FIRE LOTTO - INTERNATIONAL BLOCKCHAIN LOTTERY




Fire Lotto - can operate as a global blockchain protocol, but can also be offered to governments of specific countries as a solution to challenges to ensuring a fair lottery. Globalization, economic growth in the developing world and progress in information technology are factors that will accelerate changes in the lottery industry, especially in the emerging markets. The global lottery industry is moving closer to cross-border, high-technology lotteries, and blockchain technology can be the stepping stone needed for this innovation.

The global lottery industry grew from $187.1 billion in 2004 to $294.3 billion in 2016, representing a compound annual growth rate (CAGR) of 4.3% per year. In 12 years from 2004 to 2016, lottery sales have declined only once, evidencing the stability of the business. More than 64% of global lottery sales come from Europe and North America Concurrently, with growing penetration of the Internet and mobile phone adoption, online and mobile lotteries are growing everywhere. The total revenue of mobile lotteries in 2016 is estimated to be 43billion, while 44% of the amount is generated in Europe and North America. The pace of technology adoption can be even faster in the developing markets. Up until recently, most lottery operators were B2C. With the advent of online and mobile lotteries, there are now more B2B companies offering online lottery platforms.

We have built a completely transparent and fully decentralized platform for organizing and conducting a lottery using the blockchain technology and ETH smart contracts for collecting and distributing funds, drawing winning numbers in a random fashion, and paying lottery tickets sales commission to token holders.

The prize pool of the Fire Lotto lottery is formed from 70% of the funds collected from ticket sales. The minimum size of a guaranteed jackpot is fixed— 1000 ETH (~USD 1,000,000) for the 6/45 lottery.

If nobody wins the main prize in a drawing, it will be rolled over to the next drawing and increased. The jackpot will keep growing until it finds its winner. There will be five prize categories with a different prize depending on how accurately the player predicts lottery numbers. All categories starting from 2 will be calculated as percentages of the prize pool. If several winners win the jackpot in one drawing, it will be split between them.

We will offer two types of lotteries: instant lotteries and draw lotteries. The Roger’s Wheel instant lottery is a mix between the traditional wheel of fortune and a slot machine. In this game, players can place bets ranging from 0,003 ETH (~USD 2.00) to 1 ETH (~USD 1,000.00) and choose a payout rate from 2 to 20, which will be used to multiply their winnings. Next, the player spins the wheel divided into 21 sectors with different payout rates on them. If the wheel stops at the player’s chosen rate, he or she will instantly have the winnings (the bet multiplied by the payout rate) transferred to their cryptocurrency wallet. The player can turn an unlimited number of wheels in one game, which reduces the waiting time and increases the number of tickets bought by the player. The wheel rotates for 20–30 seconds. The randomness of the game is ensured by ETH blockchain-based RNG. Its description will be given later in the text.

Fairness 

Ensuring fairness of the game remains the biggest challenge. Lottery players may question the possibility of manipulation or fraud, e.g., several possible concerns:
  • Are the ticket and lottery real?
  • Is the money really accumulated in one pool?
  • Is RNG truly random and secure?
  • Is the jackpot winner real?
  • Are the prizes paid on time?

Regulations

In some countries lotteries are not legal, and in most other countries only governments and affiliated organizations can obtain a license to operate a commercial lottery business. Corruption schemes that can affect distribution of funds may take place in different regions.



Availability

Users from other countries cannot easily participate in some of the biggest lotteries in the world such as Euromillions or some of the lotteries in the United States. Users are limited to playing smaller, local lotteries due to the smaller size of their domestic market, underdevelopment of the lottery industry at home, or strict regulation. New online solutions that allow such players to buy worldwide or U.S. lottery tickets have recently gained some popularity, but the service charges, as well as risks of fraud and mismanagement, remain high.


The average price of a lottery ticket is about USD 2.00. Lottery machines are used to draw the winning numbers for a lottery at different intervals. It is believed that the winning numbers are drawn randomly, but there are ways to influence the results. In order to make their lottery look more credible, organizers arrange live television broadcasts and set up lottery commissions. However, it is easy to make the process non-random by putting radio frequency identification (RFID) tags on lottery balls (even a child could do this).


We can draw a firm conclusion that any lottery is a source of government revenue earned at the expense of citizens through an unequal distribution of funds collected from lottery ticket sales.

Many gambling industry representatives are unhappy with this system, and a few good attempts have been made to organize an honest Internet lottery. However, the traditional approach to organizing an organizational structure (i.e., a single server that may belong to a single owner) has long been mistrusted because nobody can check the RNG (random number generator) or any other parameters of the lottery other than a narrow circle of interested parties.

The blockchain technology can help us solve this problem. However, projects that use this technology are not always transparent enough. Let us take the TrueFlip project as an example. If you carefully read their project description and code published on GitHub, you will see their use of the blockchain technology is limited only to the RNG, while data on the amount of funds collected and the distribution of funds is stored on a single server.


Token Information

Token Supply : 100,000,000 FLOT

Token Price :
Pre-ICO : USD 0.35 - 0.38 / FLOT
Bonus Program : USD 0.5 / FLOT
ICO : USD 0.7 / FLOT

Token Sale Date :
Pre-ICO : January 15, 2018 - February 15, 2018
ICO : March 15, 2018 - April 15, 2018

Token Symbol : FLOT

Token Type : ERC20


LEGALITY

In purposes of raising trust in our lottery, increasing a number of players and a possibility to raise fiat funds we had several successful consultations with the Isle of Man Gambling Supervision Commission. As a result, we received an affirmative statement about a possibility of getting the Online Gambling Regulation Act license for creating and holding internet gambling, including crypto lotteries with the right of acceptance of crypto funds and their free converting to traditional worlds currencies.

The fact of this license opens the following possibilities:
· Legal transparency of our business;
· Fiat funds acceptance from investors to our company account;
· Usage of the traditional payment services to sell the Fire Lotto lottery tickets (VISA, MasterCard, Qiwi, PayPal, WebMoney and etc.)
· Increasing numbers of Fire Lotto players in the world.

Period of licensing is approximately 4–6 months.



For More Info ;
FireLotto Website : https://firelotto.io/
FireLotto Telegram : https://t.me/firelotto
FireLotto Facebook : https://facebook.com/firelotto


Profile bitcointalk : https://bitcointalk.org/index.php?action=profile;u=1718302
Eth Addr : 0x266Ff5EBb709d2dC6A2DF80a2E9ebAA98324084f
 




Comments

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