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FireLotto, the world’s first decentralized lottery built on the Ethereum blockchain, Firelotto brings changes and transparency to the lottery industry. FireLotto went live on the 1st January, revolutionizing the way the lottery industry is managed, by utilizing blockchain technology. Using the ethereum blocking it allows for a completely decentralized platform, allow complete transparency. Until recently the thought of a decentralized lottery was incomprehensible. As the blockchain assists in solving the problem of single server online betting.
Transparency Within the Lottery Industry
The FireLotto platform is run by utilizing the Ethereum Blockchain, protocol and its smart contracts, it is impossible to alter any information that is stored on the transparent platform, FireLotto allows users to view the backend code, the FireLotto team ensures this to be the most transparent industry and they can prove beyond doubt that the system is fair.
FireLotto, like any other lottery, works in an easily understandable model, the prize fund is generated via the processed ticket sales, players then have a set amount of guesses to try and replicate FireLottos final number sequence with a perfect match. FireLotto offers three standards of gameplay: – the 6/45, 5/36 and the 4/20. But the fun doesn’t stop there; FireLotto also offer instant lottery much like a wheel of fortune.
Using a multiplier of 2 to 20 (the minimum bet being 0.007ETH), all the player has to do is pick a number from 1 – 21 and the ‘wheel of fortune’ will be spun, revealing the winning number. The players with the winning number rewards would be increased proportionally, allowing the chance to win big. The token holder receives a commission from each ticket sold in every drawing. Commission payouts are made secure by smart contracts.
The game standard 6/45 lottery has a minimum jackpot of 300ETH. As with the traditional lottery system, if nobody wins then the prize money is rolled over, and the next lottery jackpot increased continuously until a player wins. The FireLotto Lottery has already launched in the Ethereum test net. It is as simple to understand as any traditional lottery. With 80% of TGE’s not backed up by any product or prototype, Firelotto is finished and the product is already live.
The FireLotto Token Generation Event
FireLotto hosted a private pre-sale, which ended on the 15th on January 2018. The native FLOT tokens saw a massive 77 million tokens sold during the event to aid in the development of the platform. The presale will run from the 15th of January to the 15th of February. FireLotto will host the main token generation event from the 15th of March 2018 and this will close on the 15th of April 2018. With the total amount of tokens to be released being 100 million.
FireLotto is backed by a team of experts in their respective fields. The team includes a CEO, CMO, CTO, and CFO that are all experienced in their fields. The FireLotto Tokens are likely to do well.