-risk lottery, you will have to join a cryptocurrency exchange from which to purchase DAI. You cannot link your bank account or credit card to the Pool Together wallet and buy cryptocurrency from the lottery agency.
You will also need to set up a digital wallet in which you’re going to host your DAI once you purchase the cryptocurrency. This digital wallet is the one you link to your Pool Together account to buy tickets and collect prizes.
Hence, you will have to go through multiple preliminary steps if you haven’t experimented with cryptocurrencies like the Bitcoin or Litecoin in the past.
To ensure fairness and objectivity, the team behind Pool Together made the project open source. An audit has since been carried out to examine the platform for vulnerabilities and to determine how winners are selected.
Some minor issues have been fixed. You can read the detailed audit reports – these can be quite informative, especially if you have the technical knowledge and understanding of blockchain technology.
As per an official announcement, Pool Together plans to continue running new audits to discover vulnerabilities and have those eliminated. The team even plans to set aside a budget for rewards for the individual(s) capable of pinpointing vulnerabilities.
A final thing to keep in mind is that the project is relatively new. Besides, cryptocurrencies aren’t regulated by the same laws that form the value and the exchange rules for standard currencies. Hence, the volatility is higher, and people who acquire cryptocurrency or who play cryptocurrency-based lotteries may face some particular risks.
The Bottom Line at PoolTogether.us
Pool Together is not your standard lottery agency. If you are looking for a way to buy international lottery tickets, this option is not the right one for you. Rather, the cryptocurrency-based digital lottery pool will appeal to people who are tired of standard possibilities and who are looking for something new.
There are several cool Pool Together aspects worth pointing out. The biggest advantages include the following:
This is a zero-risk lottery – even if you don’t win anything, you will get your money back
Pooling allows for the accumulation of a more substantial sum that can acquire an interest rate
If a pool sees a big number of participants, the winner will benefit from a lovely amount
While the concept is relatively new, there are several successful platforms out there operating on the same principle
Dai (the cryptocurrency that Pool Together is based on) is pegged against the US dollar
Pool Together is an open source platform, which allows for audits to be carried out to eliminate vulnerabilities
While the project is relatively new, it has seen a lot of interest over its first month of existence
On the downside:
You need to buy Dai from a cryptocurrency exchange before you can play
You need to set up a digital wallet for your cryptocurrency
Every single pool will feature only one winner (as the popularity of the platform grows, the odds of winning will become lower)
To cash out your prize, you will have to convert Dai into standard currency via a cryptocurrency exchange
As the platform is new and it is based on a cryptocurrency, it’s characterized by volatility and some level of risk
This is not a standard lottery agency that allows you to play lotteries from around the world
Pool Together is legitimate and transparent. There’s a lot of information you can use to make up your mind about the opportunity. If you’re not discouraged by the cons and you like experimenting with new currency options, you should give Pool Together a try.