Introduction:
The gambling industry is growing year by year. Especially online gambling has become more and more popular, since it is more practical and easier to access then the traditional way of gambling. I'm playing lottery myself every now and then and while I was earlier playing at the lottery store in my city, I now have completely switched in playing online. But often, it is questionable if traditional lotteries provide fair play. Also most lotteries are centralized and the "house" holds all the shares. With the emergence of cryptocurrencies and with that also different projects that are based on the blockchain developed, a project called "Firelotto" is offering a crypto lottery service with a truly fair play powered by the blockchain technology.
What is Firelotto?
Firelotto is a crypto lottery with an innovating truly fair play, powered by the blockchain. Firelotto offers 4 kinds of lotteries, namely the 4/20 lottery, the 5/36 lottery, the 6/45 lottery as well as the Roger's wheel. Unlike many other lotteries, Firelotto has a drawing every 6 hours. Payment are directly made through the blockchain with cryptocurrencies. The payment is secured thanks to the smart contract, that offers great transparency over all the distribution of funds. Also winning distributions will be credited automatically which overall enhances the user experience. Firelotto puts 70% of the funds received from the sold tickets are going into the prize pool. The prize pool has not winning limit and grows with every ticket sold. 1 Ticket will cost about 0.003 ETH (~2$) and enables to join any lottery.
Unlike the traditional lottery, users can also buy Firelotto Tokens (FLOT-Tokens, more infos below) and this allows the user to hold a share of the company. By doing so, a percentage of all the ticket sales is distributed to the token holders with every drawing. Therefore it is to be expected the the cost of each FLOT-Token will increase over time, since profit shares will be bigger as Firelotto grows. The graphic below explains shortly how this works:
Here is how Firelotto differs from other similar lottery providers:
Here is the official video from Firelotto explaining shortly again how it works:
FLOT-Tokens:
Firelotto uses "FLOT-Tokens" as their official cryptocurrency on their ecosystem. FLOT-Tokens are based on the Ethereum-Blockchain and are ERC-20 compatible, hence also compatible with wallets like Myetherwallet and Co. By holding FLOT tokens, a percentage of ticket sales to all holders is provided with every lottery drawing.
Here are some more information about the upcoming sales:
- Sales will start on March 15th 2018 and close on April 15th 2018
- Softcap is 2 million USD (and is reached already in the presale)
- Harcap is 15 million USD
- Unsold tokens will be frozen for 1 year and after that available for investors to purchase
- ICO price for 1 FLOT is 0.7$, with minimum 0.5$
- During the pre-ICO one token cost 0.35$ for the private sales
- Exchange listing 1 month after ICO
On the following graphic you can see how the token is distributed and how the prize pool distribution will look like:
Roadmap:
A quick look at the roadmap from Firelotto shows not only their recent achievements, but also future planned goals of the project. As seen below R&D started back in Q1/Q2 2017 successfully, also with a closed round of sales in november 2017. With the new year, Firelotto has launched. Pre-sales were also done back in early january wth a success with reaching the softcap. Now the next step is going to be the advertising campaigns for the upcoming main token sale starting on the 15th of March 2018. A more detailed roadmap for the future goals is to be expected after the token sale.
The Team:
Here we can take a look at who works behind the Firelotto. As you can see, Firelotto has quite a big team, with not only very successfull entrepreneurs, but also a widely diversified knowledge power house. From blockchain experts to IT-development, as well as gambling experts, marketing and PR and UIX-designers, the Firelotto team is equipped with a fully talented members. If you like to know more about the team members, take a look on the official website where you can click on each member to see their linked profile for more detailed information.
My opinion:
Firelotto seems to be a very promising project. With the growth of online lotteries as well as more and more users are adapting into the blockchain, I see a good success potential for Firelotto. Personally I really like the idea of holding shares and getting continuously profits from the sales, since this is not possible with the traditional lottery providers. As the project grows, investors might get rewarded even more. Therefore I'm already looking forward for their upcoming token sales and then will see, how the project is developing.
Further information:
If you are interested in the Firelotto project, kindly visit the official website, take a look at the whitepaper for more detailed information and subscribe to their official communication channels to stay updated about upcoming announcements:
Website: https://firelotto.io/
Whitepaper: https://firelotto.io/whitepaper_en.pdf
Twitter: https://twitter.com/firelottery?lang=de
Facebook: https://www.facebook.com/firelotto/
Telegram Chat: https://t.me/firelotto
Bitcointalk ANN: https://bitcointalk.org/index.php?topic=2579275.0
My Bitcointalk Profile (Rano): https://bitcointalk.org/index.php?action=profile;u=1609093