Fire Lotto is a simple and intuitive online lottery, but with a powerful smart contract engine underneath. A simple, understandable sale of tickets accrues a large pool, starting at $1 million. Fire Lotto will set aside 70% of ticket sales to the prize pool.
A smart contract will govern the jackpot pooling, as well as payouts and rounds of the lotto. The prize distributions would be absolutely transparent and broadcast over the Ethereum network. When a prize is won, the payout from Fire Lotto is almost immediate.
The primary aim of the Cyprus-based Fire Lotto was to create a fast and efficient lottery with no barriers to entry.
All of this would be made possible through the FLOT token, soon to be released to the public in an ICO. For a few more days, Fire Lotto is in the private sale stage. Watch out the Twitter and Facebook links of Fire Lotto for updates. For immediate communication, the project communicates through its Telegram channel.
The pre-sale of FLOT tokens will start on January 15 until February 15. The main ICO event is scheduled between March 15 and April 15. Fire Lotto aims for a fair distribution, selling 77 million of the FLOT tokens out of a total supply of 100 million. The sale has detailed terms and conditions for potential backers.
The project is absolutely transparent and can be explored through the GitHub repository.
Fire Lotto has a clear-cut game rules, allowing for maximum participation. Ticket prices start at around $2, and there is a generous referral program, giving back 15% of each ticket sold by referees. Fire Lotto will run four popular games with a heightened chance to win the jackpot.
The FLOT token also ensures further rewards, by simply being held in a wallet. Owners of FLOT tokens will receive regular rewards from each game's proceeds. Because of the wide distribution of FLOT tokens, Fire Lotto in essence would be the first lottery with a distributed ownership, and no central issuer, ensuring maximum fairness and transparency.
FireLotto has been criticized by users for its approach to selling tickets. The platform demands a wallet's private keys to participate in the lottery, which has led to accusations that FireLotto is attempting a scam.
"Fire Lotto never stores a private key. We already announced that will pay 100 ETH if you will find the place where private key stored," explained the FireLotto team in an emailed statement.
The team claims that this solution is a temporary workaround. In a few days, the lotto would join its smart contract with MetaMask, a browser plug-in wallet. It is recommended to generate a separate wallet for participating in the lottery. Do not use the same wallet for storing coins afterwards, since the address is potentially compromised.