We are witnessing a healthy growth of decentralized blockchain-based lotteries and other fair games being launched, particularly on the Ethereum blockchain. The main idea is the same and that is to make lotteries popular, make its code open-source and render the whole system transparent along with respectable odds to win. The lottery industry is worth billions of dollars with popular names like Lotto in UK, Powerball in USA, etc keep coming to our minds but there are persistent problems with these lotteries as everything is kept under the wraps and unjust taxes have to be paid on every lottery win.
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The business is also very consolidated and old brands are systematically helped by governments both at the state and the federal level. So, unadulterated lotteries in the conventional model are extremely rare. Naturally blockchain and decentralized automated applications provide a viable alternative to the lottery business. Fire Lotto, a new decentralized lottery platform built on the Ethereum protocol is offering a chance to token backers to become a part of the blockchain revolution in lotteries and earn dividends.
Fire Lotto creates lottery tickets that are impossible to forge as they use Ethereum blockchain’s native currency ETH as payment only and every ownership of these lottery tickets is stored on the decentralized network where it will remain permanently. This approach removes the possibility of forgery in Fire Lotto’s system. Anyone can learn more and audit the working of their program by reading their Whitepaper. The Fire Lotto Lottery has already been launched on Ethereum test net.
How Does Fire Lotto Work?
The working is extremely straightforward. There are two different kinds of lotteries visitors can play on the Fire Lotto platform: One is the universal lottery game where people need to predict the correct sequence of numbers on a given set of possibilities and all of the user’s funds are combined in the form of a pool and the winners get a share from this pool.
There are three lotteries in the category 4/20, 5/36, and 6/45. The second is a more instant lottery concept called Roger’s wheel which is like a fortune wheel with 21 numbers. If users guess the right number, their bet (starting from 0.007 ETH) will be multiplied by that number. So, it is a game of chance but the system is transparent, something you aren’t likely to find in conventional lottery machines which are known to be rigged.
Users can choose from long games and short games. In the long game, a minimum jackpot of 3000 ETH has been established. If no winner is announced, the amount is not siphoned off to the system but rather passed on to the next stage, in rollover fashion. So, basically the lottery keeps getting bigger and bigger till there is a winner. There are five prize categories that will ensure a good redistribution of the lottery money among the lucky winners.
Fire Lotto Token Generation Event (TGE)
Over 100 million Fire Lotto tokens will be available in total. 77% of these tokens will be available in the TGE. A private pre-sale is ongoing and 1.2 million FLOT tokens have already been sold. The pre-TGE will start from January 15, 2018 and run till February 2018 followed by the main TGE after a gap of one month. The main TGE will last from March 15 2018 till April 15 2018. The funds will be used for the development of the platform.
Visit the Fire Lotto Website: https://firelotto.io/