The blockchain technology has been empowering and transforming all sorts of industries. The banks and various payment companies are now considering getting integrated with the Ripple (XRP), the governments are making the cryptocurrencies legal and simply discuss weather those should be considered a currency or a commodity. Nowadays there is almost no industries that have not been disrupted by a certain blockchain-powered startup. Today we are going to take a look at how Fire Lotto plans to change the online lottery sector with its innovative and the most transparent approach.
What is Fire Lotto?
Fire Lotto is designed to deliver a truly international experience of online lottery via an Ethereum blockchain. It attracts funding via an Initial Coin Offering, and recently it has been named the best ICO of January 2018 by ForexNewsNow.com.
Considering that the company will be using its own Random Number Generation scripts, and that it will be making those scripts public, it should fully be capable of proving that there is no way the company can influence the results of the lottery.
Besides that, as Fire Lotto will base its payouts and ticket distribution on the cryptocurrency wallets, it will be able to serve the players from all over the world, regardless of the legal conditions behind the lottery business in any given country. As long as the person is able to purchase some crypto currencies and purchase a ticket, there should be no problem in participating. Cashing out the winnings should not be complex as long as there is no ban on cryptocurrency in a particular country.
Instead of releasing a single lottery, Fire Lotto will kick off by launching a few types of the lotteries.
The first one is called 4/20, where a winner has to pick a matching combination of four numbers out of the twenty available.
The second lottery type works the same way, yet it comes with a larger set of number – 5/36.
The third type requires selecting 6 winning numbers out of 45 available.
Those are pretty much classic lottery types, so there is nothing unexpected here.
However, the last type of the online lottery offered by Fire Lotto can hardly be called a lottery at all. It is a certain mix between the spinning wheel, slot machine, and the lottery. This is an almost instant lottery as it takes anywhere between 20 and 30 seconds to spin a wheel. The company plans to use this tool to get extra revenues while the players await the announcements of the winning combinations.
Why does this sector require transparency?
The lottery business is pretty similar. Little Johnny takes a dollar from each of his one hundred friends. Then little Johnny writes the names of his friends on pieces of paper and throws them into a big bowl. Johnny takes out the name of the lucky friend, and this kid is given 80 dollars. Why 80? Because little Johnny wants to get compensated for all of his services. In a simple way, this is how a lottery company functions. Obviously, there is much more to it, but the mechanics stay unchanged.
However, it is often the case that the lottery company is not simply ok with keeping 20% (or typically less) of the ticket prices to itself…especially when there’s a possibility of hitting a jackpot and taking a larger share of revenues.