LOTEO – Digital automatic lottery platform that uses blockchain and smart contracts
Hello friends all are still with me lani123lani. This time I will provide information about a project that is very interesting for you to know in a new cryptocurrency named LOTEO. Before heading to the discussion, I think we all agree that blockchain technology still requires efforts that encourage adoption to continue to grow and continue to grow in the future.
Lotteries are a very popular form of gambling, but they face a number of long-standing issues. States may restrict their citizens from participating in lotteries, or they may restrict their choice to a single state-run monopoly. Trust in conventional lottery organizers has been eroded through scandals as well as a lack of transparency that has been present since the game’s inception.
LOTEO is an automated digital lottery that is executed via code instead of being run by people. The lottery will, first on a weekly, and later on a daily basis, draw a random Ethereum address from a pool of users. The draw will be based on a random number generation system that will have a publically-viewable code on GitHub and also on Ethereum Network. The winner shall receive 75% of the prize pool as a reward, which will be sent to their Ethereum address.
Not only will LOTEO make this form of gambling accessible to more people than ever, but it will also address the issue of trust as it will be executed via a smart contract, the code of which will be publically-viewable on GitHub and also on Ethereum Network. Through a combination of international reach, transparency and automation, LOTEO aims to become the industry standard in the rising market for digital lotteries.
Lotteries are a well-established and popular form of gambling that backs to the 2nd century BCE. Today, officially licensed lotteries can be found in almost half of the world’s countries1. Despite the fact that some governments restrict or monopolize this form of betting, they are undoubtedly popular across many different regions.
In an effort to provide additional oversight, states often take the initiative in managing lotteries within their own borders; state-monopolies exist in many countries (Brazil, New Zealand, and the UK, to name a few) and in these cases customers are assured that by having the government step in as the organizer, the lotteries can be allegedly trusted.
However, transparency is still severely lacking from the actual management of even the most stringently-run national lotteries. Furthermore, many people, particularly those who are enthusiastic about cryptocurrencies, distrust national governments and would prefer to play a lottery that is automated, transparent and fair.
The Loteo Solution
- Winning Chance
- Unlike conventional lotteries in which you bet against an unknown number of drawn numbers10, in LOTEO you only bet against other purchased tickets, an amount that is several thousand times smaller than the number of potential winning combinations in standard lotteries. Thanks to the blockchain, the system is transparent and you can track all transactions. You have a chance to win everytime the lottery takes place as you are only betting against a certain number of participants and there is winner by every drawing.
- All transactions and prizes are viewable on the blockchain at all times.
- By being governed by smart contracts rather than governments or private individuals, the drawing process becomes automated. There are many problems with current blockchain-based digital gambling platforms. They are often too complicated, suited only for crypto enthusiasts, offering an unsophisticated design that is neither attractive nor user friendly. Global lottery market is worth approximately 8 Billions USD.
- The target is to bring a lottery platform ( MVP 31/3/2019) that offers the best user experience, to which the targeted customer is used to, enhanced with the technology of blockchain.LOTEO aims to get 0,1% out of this market in 1 year period. This will be achieved through a marketing strategy that involves global and local ambassadors from the crypto industry as well as from world-famous athletes.
How Does The Lottery Work?
- 75% for the lottery winner
- 20% for LOTES owners
- Purchased ticked of the user he registered
- 1% is given to a charity that is chosen by the LOTEO community.
Users enter the lottery by signing up their Ethereum address, which is then registered as a lottery ticket.
Understandably, payment for the entry ticket is done with the Ethereum cryptocurrency. The user is able to check all transactions on the blockchain at any time. This method of payment is common for well known among those people who are familiar with crypto. There will also be Metamask integration for easier payments. Next step will be payment integration of Bitcoin and other cryptocurrencies. As LOTEOstrives to make the purchasing process as simple as possible for all users in order to gain the maximum amount of them, LOTEO plans to provide additional payment options asides from Ethereum, Bitcoin or other cryptocurrencies such as third party merchants that accept fiat currencies like US Dollars or Euros. However, they will still require an Ethereum wallet as the lottery will be drawn from a pool containing the Ethereum addresses of all currently participating users. Payment options will be later extended with mobile message payments and mobile transfers.
The LOTEO is in negotiation process with mobile crypto payment terminal providers about future possibility of LOTEO in payment terminals integration. LOTEO aims to have as many points of sale as possible according to all regulatory restrictions. The plan is to incorporate also classical, physical way of ticket purchasing with QR, thorough using third parties sales net. Because of different jurisdictions and many changes in law during the whole process, these event can’t be exactly scheduled and will be executed on national/regional level, instead of global. Received FIAT has to be exchanged for cryptocurrencies, through the broker and received on LOTEO platform.
After the initial community building phase is concluded, LOTEO plans on releasing an application that will be available for Android as well as for Apple users. However, as the Apple iStore does not support applications that offer direct betting, the Apple version will be used to notify the users about special events, promotions, upcoming lotteries and other important news. Users will receive 100 LOTEU for successfully installing the application on their phone, regardless of whether it is the Apple or Android version. The exact specifications and technical information will be later elaborated upon. LOTEO aims to offer an option of buying lottery tickets through its app. It will be equally important to have an app through which users will receive notifications about the drawings, wins and information about their winning probability, news and being able to communicate through it. The scheduled date for the app launch is Q1 2020.
Token Structure & Usage
LOTES is a security token which is meant to be sold only in private funding round (the STO) to accredited contributors from venture capital funds. There will not be a public sale. This token grants owners an opportunity to prot from being part of a lottery without being attendees in amount 20% of each prize total value. The LOTES are locked for 15 months and during this time it is not possible to buy or sell them anywhere else. After the rst 15 months pass, there will be another round of the private sale during which LOTEO will unlock 30% of all tokens and those will be sold to accredited contributors or VC in private deal. After selling these tokens, the token will be listed on exchanges that oer security tokens trading. After 15 months, 20% of all security tokens will be owned by the lottery while 80% will be decentralized, preventing the lottery from being manipulated. The token also has a governing function, meaning any signicant change has to be achieved by consensus and any tokenholder can issue a suggestion or voting.
- 2019 Q1 – Legal & Project funding
- Weekly lottery testing phase
- APR 1 – MVP with Weekly lottery launch
- Official Loteo Web launch
- Q2 – MVP Testing
- MAY 1 – Soft launch
- JUN 1 – Hard launch
- Promo campaign launch
- BTC Payment will be available
- Q3 – Daily lottery launch
- Implementing Card payments possibilities
- Enabling Local Mobile message payments
- Q4 – 3rd Loteo game launch
- Spreading Mobile message payments
- 2020 Q1 – Loteo iOS & Android App
- Special Announcement
- Q3 – External API Integration, LOTES Unlock
- 2nd funding round & LOTEO Games development
- Q4 – LOTES Exchange listing
- 2021 –LOTEO Bets – P2P Bets system
- LOTEO Tickets well be available throught 3rd parties
- 2022 –LOTEO B2B Platform Launch
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