Firelotto : The First Lottery with Blockchain

Firelotto a lottery game based on the Ethereum blockchain will be a great innovation in the global lottery industry. The lottery industry has a 29% share in global revenues from gambling and faces challenges due to the growth of the digital economy. The global demand for more transparent and fair services has grown simultaneously with the advancement of technologies that allow change. The distributed and decentralized nature of blockchain technology offers enormous opportunities for financial technology innovation and, similarly, for the modernization of the gaming industry.

A game system built based on the use of the Ethereum block chain would operate with a high degree of autonomy, and its data and records would be stored cryptographically in a decentralized and public block chain.Available online and without borders, this system can solve several challenges of traditional lotteries. The proposed lottery will use the method of random number generation (RNG), which is safe and fair and prevents manipulation and fraud. This project implements a completely secure RNG method based on the current version of the Bitcoin decentralized protocol.

There is a raffle every six hours in each lottery. The numbers are drawn randomly with the help of the blockchain-based RNG (four, five or six numbers are taken from the unique code of the last extracted bitcoin block). Once all the lottery numbers have been drawn, the winnings are automatically transferred to the owners of the winning entries through the algorithm created in the smart contract. Table 2 shows the distribution of the prize pool in Fire Lotto. 

DISTRIBUTION AND PAYMENT OF THE SALES COMMISSION The owners of Fire Lotto tokens are guaranteed to obtain 10% of the funds raised from ticket sales. The sales commission is distributed after each draw based on the smart contract, regardless of the volume of ticket sales. Token yield is 1.60 US cents per 8 million tickets sold, representing more than 20% per annum of the amount of funds invested in Fire lottery tokens. Considering the fact that every year more than 7 billion lottery tickets are sold at a price of USD 2.00, the profitability of Lotto tokens can exceed 50% per year in the first year.

Frequently Asked Questions 

1. How many tokens will be sold and how will they be distributed? 

A total of 100 million fire lottery tokens will be sold. The distribution of tokens is shown in the following diagram.

2. How much will a token cost? 

During the ICO, a token will be sold for USD 0.50. For the participants in the bonus program, the minimum price per ticket will be USD 0.40. During the pre-ICO, a token will be sold for USD 0.35. 

3. How much will a token cost during the private sales round? 

Fire lottery tokens will be offered at a price of $ 0.35 per token. For special terms, contact info@firelotto.com 

4. Why do you need the closed round?

The funds raised in the closed round will be used to generate a minimum prize of USD 1,150,000 * and to finance an advertising campaign for the ICO. * Generation of award-winning funds.

5. How will the project be launched? 

Unlike other ICO, our ICO will follow the launch of the lottery instead of precede it. The product will be launched on January 1, 2018. The beta version is available to try today! The lottery will be launched with a minimum prize of USD 1 million. On the day the lottery is launched, we will publish your source code on Github for inspection. The lottery will be launched in operational mode, which means that users can enjoy all their functions, play and win. At the time the lottery starts, the transfers will be automatically made within the smart contract to the wallet responsible for collecting the sales commissions and paying them to the cardholders. § The pre-ICO will open on January 15, 2018 and will close on February 15, 2018. § The ICO will open on March 15, 2018 and will close on April 15, 2018. This means that when it opens The ICO, investors will be surprised to see not only a finished product, but also a large prize pool available to be won and distribution of sales commissions among cardholders in real time mode. This ICO roadmap will be implemented for the first time and will become a distinctive feature of this project.

6. How do I get the Fire Lotto tokens? 

Within four days after the completion of ICO, the tokens will be transferred to the portfolios of the investors who participated in the entire process. The tokens will be transferred to the investor account in the private cabinet and will be available after ICO completes. 

7. How will you pay the sales commission? 

Since the launch of the lottery, 10% of the funds raised in the sale of tickets will be transferred to the intelligent contract responsible for the distribution of the sales commission.The first distribution of sales commissions collected among the card holders will take place on the second day after the ICO closes. The commission will be paid at ETH to all cardholders. Subsequently, the commission will be paid after each lottery draw. 

8. When will the Fire Lotto tokens be included in the cryptocurrency exchanges? 

Our tokens will appear on the list within one month of the end of the ICO period. 

9. How much money can I invest during the private round? 

The amount of money is not limited.The tokens will be sold at a price of 0.35 USD per token. The funds will be converted to ETH by the organizers of the lottery at a current exchange rate between ETH and the currency the participant uses to make the payments. This means that participants will not have to lose more than 7% when buying cryptocurrencies or controlling the constantly growing exchange rate for Ethereum. 

10. What happens if all the tokens are not complete? 

We will freeze the amount not sold for one year. Later, they will be available for investors to buy. 

For Official Information :

• Website : https://firelotto.io/
• Whitepaper : https://firelotto.io/whitepaper_en.pdf

Authorship by TahuDiniHari : https://bitcointalk.org/index.php?action=profile;u=1073216