Lucky Block, the NFT competitions platform, announced today that the Ethereum bridge solution for moving between the Ethereum (V2) and BNB Smart Chain (V1) versions of the coin will be live from 3 October 2022.
The vibrant Lucky Block community has been waiting for the introduction of the coin since LBLOCK V2 launched on the LBank exchange on 27 July 2022.
Since then LBLOCK V2 has listed on MEXC and Gate.io centralised exchanges (CEXs).
According to our sources, the team expects the bridge audit to be completed within the next two weeks, at which point it will undergo testnet testing.
Certik has been auditing the bridge code and the penetration testing is ongoing.
Bridges are susceptible to attack by hackers due to the amounts of value that they transfer between otherwise non-interoperable blockchains, and the relatively complex nature of the code involved.
Moving between LBLOCK V1 and V2 will be seamless
With the introduction of the bridge, movement between LBLOCK V1 and V2 will be seamless and the spread between the prices of the two versions of the coin is expected to narrow.
The Lucky Block Ethereum bridge works by allowing users to add fund on one side of the bridge by unlocking the supply on the chain being deposited to and locking the supply on the chain the user is transferring from.
LBLOCK V2 was developed by the Lucky Block team due to the difficulties in getting the original BEP20 (BNB Smart Chain-compliant) coin listed on CEXs.
The difficulties arose because of the tax of 12% on sales on the V1 version that runs on decentralised exchanges such as PancakeSwap.
While there are no taxes on LBLOCK V2, making it well-suited for CEXs and traders, it does not have the utility benefit of its holders being eligible for rewards from the daily prize draw jackpot. LBLOCK V2 also cannot be used to buy entry tickets for the daily jackpot.
It is intended that the jackpot product will in future be managed by its users as a decentralised autonomous organisation (DAO).
Win $1m in bitcoin! TheLucky Block NFT competitions platform is live now
To enter the NFT competitions on the Lucky Block platform all individuals need to do is buy an NFT of the collection minted specifically for each prize.
In addition to the chance of winning the prize, the holders of the NFT receive rewards from the transaction fee pool for as long as they own the NFT. The NFT also comes with unique jpg art.
Current prizes on offer include $1 million worth of bitcoin, a $1 million house, a Lamborghini (you must buy a Lucky Block Platinum Rollers Club NFT to enter this draw), a five-star holiday and a Bored Ape Yacht Club NFT.
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This article was written for Business 2 Community by Gary McFarlane.
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