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The lottery industry, while can be put to good use, has many problems plaguing the industry. Fire Lotto is an international blockchain lottery built on the Ethereum protocol, that looks to solve these issues by innovating upon the industry through a decentralized and transparent platform.
The blockchain could solve many of the issues that hinder lotteries. Underage gambling could be prevented, and with 66% of gamblers placing their first bets while still in school, this is a game changer.
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Proceeds would be made sure to go where they were intended thanks to smart contracts. Additionally, while the lottery industry is already regulated, blockchain technology can ensure lotteries remain compliant with regulations.
Even with the rules the lottery industry must comply by, The U.S. Tourism, Trade and Industry information’s claimed a loss of $1.2 billion from illegal gambling.
“Worldwide demand for truly transparent, fair services has grown alongside 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.”
Thanks to immutability that blockchain technology brings, for the first time ever, forging lottery tickets can be made impossible. All payments will be sent using Ethereum as the currency, and the blockchain ensures that all collection/distribution of bets, as well as winning payouts are transparent.
Pre-sale of tokens will begin mid-January of 2018. The auction of the 77 million FLOT tokens will have funds used for R&D of platform. Prize pools will also pull from the funds collected during the crowdsale for their jackpots, with 70% of funds being allocated for winnings.
The presale ends one month later, on February 15th. The main token sale will begin on March 15th and end on April 15th of 2018. In total, 100 million tokens are to be created. Token holders will receive a commission from each token sold in every drawing.
The Fire Lotto works by players guessing the correct sequence of numbers in 4/20, 5/36/ or 6/45. There is also an instant lottery called Roger’s wheel, which has a fortune wheel with 21 numbers. Bets start from 0.007 ETH with coefficients of 2-20. If you guess the right number your bet is then multiplied by that coefficient.
If no one wins the drawings for the lottery, prize pool increases until someone does. The initial guaranteed prize pool is $1,000,000, with instant payouts. Fire Lotto Lottery also will not tax any winnings, but recommends that players make necessary tax payments according to their local jurisdiction.
The Fire Lotto Lottery is already launched on the Ethereum test net, where anyone is free to test it.