It was only a matter of time until the cryptocurrency revolution started getting people to re-think how the lottery industry works. Lottery ticket sales are growing worldwide, but old-school state and national lottery systems aren’t without their problems. That’s where Fire Lotto comes in – an Ethereum-based lottery game that embraces fairness and transparency.
Can you imagine a transparent global system with a large prize pool that’s paid out almost instantly? What about a random number generator you can trust?
Fire Lotto is a global lottery platform that’s making it happen, and its Pre-ICO is launching today at 12:00 UTC.
Even though the Pre-ICO is barely starting, the Fire Lotto (FLOT) coin sale has already exceeded its soft cap of 7,000,000 FLOT tokens – that’s USD $2 million. The soft cap was hit during a private pre-sale, when about 2,000 investors purchased FLOT. The hard cap for the sale is set at USD $7 million.
So why are so many cryptocurrency investors lining up early to score Fire Lotto’s tokens? People seem excited about the prospect of a blockchain-based lottery game.
What’s wrong with the way traditional lottery games function?
Like a lot of centralized services out there, the lottery system as it stands raises some real questions about trust and fairness. As individuals, participants are totally disconnected from the ticket generation and number selection process. We put our money in, buy our tickets, and wait for the winning numbers – but the lottery is all going on behind the scenes. Players all over the world put their trust into local lottery associations or governments that administer the games.
It makes you wonder. Are the numbers truly generated randomly? Is it safe from manipulation or fraud? Is the money really pooled together? How do we know that the game is real?
These are all concerns that can be tackled with blockchain technology.
Fire Lotto – finally there’s a decentralized solution to the lottery
Fire Lotto understands that guaranteeing fairness and transparency are two of the most important factors when it comes to designing a wide-scale game like this. Here’s how this blockchain-based lottery works:
Players can choose either an instant lottery game (it’s sort of like Wheel of Fortune) or a draw lottery game – where you select numbers and wait for the drawing.
Actually, there are 3 draw games that you can play right now. Fire Lotto is already active.
Drawings happen every six hours, and ticket sales stop one hour before each drawing. If your bet was placed within an hour of the drawing, it will automatically be shifted to the next one.
Participants can enter the game with as little as 0.003 ETH – which is currently about $4.00. Bets can go as high as 1 ETH (about $1,370 at the time of writing).
Of the total bets that are placed, a whopping 70% goes into the prize pool. Especially compared to old-school lottery games, a portion that high is unheard of.
Once the winning combination is selected, the prize money gets automatically dispersed to the winner’s wallet. There’s little wait time and, unlike with some traditional lottery games, you don’t have to deliver a paper ticket in person to prove that you’ve won.
If nobody picked the winning numbers, the prize money rolls over into the next drawing. If nobody wins the next time, the same thing happens, and so on.
It kind of sounds like a regular lottery, though, doesn’t it? There are big reasons why it’s different.
Blockchain technology keeps Fire Lotto fair and open
First of all, the winning numbers are randomly generated using Bitcoin (BTC) technology. Fire Lotto takes advantage of the secure random number generation (RNG) method based on Bitcoin’s.
As for the payout and distribution, that’s all taken care of thanks to Ethereum’s smart contract platform. Payouts are guaranteed and almost instant. And, obviously, all the data is stored cryptographically in a publicly-viewable, decentralized blockchain.
More importantly, every rule and process that governs Fire Lotto is fully transparent and viewable to the public. But we wouldn’t expect anything less than a blockchain-based lottery game, would we?
Fire Lotto has managed to design a worldwide lottery game that has no hidden fees or taxes, is completely anonymous, and guarantees an honest playing experience. Especially compared to walking into a convenience store to buy a lottery ticket, what’s not to like?
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.