Fire Lotto to Launch First International Blockchain-based Lottery
Originally published on: Bitcoinist.com
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January 09, 2018
With innovations on the blockchain coming thick and fast in 2018 companies are looking for that little extra to stand out from the crowd. Fire Lotto is one of those companies as it intends to launch the first international blockchain based lottery.
Nearly every country across the world will have some form of its own state or private run lottery system. People enjoy taking part and, to be honest, who doesn’t like winning? Lottos are insanely popular so the notion of blending one with blockchain technology will be a champion, especially if it is kept simple and as easy to use as the traditional lotto that so many people are familiar with.
The primary objective of Fire Lotto is to create an impartial international lottery with a big prize pool and fast payments for winnings. Online lotteries can be complicated so the team has designed a system will be easy to use even for those with only basic computer skills. The development of a unique one-click buying mechanism which is fast, convenient, and secure will facilitate participation.
By using a truly transparent algorithm it will ensure that the lottery is decentralized and fair to all participants. Fire Lotto is based on the Ethereum platform and unlike a number of other ICOs is already a complete and fully functioning product using Ether smart contracts.
Eyes on the Prize
The first prize draw is guaranteed at one million dollars and 70% of the funds collected from ticket sales will be allocated to the prize pool which can grow to several millions of dollars. If nobody wins the main prize when drawn like a traditional lottery it will be increased and rolled over to the next draw. The jackpot will keep growing until a winner is found. Winnings of all denominations are paid out almost instantly using the distributed ledger.
There will be four types of lottery initially offered. Three of them are like traditional draws where you pick your numbers, 4 of 20, 5 of 36, and 6 of 45. Playing is simple, pick a game, buy a ticket which starts at $2, and mark your numbers. Lotteries are held every 6 hours and winnings are based on how many numbers that you’ve guessed correctly. The fourth type will be an instant lottery called Roger’s Wheel which operates like a wheel of fortune and offers instant prizes.
The team behind Fire Lotto is a conglomerate of tech and finance entrepreneurs with decades of experience in blockchain, cryptographic and online gaming technologies collectively. They will also be offering a number of reward and affiliate programs to allow participants to earn crypto commissions on lotto ticket sales and internet traffic.
Token pre-sales are already open for those that want to get in early before the main token sale in February. A closed round token sale at $0.35 will be used to fund the first prize payout and get the lottery rolling with all further ticket sales going back into the prize pool. Initially, 100 million FLOT tokens will be released with 77 million being made available at a price of $0.50 to early investors during the ICO.
When the ICO opens in March, investors will be impressed to see not only a finished operating product but a huge prize pool that can be won and an additional dividend distribution among token holders in real-time mode. It has been estimated that over 70% of ICOs are not backed up by any product prototype, Fire Lotto is already operational.
FLOT tokens will hit the exchanges one month after the ICO is complete and it is expected that they could climb to over a dollar quite quickly. Token holders will receive a commission from each ticket sold in every drawing these are paid out and secured by smart contracts which provide token holders with a constant source of income.
Fire Lotto provides a unique way to participate in an online lottery that is securely backed up by blockchain, decentralized from intervention, and open to opportunity for greater returns for token holders. Everyone can be a winner!
Planning to try your luck with Fire Lotto? Let us know in the comments below.
Images courtesy of Fire Lotto