NICOSIA, CYPRUS / ACCESSWIRE / January 31, 2018 / Tavaron Media Group, a Cyprus-based Fintech company with interests in the online gaming industry, has just launched FireLotto. It is the world's first truly transparent blockchain lottery platform. In early January 2018, pre-sales of the company's ICO tokens commenced and is expected to be concluded in a couple of weeks.
The lottery industry commands 29% of revenues in the gaming industry worldwide. Lottery revenues have grown worldwide from $187 billion in 2004 to $294.3 as at 2016, with only one losing year in that entire period. This shows the massive potential in the lottery business. Digital and mobile technology are driving growth in the B2C and B2B segment of the lottery business. However, the lottery business is dogged by peculiar challenges, chief of which is the question of fairness of games and transparency of the gaming platform. Specific concerns voiced by lottery players border on:
- Validity of lottery tickets
- Integrity of the random number generation (RNG) system
- Possibility of manipulation of lottery numbers
- Promptness of payouts
There is also the challenges of lottery platforms not being available or legal in all countries. Lotteries are also strictly controlled by governments and in countries where corruption is the order of the day, only those who can pay hefty bribes or are connected to top government officials can get lottery licenses.
The launch of FireLotto, based on decentralized and transparent blockchain technology, will make lottery games available to anyone anywhere in the world, and ensure transparency at levels that are currently not possible with conventional lottery systems.
FireLotto is a revolutionary lottery platform which is fully decentralized and transparent. FireLotto's platform is built on blockchain technology and will utilize Ethereum smart contracts to do the following:
- Collect and distribute funds from players of the instant and draw lottery game types.
- Draw winning numbers in a random fashion using a secure RNG system.
- Pay lottery ticket sales commissions to holders of the tokens.
The FireLotto lottery prize pool will be made up from 70% of funds pooled from lottery stakes. A guaranteed jackpot will take home 1,000 ETH (about $1,000,000 at current prices). If no winner emerges, the prize pool is rolled over and added to the pool for the next draw, leading to increased poll prize amounts. This process continues until a winner emerges.
FireLotto is expected to gain considerable traction in the lottery industry. For the first time ever, lottery games will be available to everyone around the world, in a transparent manner which can readily be confirmed on the blockchain. No longer will players live in fear of insider manipulation, fraud, faking of winning numbers or delayed/non-payment of lottery winnings. Payout procedures and distribution of winnings will be transparent. There will be no issues with remittances as Ethereum is available worldwide and is convertible to Bitcoin and fiat currencies.
With an initial guaranteed prize pool of at least $1million (and capacity to grow to tens of millions of dollars), the possibility of having a lottery millionaire from a remote village in a far-flung area of the globe is now very real. All that is needed is a mobile device with internet access and a crypto wallet to go with it, and dreams can become reality with FireLotto.
November 2017 - Closed round of sales
January 1, 2018 - FireLotto launch
Early January 2018 - Pre-Sale
Late January 2018 - Launch of advertising campaigns
March 2018 - Massive advertising campaign
Late March 2018 - Token sales
Name: Aditya Prakash