Since creation, man has been having different forms of problems, which have also been accompanied by different forms of solutions. However, some amazing solutions are yet untapped, which could be due to some reasons. One of the reasons could be that, the information has not been well disseminated and whatever you know cannot be taken away from you. Also, there are certain things that for now, may not be learnt in the four walls of the classroom, most especially for those who are learned but maybe learnt if you desire to know them. Therefore, one of the recently explored areas of knowledge now is Blockchain technology, in which there is yet no end to learning and knowing about it.
Blockchain technology is a well-distributed leger, which is used in the distribution of information from one person to another, through the creation of a distributed database. This information distributed is secured, transparent, immutable, trusted and whatever good quality you might think of. Why? This is because blockchain technology is the engine behind it. This is why some companies, firms, organizations, individuals, government functionaries and groups, have decided to adopt it since they now know about it.
The most use of this technology in line with cryptocurrency has been found in a world generally called the Crypto space, Cryptoverse or the crypto world, depending on what name enthusiasts decide to adopt. This has also led the formidable team of a company to decide on its use and apply it in solving a problem(s) that has/have been lingering for quite some time now in the lottery industry. This new innovative idea has been birthed through a project called, LOTEO.
What is LOTEO?
LOTEO is a platform that operates automatically in totality, through the use of blockchain technology and smart contracts, to create a transparent lottery, which is much better in all areas, when compared to conventional and contemporary lotteries. It is also the only lottery platform on blockchain technology, which does not involve KYC/AML.
What then is Lottery?
A lot might have heard about the word Lottery, but may not fully understand what it is. Lottery in itself is a form of gambling, which involves selling coded tickets to raise money and then drawing this tickets at random, with an eventual delivery of prizes to those whose numbers or codes were randomly chosen after the draw. also, raising fund from lotteries have been used to finance a lot of programs, such as helping the needy in the society, giving scholarships to the less privileged, taking care of the elderly ones and many more.
Are lotteries legal?
Depending on the jurisdiction or countries in which they operate, the government of some countries have outlawed the fostering of and participation in lotteries, whereas, some countries allow it and have gone as far as organizing their lotteries. Despite the restriction it has in some places, the number of places where it is allowed to operate keep increasing, so also, participants are increasing and the money generated is increasing. I am excited to tell you that LOTEO is licensed and has every legal backing to operate.
Why then the lunch of LOTEO?
You may have asked yourself this question and want to know the reason this project is coming out at this time. Despite the yearly increase in lottery participation, there have been a lot of problems with the conventional system of organizing lottery, whether by individuals, groups or government. Since they are operated in a centralized manner, there is every likelihood for the system to be unfair, leading to lots of manipulations. There have been cases of lack of transparency and loss of personal touch as stated by Bitcoinist. Therefore, LOTEO is trying to bridge this gap, by creating a platform that runs fully as an automated system, without the interference of man, through the help of blockchain technology and smart contract.
What are the features of LOTEO?
Transparency: Since the system is blockchain-based, every activities and number of participants in every entry can be seen and you can easily track every process. Therefore, with LOTEO, there is no hidden process.
Trust: If a system is transparent, it then brings about trust in the system. Instead of individuals or governments, a smart contract is in charge, which makes it not to be prone to manipulation.
Opportunity for all: In a system where you see every participant, unlike the conventional system where there can be all lies about the participants. In LOTEO, you know the number of those you are competing with and there must certainly be a winner, which might be you.
Are there no other blockchain-based lottery platforms and makes LOTEO better?
There are other blockchain lottery platforms, but the difference you can easily spot when comparing LOTEO with other platforms is that others are complex, which makes some participants not to be able to use them, but for LOTEO, it is easy to understand and operate. The interface is inviting.
How does the LOTEO lottery work?
The lottery draw, for now, will be done weekly, then later there will be an upgrade to daily draw. To apply for the lottery, participants will purchase tickets through the use of Ethereum, as a cryptocurrency in your Ethereum address or make it easier, you can apply for one through a third-party merchant. Te address will be used alongside your entry to gain a spot. Every random draw will be subjected by the same rule the Ethereum smart contract. It is this same smart contract that will deploy the reward to the winner's Ethereum address used in registering on the platform, which is also done automatically.
How is the reward distributed?
On LOTEO platform, since it is done transparently, there must be a winner. Therefore, the rewards are distributed in the following format:
⚫75% for the lottery winner
⚫20% for LOTES owners
⚫4% purchased ticked of the user he registered (affiliate)
⚫1% is given to a charity that is chosen by the LOTEO community.
Tokenomy
You would have been wondering if this project has its tokens? Yes, it does. It has two sets of tokens - One is a security token, while the other is a utility token.
The security token called LOTES is only sold to private investors, in which there will be two rounds. After the first round sales, the tokens will be locked for 15 months, where it can not be traded. Which is followed by the second round. Thereafter, 30% will be unlocked and it can be sold to accredited investors or VC in private deal and this will then be listed on exchanges that can trade security tokens. To prevent lottery manipulation, after 15 months, 20% of all the security tokens will be owned by the lottery, while the remaining 80% will be decentralized. These tokens can be used to vote o the platform for democratic governance.
The utility token is known as LOTEU. This will be used for marketing purpose and users will use it for their entry into the lottery. Any user that buys 100 LOTEU will have the opportunity of doubling his entry, which does not bring about any inflation in price. Als, the LOTEU used by participants will be burnet quarterly by 20% until the total supply becomes equivalent to the total supply of the security token. This will increase the value of the token.
Conclusion
I will not be surprised if this project truly goes to the moon. Waiting for someone to coerce you on an opportunity like this before participating in it is like missing from a huge and big rare gem. I am convinced about LOTEO and I assure you that your positive decision on it will not bring any form of regret.
I wished i could continue to talk about this amazing project without stopping, because there are lots of potentials in it. However, no matter how short the review is, I believe you will desire to know more, which can be gotten through the WEBSITE as well as the project's social media platforms, such as, Twitter, Facebook and Telegram .
PLAGIARISM SCAN REPORT
https://smallseotools.com/view-report/75fe77f5fc5a86571c969c25189944b4
Uniqueness: 95%
Plagiarism: 5%https://smallseotools.com/view-report/0ace032293f3de684d62b44537c53570
Uniqueness: 100%
Plagiarism: 0%
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