WORLD’S FIRST FAIR LOTTERY BASED ON BLOCKCHAIN AND CRYPTOCURRENCY

WORLD’S FIRST FAIR LOTTERY BASED ON BLOCKCHAIN AND CRYPTOCURRENCY

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WORLD’S FIRST FAIR LOTTERY BASED ON BLOCKCHAIN AND CRYPTOCURRENCY

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WORLD’S FIRST FAIR LOTTERY BASED ON BLOCKCHAIN AND CRYPTOCURRENCY

Existing Lottery Industry

The global lottery industry grew from USD $187.1 billion in 2004 to USD $294.3 billion in 2016. More than 64% of global lottery sales come from Europe and North America. With the growth of internet and mobiles, online and mobile lotteries are growing tremendously as well. The total revenue of mobile lotteries in 2016 is estimated to be USD $43 billion, while 44% of the amount is generated in Europe and North America. The lottery industry holds a 29% share of the global gambling revenue. With the advent of the digital economy, the existing lottery industry is not efficient enough and is ripe for disruption. There is a huge demand for a fair and a transparent system.

Firelotto Launches First Blockchain Based Lottery

Firelotto is building lottery gaming on the Ethereum blockchain, that would operate with high autonomy and its data and records would be cryptographically stored in a public, decentralized blockchain and would be available online.

Firelotto has developed a fully transparent and decentralized platform for organizing and conducting lottery using the blockchain technology and Ethereum smart contracts for

  • Drawing and distributing funds
  • Drawing winning numbers in a random fashion
  • Paying lottery tickets sales commission to token holders

The prize pool of lottery is formed from 70% of the funds collected from ticket sales.

Firelotto will be using Random Number Generation (RNG) method, which is secure and fair and prevents fraud.

Type of lotteries offered by Firelotto

• Instant lottery: Roger’s wheel is type of instant lottery. It is a mix between traditional wheel of fortune and slot machine.

• Three types of Draw Lotteries 4/20, 5/36, 6/45

Firelotto will be adding new lotteries in the future. The interface is user-friendly and player can buy unlimited number of tickets and choose numbers for each ticket. Tickets are bought using a cryptocurrency wallet.

Distribution of Funds collected

Firelotto token holders will also have sales commission which will be transferred to their cryptocurrency wallets after the draw. The sales commission will be fixed in smart contract and commissions will be paid in ETH. All processes and distribution operations in the system will be carried out based on the mechanisms built into smart contracts, while there will be no possibility of it being influenced by organizers.

Benefits of Firelotto:

  • The initial guarantee prize pool is over USD $1.1 million.
  • The amount of prize pool can grow.
  • 70% of funds collected from ticket sales will be allocated to the prize pool.
  • Winning numbers and lottery tickets cannot be faked.
  • Distribution and payout procedures are based on smart contracts hence are transparent.
  • The lottery is based on the ETH blockchain. All the parameters of the lottery are included in the program code, which will be open to anybody willing to check it.
  • Only internet and cryptocurrency wallet are required to play it.
  • Interface is user-friendly.
  • Prize won is paid instantly and also is non-taxable.
  • Since Firelotto is based on blockchain and cryptocurrency, it will operate autonomously and independently.

Conclusion

The lottery industry is demanding more fairness and needs to be more transparent for it to experience the growth in technology. Firelotto is building a decentralized digital lottery gaming system by integrating Blockchain technology based on Ethereum smart contracts. Firelotto can also be offered to governments of specific countries as a solution to a fair lottery system. The global lottery industry is moving towards a cross border environment with the Blockchain technology providing the necessary tools.

ICO Details

# tokens issued: 100 million Firelotto tokens

1 token = USD $0.70 USD

During the pre-ICO (private round), One token = USD $0.35 USD

Pre-ICO will be: 15th Jan 2018 - 15th Feb 2018

ICO main stage: 15th March 2018 - 15th April 2018

Useful Links

Website: https://firelotto.io

Twitter: https://twitter.com/FireLottery

Facebook: https://www.facebook.com/firelotto

Telegram: https://t.me/firelotto

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