Fire Lotto, an international Blockchain lottery built on the Ethereum protocol, has launched this December.
Fire Lotto, an international Blockchain lottery built on the Ethereum protocol, has launched this December. The first stage of the Token Sale is ongoing and takes the form of a private pre-sale of their token FLOT.
The lottery industry is facing challenges due to the growth of the digital economy.
A lottery game built on the Ethereum blockchain is sure to innovate the global lottery industry, but until recently it was not possible to have a truly transparent and non-centralized system for betting. Blockchain technology can help us solve the problem of single server online betting which may belong to a single person.
In fact, Fire Lotto creates lottery tickets which are impossible to forge by using the cryptocurrency ETH as a main method of payment, so collection/distribution of bets and paying of winnings are absolutely transparent. The code powering the program is available for anyone to view on the Whitepaper.
“Worldwide demand for truly transparent, fair services has grown alongside the advance of technologies that enable the change. The distributed, decentralized nature of blockchain technology offers tremendous opportunities for financial technology innovation, and, similarly, for gaming industry modernization.”
The Fire Lotto lottery works rather straightforwardly; the prize pool is created by the funds collected ticket sales. Players are able to guess the correct sequence of numbers, as they would with other lottery systems both online and offline. There are three draw lotteries offered by Fire Lotto: 4/20, 5/36, and 6/45. There is also the instant lottery called Roger’s wheel, which has a fortune wheel with 21 numbers. It offers bets from 0,007 ETH with coefficient from 2 to 20. If you guess the right number, then you’ll receive your bet multiplied by a chosen coefficient.
The minimum size of a guaranteed jackpot is fixed—3000 ETH (~ USD 1,000,000) for the 6/45 lottery. If nobody wins the main prize in a draw, it will be rolled over to the next draw and increased. The jackpot will keep growing until it finds its winner. However, there will be five prize categories with a different prize depending on how accurately the player predicts lottery numbers.
Fire Lotto Lottery has already launched in the Ethereum test net. You can try and test it. It is simple and understandable as traditional lotteries are.