On the 1st of January of this year, FireLotto launched, making it the first decentralized blockchain lottery in the world,guaranteeing complete transparency through the use of Ethereum smart contracts. Whilst there are other blockchain lotteries in circulation, they have not proven to be transparent much like regular lotteries, where customers have no real ability to tell if the draw was fair or not. The FireLotto team offer an insight:
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“80% of ICOs are not backed up by any product prototype. Fire Lotto is a finished product that has already been launched”
The interface of the FireLotto is extremely accessible to users, it contains multiple competitions that one can enter and users have the option to play offline or online. Withdrawings take place every few hours as users can opt for a more traditional lottery style or participate in a wheel of fortune variation. The winnings are paid via Ethereum or Bitcoin which is fulfilled by the Ethereum protocol smart contracts that cannot be manipulated making this lottery safe for all users.
The prize funds are raised through completed ticket sales which is based off of the standard model of how lotteries work. Participants must guess the winning number sequence and wait until the draw is finalized to see whether they have won or not. The three standard lottery game modes are named: the 6/45, 5/36 and the 4/20, not to mention the wheel of fortune.
The wheel lottery is played by choosing a number from 21 options where a minimum bet of 0.007ETH must be made. The multiplier ranges from 2 to 20, if the player makes the correct choice, the winnings are increased in proportion with the multiplier giving winners a chance to bag a serious amount of coin. The FireLotto 6/45 lottery boasts a minimum jackpot of 300ETH which in today’s market exceeds 250,000$. If no one wins the lottery the prize money rolls over to the next lottery which is in similar fashion to a normal lottery.
The token holder will receive a commission from each ticket sold in every drawing. The payouts are fulfilled through smart contracts allowing for no corruption to take place. The gains from commission allow token holders to receive an endless source of income.
There was a private pre-sale of the tokens which ended on the 15th of January 2018. Another presale took place between the 15th of January 2018 until the 15th of February where 77 million FLOT tokens will be up for grabs. It is empirical for you to not miss out on the main token sale where 100 million FLOT tokens are set to be released. This sale will take place between the 15th of March 2018 and the 15th of April 2018.
For more Information, visit the Fire Lotto website at: https://firelotto.io/
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