Crypto lottery based on Ethereum
Written by Gabrijel Šerjak on February 8, 2018
Have you ever wondered if those lottery numbers that are being drawn have been manipulated in some sort of a way? And how much of ticket money does really end up in the winning pot?
Blockchain technology can solve trust and fairness issues faced by the lottery industry. A gaming system built on the Ethereum blockchain would operate with a high degree of autonomy, and its data and records would be cryptographically stored in a public, decentralized blockchain. Available online and borderless, such a system can resolve several challenges of traditional lotteries. This is where FireLotto steps in. They will employ the random number generation (RNG) method, which is secure and fair and prevents manipulation and fraud, based on the current version of the Bitcoin decentralized protocol.
FireLotto has three draw lotteries: 4/20, 5/36/ and 6/45. There is also the instant lottery known as Roger’s wheel, which has a fortune wheel containing 21 numbers. It offers bets from 0.007 ETH with coefficient from 2 to 20. If you predict the right number, you will receive your stake multiplied by a chosen coefficient.
The minimum size of a guaranteed jackpot is fixed at 3000 ETH (approximately $2,500,000 at today’s price of $813/ETH) for the 6/45 lottery. If no one wins, it will be rolled over into the next draw and increased. The jackpot keeps growing until somebody guesses the lucky numbers. There will also be five prize categories, with different prizes depending on the accuracy of the player.
FireLotto lottery has already been launched on the Ethereum test net. You can try it out. It is quite simple and straightforward.
WHY THE FIRE LOTTO HAS POTENTIAL TO BE PLAYED ALL OVER THE WORLD
- The initial guaranteed prize pool is over USD 1.1 million.
- The amount of the prize pool can grow up to dozens of millions of dollars.
- A record 70% of funds collected from ticket sales will be allocated to the prize
- Neither winning numbers nor lottery tickets can be faked.
- Distribution and payout procedures are transparent and supported by smart
- 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
- This lottery cannot be banned. You only need Internet access and a
cryptocurrency wallet to play it.
- A comfortable and user-friendly interface. A game that is played in one click.
- A mobile version available.
- At the date of the platform launch one ticket costs USD 2.00, a sum that
millions of players around the world are accustomed to.
- There is no possibility of system abuse.
- The Fire Lotto is anonymous.
- Winnings of any size are paid out almost instantly.
- Winnings are not taxed.
- The fact that the lottery platform is decentralized means that the platform
will operate independently and autonomously as long as there are gambling
enthusiasts, the Internet, and cryptocurrency.
- Sales commission payments are secured by smart contracts and provide token
holders with an almost endless source of income.
- The price of Fire Lotto tokens will constantly increase.
Token holders are guaranteed to get 10% of the funds collected from ticket sales. Sales commission is distributed after each and every draw based on the smart contract, regardless of the volume of ticket sales. Commission payouts are secured by smart contracts and provide token holders with an almost endless source of income.
A total of 100,000,000 tokens will be issued. During presale price of the token will be 0.35 USD, and in ICO stage the price of the token will be USD 0.70.
77% of tokens will be available for the public 20% for the team and 3% for the bounty program.
The pre-sale runs from January 15, 2018, until February 15, 2018.
The crowdsale runs from March 15, 2018, until April 15 2018.