Since our launch earlier this week, we have been re-evaluating our initial vision for BlackBox and believe we have come up with something truly unique.
We wanted to expand on the idea of an automated lottery mechanism baked into our $BBOX token. We recognize that what made BlackBox unique in the first place is it’s ability to automate a lottery system based solely on trading activity, but we want to take it even a step further.
The original vision for BlackBox was simply to leverage an RFI-type token to provide a perpetual lottery for traders. The transaction fee model of redistributing continuous rewards to holders and a larger lottery reward for BBOX token buyers, was meant to drive an NFT reward system for the BlackBox community.
While that in itself was a unique concept, it felt like there was a greater opportunity that was just within our grasp. This idea has now been formulated and we’d like to share some initial details with our community.
BBOXswap is envisioned to be a decentralized exchange with a built-in lottery option. The lottery mechanism will be switched off on the BBOX token itself, and built directly into the swap contract instead.
How will it work?
Users will be able to perform standard functions available on any other Uniswap fork, with the added ability to turn on a ‘lottery mode’ for swaps of all tokens with liquidity pools on BBOXswap.
Turning the Lottery Mode ON will allow the user select a certain percentage of their swap to be added to a ‘lottery fund’ for the asset they swapped to.
- User performs a BNB-BBOX swap within Lottery Mode with a 5% lottery contribution, 5% of their BBOX tokens would automatically be held in the lottery fund.
- The more BNB-BBOX swaps a user performs, the more entries they will acquire to the lottery address pool based on the total value of their trades.
- When the lottery is triggered, the exchange contract will randomly select a wallet from the lottery pool and automatically emit a transfer of the lottery fund’s BBOX balance to the winning wallet.
- When the jackpot is won, both the lottery fund and the lottery address pool for that token are reset.
- Conversely, if the user performs a BBOX-BNB swap (selling their BBOX tokens for BNB, or any other token for that matter), they would be pooling 5% of their acquired BNB into the lottery fund and entering their wallet into the lottery address pool with their corresponding swap value.
- Each token would have its own lottery fund running simultaneously, so users can continue to enter a lottery pool on both buy and sell swaps on every token pair.
The role of the BBOX token will be made into a governance token, allowing BBOX holders to vote on jackpot win frequency/size, lottery mode tax percentage limits, and other proposals to continue improving all aspects of BBOXswap.
It will always be an ongoing battle against the potential overrunning of bots on our platform from stealing lottery wins, however, BBOXswap will take measures to limit that outcome as much as possible.
This can be achieved by blocking Lottery Mode swaps originating from known bot addresses as well as non-contract addresses from entering into the lottery address pool. There are most likely other ways to achieve this, and several methods will have to be implemented to minimize potential BOT spamming.
Based on the updates to the project vision, changes will have to be made to the roadmap. The BlackBox project roadmap currently shapes up to be the following:
- Website refresh and UI update
- Hiring talent to add to the BlackBox team
- BBOXswap exchange development
- BBOXswap launch
- BBOX token governance transition
- Lottery progress tracking dApp
- Marketing push for BBOXswap exchange
2021 Q4 and beyond
- Implement farming and staking features
- NFT farming
- Ongoing platform development
Again, we thank everyone in our amazing community. Your patience and support has been monumental, and will continue to be as we progress through our roadmap. It is a very ambitious undertaking, but we believe to be like like none other in the space.
We will strive in the coming weeks to fill some much needed development roles (front-end and Solidity) to help build our product out according to our vision.
In the meantime, of course, the BBOX token is trading on PancakeSwap and there are regular jackpot winners as designed. As we move ahead with various marketing initiatives at key achievement and release milestones of our roadmap, we hope the value of our project is realized by first our great community and soon by the wider crypto community.
The team is always available to chat in our Telegram channel, please come talk to us and engage in productive and constructive discussions about our project, vision and roadmap. Thanks for reading!