How Fire Lotto Is Innovating “Fair Play” On the Blockchain2 weeks ago
Fire Lotto is the first blockchain lottery that uses the funds it generates from ticket sale to pay the lottery amount to the winner. It uses Ethereum and smart contracts to guarantee payments, authenticity and has the source code available for transparency.
The applications of the blockchain are limited by nothing but your imagination. Fire Lotto has shown this by coming up with a blockchain lottery that does not have a cap on the prize amount. 70% of the funds from the ticket sales are allocated as the prize amount, and the winner is paid instantly.
The more the ticket sales, the higher the prize money. Current funds stand at more than $3.7 million. In case there is no winner in the draw, a second iteration will take place, with the prize being doubled initially.
Fire Lotto ICO
The Fire Lotto presale is ongoing until February 15th.
The ICO will start on March 15th and run until April 15th. The presale is ongoing until February 15th. Of the total 100 million FLOT tokens, 77 million are for the Fire Lotto ICO.
The whitepaper gives people the entire business model and working of Fire Lotto, while the transparency is provided by the publicly available source code on GitHub. Since smart contracts are used for all transactions, you don’t have to worry about receiving the prize money.
There are four different lottery games currently with the Fire Lotto mobile app. Playing the lottery is pretty simple. Just download the app and choose from the four games. You buy a ticket worth $2 and then wait for the draw.
If you are the lucky one who’s numbers show up during the draw, then you receive all the money instantly to your wallet address. This could be dozens of millions we are talking about. As hard as it might be to believe, it’s true, and it’s happening.
Fire Lotto differs from most ICOs in that there is already a finished product which users can see and use. There is a guarantee of payment and a promise of authenticity with the source code available and the usage of smart contracts.
There is also the opportunity of becoming an investor and buying FLOT tokens at the ICO. Investors are given 10% of the ticket sales as a bonus, while 15% of the sales are invested for promotion and 5% used for development and maintenance.
If you become a co-owner by buying FLOT, then you are guaranteed returns every year, since the lottery will continue to receive more participants, and you continue to receive profits. As the token cost increases with higher trade volume so does your profit margin.
The draw is made based on RNG using Bitcoin blockchain, ensuring its randomness. Since it is based on Ethereum blockchain, it is impossible to tamper with the system and manipulate the drawing number. The biggest attraction, though, is not the prize money, but the fact that it comes absolutely free of taxes. It’s an investment of $2 that could see you become a millionaire.
Since that’s a gamble of long odds, it’s better to invest in one of the hottest blockchain projects and have an assurance of earning continuous profits.
For more information on Fire Lotto, check out their website or watch the short explainer video:
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