Hi crypto lovers, I dedicate this article to talk about the Loteo project ( https://www.playloteo.com). LOTEO is an automated digital lottery that is executed by code instead of being managed by people. The lottery, first on a weekly basis and then on a daily basis, will draw a random Ethereum address from a group of users. The draw will be based on a random number generation system that will have a publicly visible code on GitHub and also on the Ethereum network. The winner will receive 75% of the prize pool as a reward, which will be sent to his Ethereum address. In the rest of the article I will explain to you in detail the features of this fantastic project. Follow me!
The problem
Today, officially licensed lotteries can be found in almost half of the world's countries. Although some governments limit or monopolize this form of betting, they are undoubtedly popular in many regions.
Trust always has an essential part in successful lotteries.
Customers must be certain that the draw is done in a transparent, fair and random manner. A multitude of scandals, both recent and past, have damaged the reputation of traditional centralized lotteries. Conventional lotteries are not much better in this regard: in 2017, Eddie Tipton, the former information security officer of the American Multi-State Lottery Association (MUSL), confessed to manipulating the random number generator and compromising the lottery drawings in Iowa, Colorado, Wisconsin, Kansas and Oklahoma, earning $ 2 million in illegal winnings before being captured. How is it possible, therefore, to prevent a central part from making "plots" towards users?
The solution
LOTEO is a fully automated lottery platform that uses blockchain and smart contract to create a completely transparent lottery, where your possibilities are incomparably higher than conventional lotteries.
There are several problems with "classic" lotteries, which have been overcome with LOTEO.
Possibility of winning . Unlike conventional lotteries where you bet against an unknown number of drawn numbers, in LOTEO you bet only against other tickets purchased, an amount that is several thousand times less 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 the chance to win every time the lottery takes place because you are betting only against a certain number of participants.
Transparency . All transactions and prizes are visible on the blockchain at any time.
Trust . Being governed by smart contract rather than by governments or private individuals, the drawing process becomes automatic.
How does the lottery work with Loteo?
Users enter the lottery by purchasing individual tickets for the weekly LOTEO lottery using the Ethereum cryptocurrency. Each address of the Ethereum wallet that purchased the registration is registered, therefore, as a participant in the weekly lottery. Later, LOTEO will add a daily lottery regulated by the same rules. The LOTEO weekly lottery will be executed through a smart contract that will use a certified random number generator ( RNG ). After selecting the winner of the lottery, unp smart cotnract will automatically send the prize to the appropriate Ethereum. All the code will be publicly visible on GitHub and on Etherscan. The prize will be divided as follows:
75% to the lottery winner
20% to the owners of LOTES (each prize drawn will be redistributed to the owners of LOTES, in proportion to the number of LOTES owned by each user)
1% is given to a charity chosen by the LOTEO community.
4% are reserved for the affiliate program.
How does the affiliate program work?
For the first ticket purchased by a registered user through an affiliate link, the affiliate partner will receive 50 LOTEU (utility token) + 4% of each ticket value purchased at ETH, while the newly registered user will receive 100 LOTEU. Note: every 100 LOTEU (2 registered users) will double the chances of winning. During the reference sale of the LOTEPASS, each affiliated partner can request 500 LOTEUs and 4% of the value of each ticket in the ETH.
The affiliate partner has the right to be rewarded with each sale of a wholesale LOTEOMAXX package. However, the wholesale package bonus (10, 20, 50, 100) can only be requested once per user, per year. There is no limitation for 4% of each ticket value in ETH.
The token economy
There will be 2 tokens:
Loteo Security (LOTES)
Loteo Utility (LOTEU).
Security Token
LOTES is a security token that will be sold only in the private financing (STO) round to taxpayers accredited by venture capital funds. There will be no public sale. This token grants owners the opportunity to protect themselves from being part of a lottery without being present for an amount equal to 20% of the total value of each prize. LOTES are blocked for 15 months and during this period it is not possible to buy them or sell them elsewhere. After the first 15 months, there will be another round of private sales during which LOTEO will unlock 30% of all tokens and those will be sold to accredited associates. After selling these tokens, the token will be listed in the various exchanges.
Utility Token
LOTEU is a utility token that will be used for marketing purposes. When you buy an additional entry to the 100 LOTEU lottery, double your chances of winning the lottery. Many airdrops of this token will be made directly for the community and through LOTEO's marketing partners, and there will be many competitions that will be awarded with LOTEU. LOTEU tokens will also be distributed through bounty campaigns in accordance with LOTEO's marketing plan and official announcements via communication channels. There is a long-term future betting plan with LOTEU for the purposes of the B2B platform that will be specified before the second round of project funding takes place. The price of 1 LOTEU is not specified precisely as there is no sales event,
Roadmap
I conclude the article considering Loteo a very interesting project. There are different blockchain-based lottery projects on the market but, if Loteo respects the promises of the Whitepaper, it will surely prove to be one of the flagship projects. I remind you that the platform is already up and running and you can participate in a lottery by going to the following address upon registration!
Links to official project resources:
Website: https://www.playloteo.com
Twitter: https://twitter.com/loteomission
Instagram: https://www.instagram.com/loteomission/
Facebook: https://twitter.com/loteomission
Telegram: https://t.me/loteomission
Bitcoin Talk (ANN): https://bitcointalk.org/index.php?topic=5116114
Author (Ar rahman)
Bitcointalk Profile : https://bitcointalk.org/index.php?action=profile;u=1977525
ETH : 0xFA48F0aE47dA992f690b11aB383136764A1949ad
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