Having chosen the strategy of openness and transparency, Fire Lotto is going to change the public attitude towards the lottery industry.
Fire Lotto, the international blockchain lottery looking to disrupt the online lottery industry, has been launched this month. In order to raise funds required for the development of the world’s first truly transparent lottery, Fire Lotto has begun the first stage of its FLOT token sale with the ongoing private pre-sale.
Lotteries have got their share of presence in the digital economy, but have hardly succeeded with players losing trust in openness and fairness of these games.
The lottery game designed and built upon the Ethereum blockchain is more than just a unique innovation for lottery industry, as it is also able to provide an elegant solution to the persistent challenge of lottery management: a fully verifiable and transparent drawing process and a non-centralized system for buying tickets.
The problem of having a single entity or server managing online betting can now be eliminated due to the decentralization key to the application which helps to minimize its vulnerability to collusion or manipulation that many lotteries are prone to.
The need for transparency is constantly growing, as well as the desire for fairness in the online gaming industry that has come to embrace the “provably fair” concepts afforded by blockchain innovation.
Soon, the distributed and decentralized nature of blockchain-based applications will introduce even more advances for both developers and users, and one day this technology will be adopted as a standard for the modern gaming industry.
The technology used by Fire Lotto to create lottery tickets protects them against forgery, as each of them is tied to the Ether (ETH) cryptocurrency as a method of payment. This means that every ticket sale and every winning payout is permanently tracked and recorded in a system that is transparent to all users. In the same spirit of openness, the development team working on Fire Lotto has also made the code running its application freely available for viewing within its whitepaper.
The lottery itself functions as a conventional one: via easy-to-use system tickets are sold to players, and a portion of funds collected from the sales goes towards a prize pool. Winning tickets should match a correct sequence of numbers with more correct matches winning larger prizes (currently up to five different prizes) and a 100% match securing the entire pot.
It is important to emphasize that the lottery utilizes a random number generation (RNG) method which is fair and secure, eliminating all kinds of fraud and manipulation. Winning numbers as well as lottery tickets can’t be faked. Moreover, thanks to the fact that Fire Lotto is anonymous, system abuse is absolutely impossible.
Fire Lotto will offer three lottery draws: 4/20 (4 picks from 20 possible numbers), 5/36 and 6/45. For the largest 6/45 lottery, the jackpot has a fixed minimum amount of 3,000 ETH (currently worth over $2 million). As with typical lotteries, if the main prize is not won, it will roll over to the next draw, increasing in size each roll over until being won.
Fire Lotto also has an instant lottery called Roger’s Wheel, featuring a “wheel of fortune” with 21 numbers. Wagers start at 0.007 ETH with a payout from 2 to 20. If you guess the right number, you will immediately receive your wager multiplied by the chosen payout.
Players can already try out the Fire Lotto Lottery, available in the Ethereum test net, and experience the simplicity and ease of playing. The platform also promises to reward FLOT token holders with 10% commission, which will become their continuous additional source of crypto-income.
The ongoing private pre-sale runs until January 15th, 2018. Then, a public pre-sale will start immediately and last till February 15th, 2018 with an aim to sell 77 million FLOT tokens. Following this, a main general sale is planned to be held between March 15th and April 15th, 2018 putting up 100 million tokens for sale.