Introducing to you, completely transparent and fully decentralized platform 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 global lottery industry grew from $187.1 billion in 2004 to $294.3 billion in 2016, representing a compound annual growth rate (CAGR) of 4.3% per year. In 12 years from 2004 to 2016, lottery sales have declined only once, evidencing the stability of the business. More than 64% of global lottery sales come from Europe and North America.
Concurrently, with growing penetration of the Internet and mobile phone adoption, online and mobile lotteries are growing everywhere. The total revenue of mobile lotteries in 2016 is estimated to be 43 billion, while 44% of the amount is generated in Europe and North America. The pace of technology adoption can be even faster in the developing markets.
Globalization, economic growth in the developing world and progress in information technology are factors that will accelerate changes in the lottery industry, especially in the emerging markets. The global lottery industry is moving closer to cross-border, high-technology lotteries, and BLOCKCHAIN TECHNOLOGY CAN BE THE STEPPING STONE NEEDED FOR THIS INNOVATION.
PROBLEMS FACE BY LOTTERY INDUSTRIES
Blockchain technology can solve trust and fairness issues faced by the lottery industry. As with all centralized services, lotteries have real and perceived trust issues. Some of the most common lottery industry problems are described below.
Fairness
Ensuring fairness of the game remains the biggest challenge. Lottery players may question the possibility of manipulation or fraud, e.g., several possible concerns:
· Are the ticket and lottery real?
· Is the money really accumulated in one pool?
· Is RNG truly random and secure?
· Is the jackpot winner real?
· Are the prizes paid on time?
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.
Availability
Users from other countries cannot easily participate in some of the biggest lotteries in the world such as Euromillions or some of the lotteries in the United States. Users are limited to playing smaller, local lotteries due to the smaller size of their domestic market, underdevelopment of the lottery industry at home, or strict regulation. New online solutions that allow such players to buy worldwide or U.S. lottery tickets have recently gained some popularity, but the service charges, as well as risks of fraud and mismanagement, remain high.
HOW THE BLOCKCHAIN FIRE LOTTO WORKS
The prize pool of the Fire Lotto lottery is formed from 70% of the funds collected from ticket sales. The minimum size of a guaranteed jackpot is fixed — 1000 ETH (~ USD 1,000,000) for the 6/45 lottery.[*] If nobody wins the main prize in a drawing, it will be rolled over to the next drawing and increased. The jackpot will keep growing until it finds its winner.
There is a drawing every six hours in each lottery. Numbers are drawn randomly with the help of the blockchain-based RNG (any four, five, or six numbers are taken from the unique code of the latest bitcoin block mined). After all the numbers in the lottery have been drawn, winnings are automatically transferred to the owners of the winning tickets through the algorithm built in the smart contract.
There will be five prize categories with a different prize depending on how accurately the player predicts lottery numbers. All categories starting from 2 will be calculated as percentages of the prize pool. If several winners win the jackpot in one drawing, it will be split between them.
We will offer two types of lotteries: instant lotteries and draw lotteries.
The blockchain technology can help us solve this problem. However, projects that use this technology are not always transparent enough. Let us take the TrueFlip project as an example. If you carefully read their project description and code published on GitHub, you will see their use of the blockchain technology is limited only to the RNG, while data on the amount of funds collected and the distribution of funds is stored on a single server.
DISTRIBUTION
— 70 % Prize pool
— 15% Advertising fund
— 10% Commission
— 5% Technical costs (gas payments for transactions)
Distribution of Fire Lotto Prize Pool:
We offer three types of draw lotteries: 4/20, 5/36, and 6/45.
The 4/20 lottery
MatchingNumbers / Prize Pool Distribution
1) 4 / 33%
2) 3 / 33%
3) 2 / 34%
Ticket price 0,003 ETH (~2.00 USD)
Guaranteed prize pool 20 ETH (~7,000 USD)
The 5/36 lottery
Matching Numbers / Prize Pool Distribution at Jackpot of
1) 5 / 25%
2) 4 / 25%
3) 3 / 25%
4) 2 / 25%
Ticket price 0,003 ETH (~2.00 USD)
Guaranteed prize pool 100 ETH (~100,000 USD)
The 6/45 lottery
Matching Numbers / Prize Pool Distribution at Jackpot of
1) 6 / 20%
2) 5 / 20%
3) 4 / 20%
4) 3 / 20%
5) 2 / 20%
Ticket price 0,003 ETH (~2.00 USD)
Guaranteed prize pool 1000 ETH (~1,000,000 USD)
WHY THE FIRE LOTTO WILL BE PLAYED ALL OVER THE WORLD
· The initial guaranteed prize pool is over USD 1.1 million.
· The amount of the prize pool can grow up to dozens of millions of dollars.
· A record 70% of funds collected from ticket sales will be allocated to the prize pool.
· Neither winning numbers nor lottery tickets can be faked.
· Distribution and payout procedures are transparent and supported by smart contracts.
· The lottery is based on the ETH blockchain. All the parameters of the lottery are included in the program code, which will be open to anybody willing to check it.
· This lottery cannot be banned. You only need Internet access and a cryptocurrency wallet to play it.
· A comfortable and user-friendly interface. A game that is played in one click. A mobile version available.
ICO AND TOKEN
· A total of 100,000,000 tokens will be issued.
· Pre-Sale Token will be offered at a price of 0.35 USD per token.
· Token sale initial price will be USD 0.5. For the participants in the bonus program, the minimum price per token will be USD 0.4
· The pre-ICO will open on January 15, 2018 and close on February 15, 2018.
· The ICO will open on March 15, 2018 and close on April 15, 2018.
ROADMAP
Find some of their links below for more information :
Website: https://firelotto.io/
Facebook: https://www.facebook.com/firelotto
Twitter: https://twitter.com/FireLottery
Telegram: https://t.me/firelotto
Github: https://github.com/firelotto
Whitepaper: https://firelotto.io/whitepaper_en.pdf
BTT Profile :
https://bitcointalk.org/index.php?action=profile;u=1036164 ( AndryAR )