The Fire Lotto project, founded by Russian entrepreneurs in Cyprus, launched an online lottery platform based on the Ethereum smart contracts. Despite its relatively recent emergence in the online gaming market, Firelotto has already launched four lottery games on its website and reported to Cointelegraph that the guaranteed initial prize pool exceeded $ 1 million.
Sell lottery tickets for up to $ 2, the Fire Lotto platform will solve the problem of transparency on the entire online lottery market. “ Fire Lotto can function as a global Blockchain protocol, but can also be offered to the governments of some countries as a solution to the challenges to ensure a fair lottery,” says project white paper
in total, & # 39; lottery industry has a share of 29% of world income and games faces challenges due to digital growth. economy
Although the fairness of the game still remains debatable. Is the jackpot winner real? Is the lottery really random? Is money really accumulated in a pool? The Firelotto team believes that the Blockchain decentralized protocol can offer answers to all these questions.
According to the start-up statement, the winning numbers are chosen by RNG (Random Number Generator) based on Bitcoin Blockchain technology, so they are impossible to rig. “ The global lottery industry is getting closer to cross-border high-tech lotteries, and Blockchain technology may be the necessary springboard for this innovation “, says the project team in the paper .
As all lottery settings are published in open source (open code GitHub), they are accessible and completely transparent 24 hours a day, 7 days a week, depending on the company. Finally, the decentralized platform offers complete autonomy to winners and independence.
The Fire Lotto platform works on mobile and PC versions. For now, four popular lottery games are available to users. Instant Lottery Roger’s wheel has a makeshift wheel with 21 numbers. It offers bets of 0.007 ETH with a coefficient of two to 20. If a user guesses the right number, then he receives his bet multiplied by a chosen coefficient.
There are also three types of draws: 4 out of 20, 5 out of 36, 6 out of 45. “ Pick one, buy a ticket, and mark numbers. Every six hours, your winnings are based on the number of figures you have guessed “says the project website, which the company says is currently worth more than 450 ETH and is not guaranteed. ceases to increase until reaching 1100 ETH
In March 2018, the Fire Lotto team conducts its ICO campaign.The project attracts their investors with a transparent referral program and 15 percent refund for each ticket sold.According to the project document, the 10% commission payments to FLOT token holders provide an inexhaustible source of cryptographic revenue.The team plans to use the program of 39, affiliation of White Label, representing up to 50% of the evenu ticket sales to affiliate partners.
The soft cap is $ 2,000,000 (7,000,000 FLOT tokens) and the fixed cap is $ 15,000,000. “ In the event that the soft cap will not be reached, all investment payments will be returned to investor portfolios ,” says the white paper. According to Fire Lotto, the soft ceiling was reached in the first week of pre-sale in January 2018.
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