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. Cryptolotteries aren't new in the least with FreeBitco.in being the most popular.
The Fire Lotto Difference
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. Looks like tokens are $0.50 USD and there could be a major upside if the game is licensed to some of the prevalent online casinos on top of the price of tokens constantly rising. I'm buying 150.
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