A lottery game built on the Ethereum blockchain will be a major innovation in the global lottery industry. A gaming system built based on the use of the Ethereum blockchain would operate with a high degree of autonomy, and its data and records would be cryptographically stored in a public, decentralized blockchain. Fire Lotto is online and borderless, such a system can resolve several challenges of traditional lotteries. The proposed lottery will employ the random number generation (RNG) method, which is secure 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.
Regulations
In some countries lotteries are not legal, and in most other countries only governments and affiliated organizations can obtain a license to operate a commercial lottery business. Corruption schemes that can affect distribution of funds may take place in different regions.
How The Blockchain Fire Lotto works
A completely transparent and fully decentralized platform has been built, for organizing and conducting a lottery using the blockchain technology and ETH smart contracts for collecting and distributing funds, drawing winning numbers in a random fashion, and paying lottery tickets sales commission to token holders. The prize pool of the Fire Lotto lottery is formed from 70% of the funds collected from ticket sales.
Lottery types
There are two types of lotteries: instant lotteries and draw lotteries. The Roger’s Wheel instant lottery is a mix between the traditional wheel of fortune and a slot machine. In this game, players can place bets ranging from 0,003 ETH (~USD 2.00) to 1 ETH (~USD 1,000.00) [*] and choose a payout rate from 2 to 20, which will be used to multiply their winnings. Next, the player spins the wheel divided into 21 sectors with different payout rates on them. If the wheel stops at the player’s chosen rate, he or she will instantly have the winnings (the bet multiplied by the payout rate) transferred to their cryptocurrency wallet. The player can turn an unlimited number of Page 5 wheels in one game, which reduces the waiting time and increases the number of tickets bought by the player. The wheel rotates for 20–30 seconds. The randomness of the game is ensured by ETH blockchain-based RNG.
There are three types of draw lotteries: 4/20, 5/36, and 6/45. The platform allows for the addition of new types of lotteries in the future. The player enters the lottery site with a traditional and user-friendly interface, where he or she can buy almost an unlimited number of lottery tickets and choose numbers for each ticket. Tickets are bought in one click through the user’s cryptocurrency wallet. An Ethereum transaction goes to the smart contract of the chosen lottery, contributing to the prize pool. 70% of all lottery ticket sales are allocated to the prize pool.
Tokens and dividends
Fire Lotto token holders are guaranteed to get 10% of the funds collected from ticket sales. Sales commission is distributed after each and every drawing based on the smart contract, regardless of the volume of ticket sales. A total of 100 million Fire Lotto tokens distributed. Fire Lotto tokens will be transferred to the investor’s account linked to his or her personal profile after the transaction has been confirmed. Since the launch of the lottery, 10% of the funds raised in ticket sales will be transferred to the smart contract responsible for the distribution of sales commission. The first distribution of collected sales commission among token holders will take place after the ICO closes. Credits : www.coinnoob.com