#### What is LOT.TRADE? LOT.TRADE (LOTT) is a platform that aims to gamify and popularize [cryptocurrency](https://www.coinbase.com/learn/crypto-basics/what-is-cryptocurrency) trading through regular tournaments, battles, and challenges. The platform seeks to engage traders and gamers alike, offering them the opportunity to compete for substantial prize pools. Participants can customize tournaments and potentially win big. The platform also incorporates Non-Fungible [Tokens](https://www.coinbase.com/learn/crypto-basics/what-is-a-token) (NFTs) as rewards for winners and authorization access. The LOTT platform aims to create a global ranking of the best traders and gamers, fostering a competitive and engaging environment for its users. #### How does LOT.TRADE work? LOT.TRADE operates through a three-step process. First, traders register for free on the LOT.TRADE platform and link their exchange or [liquidity](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/glossary/liquidity-) provider (LP) trading account. This allows users to trade directly from their exchange dashboard, eliminating extra hassles. Second, participants contribute a tournament fee and play in a tournament. The accumulated tournament fees form the prize pool, which is awarded to the winner, net of the LOT.TRADE's commission. Finally, a [smart contract](https://www.coinbase.com/learn/crypto-basics/what-is-a-smart-contract) ranks players and distributes prizes based on the best ratio of profit to deposit during the tournament. This transparent and automated process ensures fair competition and reward distribution. #### What are the potential use cases for LOT.TRADE? LOT.TRADE has several potential use cases. It can serve as a platform for cryptocurrency traders and gamers to compete and improve their trading skills. The platform's tournaments and challenges can provide an engaging and competitive environment for users to test their trading strategies and learn from others. Additionally, the use of NFTs as rewards and authorization access can potentially open up new avenues for digital asset ownership and utilization. The platform's decentralized and [distributed](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/glossary/distributed) architecture also ensures users have control over their assets at all times, enhancing transparency and trust. #### What is the history of LOT.TRADE? LOT.TRADE's architecture is based on two distributed registers: Binance Smart Chain (BSC) and Inter-Planetary File System ([IPFS](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/glossary/ipfs-)). BSC is used for transaction fees, technical characteristics, ownership register and circulation of LOTT and its derivatives, game [NFT](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/glossary/nft) certificates, implementation of tournament smart contracts and liquidity pool, and governance and other protocols. On the other hand, IPFS, a distributed file system integrated with BSC, is used for storing and accessing large amounts of game and graphical information associated with the NFT. This combination of BSC and IPFS forms the core of LOT.TRADE's decentralized and distributed architecture.