Place/Date: - December 20th, 2017 at 1:02 pm UTC · 3 min read
Source: Fire Lotto
The lottery industry is facing challenges due to the growth of the digital economy.
A lottery game built on the Ethereum blockchain is sure to innovate the global lottery industry, but until recently it was not possible to have a truly transparent and non-centralized system for betting. Blockchain technology can help us solve the problem of single server online betting which may belong to a single person.
In fact, Fire Lotto creates lottery tickets which are impossible to forge by using the cryptocurrency ETH as a main method of payment, so collection/distribution of bets and paying of winnings are absolutely transparent. The code powering the program is available for anyone to view on the Whitepaper.
“Worldwide demand for truly transparent, fair services has grown alongside the advance of technologies that enable the change. The distributed, decentralized nature of blockchain technology offers tremendous opportunities for financial technology innovation, and, similarly, for gaming industry modernization.”
The Fire Lotto lottery works rather straightforwardly; the prize pool is created by the funds collected ticket sales. Players are able to guess the correct sequence of numbers, as they would with other lottery systems both online and offline. There are three draw lotteries offered by Fire Lotto: 4/20, 5/36, and 6/45. There is also the instant lottery called Roger’s wheel, which has a fortune wheel with 21 numbers. It offers bets from 0,007 ETH with coefficient from 2 to 20. If you guess the right number, then you’ll receive your bet multiplied by a chosen coefficient.
The minimum size of a guaranteed jackpot is fixed—3000 ETH (~ USD 1,000,000) for the 6/45 lottery. If nobody wins the main prize in a draw, it will be rolled over to the next draw and increased. The jackpot will keep growing until it finds its’ winner. However, there will be five prize categories with a different prize depending on how accurately the player predicts lottery numbers.
Fire Lotto Lottery already launch in Ethereum test net. You can try and test it. Is is simple and understandable as traditional lotteries are.
The private pre-sale of tokens will end on the 15th of January 2018. 77 million FLOT tokens will be sold during the event to aid in the development of the platform. The pre-sale runs from the 15th of January 2018 until the 15th of February 2018. The main sale will run from the 15th of March 2018 until the 15th of April 2018. 100 million tokens are to be released in total.
For more Information, visit the Fire Lotto website at: https://firelotto.io/
View Fire Lotto Videos: https://www.youtube.com/channel/UCck2jqpe3MMNc5wRUebLL5A
Find out about the token sale terms: https://firelotto.io/agreement.pdf
Keep up to date on Twitter: https://twitter.com/FireLottery
Connect with the team: https://t.me/firelotto
Like on Facebook: https://www.facebook.com/firelotto
Disclaimer Fire Lotto is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest