FIRE LOTTO

thejohnmatch (1)(1)in #blockchain • 8 years ago

INTRODUCTION
A lottery game built on the Ethereum blockchain will be a major innovation in the global lottery industry. The lottery industry holds a 29% share of the global gambling revenue and is facing challenges due to the growth of the digital economy. Worldwide demand for more transparent, fair services has grown concurrent with the advance of technologies that enable the change. The distributed, decentralized nature of blockchain technology offers tremendous opportunities for financial technology innovation, and, similarly, for gaming industry modernization.

A gaming system built based on the use of 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.

The proposed lottery will employ the random number generation (RNG) method, which is secure and fair and prevents manipulation and fraud. This project implements a completely secure RNG method based on the current version of the Bitcoin decentralized protocol.

Explanation behind FIRE LOTTO

The lottery business holds a 29% offer of the overall wagering salary, and is standing up to challenges due to the advancement of the electronic economy. General enthusiasm for more direct, sensible organizations has turned out to be concurrent with the advance of progressions that engage the change. The passed on, decentralized nature of blockchain advancement offers tremendous open entryways for cash related advancement improvement, and, likewise, to amusement industry modernization.

Fire Lotto can fill in as an overall blockchain tradition, however can in like manner be offered to organizations of specific countries as a response for troubles to ensuring a sensible lottery. Globalization, money related improvement in the making scene and progress in information advancement are factors that will revive changes in the lottery business, especially in the creating markets. The overall lottery industry is moving closer to cross-edge, high-development lotteries, and blockchain advancement can be the wandering stone required for this headway.

SALES COMMISSION DISTRIBUTION AND PAYMENT
Fire Lotto token holders are guaranteed to get 10% of the funds collected from ticket sales. Sales commission is distributed after each and every drawing based on the smart contract, regardless of the volume of ticket sales. Yield per token is 1.60 U.S. cents from each 8 million tickets sold, which is more than 20% per annum of the amount of funds invested in Fire Lotto tokens. Considering the fact that more than 7 billion lottery tickets priced at USD 2.00 are sold globally each year, the profitability of Lotto tokens may exceed 50% per annum in the very first year.

FAQs

How many tokens will be sold and how they will be distributed?

A total of 100 million Fire Lotto tokens will be sold. The distribution of tokens is shown on the diagram below:

How much will one token cost?

During the ICO, one token will be sold for USD 0.50. For the participants in the bonus program, the minimum price per token will be USD 0.40. During the pre-ICO, one token will be sold for USD 0.35.

How much will one token cost during the private round of sales?

Fire Lotto tokens will be offered at a price of 0.35 USD per token. For special terms, please contact [email protected]

Why do you need the closed round?

Funds raised in the closed round will be used to generate a minimum prize pool of USD 1,150,000* and finance an advertising campaign for the ICO. *Prize fund generation:

How will the project be launched?

Unlike other ICOs, our ICO will follow the launch of the lottery rather than precede it. The product will be launched on January 01, 2018. The beta version is available for testing today! The lottery will be launched with a minimum prize pool of USD 1 million.

On the day when the lottery is launched, we will publish its source code on Github for inspection. The lottery will be launched in the operating mode, which means that users will be able to enjoy all its features, play, and win. The moment the lottery is launched, transfers will be automatically made within the smart contract to the wallet responsible for collecting sales commission and paying them to token holders.

§ The pre-ICO will open on January 15, 2018 and close on Februaru 15, 2018.

§ The ICO will open on March 15, 2018 and close on April 15, 2018.

This means that when the ICO opens, investors will be surprised to see not only a finished product, but also a huge prize pool available to be won and sales commission distribution among token holders in real-time mode. This ICO roadmap is going to be implemented for the first time ever, and it will become a distinctive feature of this project.

How do I get Fire Lotto tokens?

Within four days after ICO closes, tokens will be transferred to the wallets of investors who participated in all round. Tokens will be transferred to investors’ account in the private cabinet and shall be available after ICO ends.

How are you going to pay out sales commission?

Since the launch of the lottery, 10% of the funds raised in ticket sales will be transferred to the smart contract responsible for the distribution of sales commission. The first distribution of collected sales commission among token holders will take place on the second day after the ICO closes. Commission will be paid in ETH to all token holders. Afterwards, commission will be paid out after each lottery drawing.

When will Fire Lotto tokens be listed on cryptocurrency exchanges?

Our tokens will be listed within one month of the end of the ICO period.

How much money can I invest during the private round?

The amount of money is not limited. Tokens will be sold at a price of 0.35 USD per token. Funds will be converted to ETH by the lottery organizers at a current exchange rate between ETH and the currency that the participant uses for making payments. This means that participants will not have to lose more than 7% when buying cryptocurrency or monitor the constantly growing exchange rate for Ethereum.