- The Fire Lotto pre-sale went extraordinary well, with close to $5 million being gathered and 5,000+ investors. The main ICO sale starts on March 15th, if you’ve missed the pre-sale you can still get a 15% bonus by purchasing tokens (out of a regular $.5 price per token): Buy Fire Lotto Tokens.
The casino & gambling industry is an industry worth close to a trillion dollars yearly. Out of this, the lottery industry alone accounts for close to $300 billion. Up until a few years ago these were traditional projects, but given the fast pace advancement of the mobile industry and the Internet this industry expanded online as well. Mobile lotteries had a total estimated revenue of almost $43 billion (in 2016), with close to 4% increase on an yearly basis.
It was only a matter of time until newer technologies (such as blockchain) penetrated this market. Fire Lotto is currently one of the hottest blockchain powered crypto lotteries mainly for the benefits it brings in comparison with traditional lottery systems. It’s no wonder that they managed to reach their ICO’s softcap within 1 day since the pre-sale launch. Here’s what makes Fire Lotto a good ICO investment:
- 100% anonymous. Anyone from anywhere can participate in the lottery, with no restrictions (traditional lotteries are not available worldwide).
- Guaranteed prize pool. There’s a guaranteed initial prize pool of over USD 1.1 million. There’s no maximum limit, so it could grow potentially into hundreds of millions.
- Blockchain technology. Lottery is based on the ETH blockchain, with all parameters included in the openly-available code (anyone can inspect it). Transparency that traditional lotteries lack.
- Affordable prices. A ticket price will be around $2/$3. 70% of the prize pool gathered is distributed to the winners.
- Tax free. Traditional lottery winnings come with hefty fees (usually at least 25%). With Fire Lotto that’s not the case.
- Investment tokens. Any user can purchase Fire Lotto tokens and become an investor in the lottery itself. 10% of each pool prize will be divided among investors.
Fire Lotto is a lottery gaming system that makes full use of the Ethereum blockchain. It has autonomy, it’s decentralized and its records are cryptographically stored in a public blockchain. It’s available online to anyone and uses true random number generators based on the current version of the Bitcoin decentralized protocol to pick the winning numbers.
Fire Lotto lottery mechanism explained:
The prize pool of the Fire Lotto lottery is formed from 70% of the funds collected from ticket sales. The minimum size of a guaranteed jackpot is fixed (between $3,000 and $1,000,000). Right now these are the lottery types that Fire Lotto supports:
- Roger’s Wheel Instant lottery. This is a mix that combines the traditional wheel of fortune with a slot machine. Players can bet between 0,003 ETH (~USD 2.00) and 1 ETH (~USD 1,000.00) and choose a payout rate between 2 to 20. The winning will be multiplied by the payout rate, once the user spins the wheel.
- 4/20 lottery drawing. Players buy as many tickets as they want and choose 4 numbers for each ticket. The guaranteed minimum prize pool is 3 ETH (~3,000 USD). Tickets with all correct 4 numbers get 33% from the prize pool, those with 3 get 33% and those with 2 numbers get the rest (34%).
- 5/36 lottery drawing. Players buy as many tickets as they want and choose 5 numbers for each ticket. Guaranteed minimum prize pool is 100 ETH (~100,000 USD). Tickets with 5/4/3/2 matching numbers each get 25% from the prize pool.
- 6/45 lottery drawing. Players buy as many tickets as they want and choose 6 numbers for each ticket. Minimum guaranteed prize pool is 1000 ETH (~1,000,000 USD). Tickets with 6/5/4/3/2 matching numbers each get 20% from the prize pool.
The Fire Lotto platform allows the addition of new lottery types in the future at any time, thus they can always release new ones. The winnings are automatically paid within 90 seconds after each drawing ends. The winnings are transferred to the wallets used to buy tickets. In the rare case that there’s a draw, each 10th ticket will be the winner. Any funds that are not won get to be used for future drawings.
Fire Lotto Token and ICO Details
What is a Fire Lotto Token
Fire Lotto is a modern blockchain crypto lottery where users buy tickets and participate in 4 different lottery games, splitting the winnings when it ends. Fire Lotto Tokens are actually investment bits. Investors buy Fire Lotto tokens and gain several benefits:
- 10% income from each lottery drawing, from the total prize pool. Thus the longer they keep the tokens, the more passive income they receive
- Natural price growth. During the pre-sale the token price is fixed at around $0.35/FLOT. Once the ICO ends the price will freely adjust, with estimates that it will reach quite soon $1/token (judging by the price of competing blockchain lotteries).
Thus FLOT tokens give investors a stake in current and future lottery prizes. The video below explains better the blockchain lottery and its ICO:
Here are the main reasons why Fire Lotto ICO is the hottest blockchain crypto lottery right now (reached the softcap of close to 2.5 million USD in just 1 day):
- The Fire Lotto platform is launched and already functioning. Most ICO launches are only proof of concepts, without having a real working product. That’s why the high project failure ratio, because 1 tonne of theory is still less than 1 gram of practice. Fire Lotto is among the 20% of ICOs that have a real working product. The Fire Lotto platform is launched for close to 2 months now and already working.
- Transparent lottery algorithm. Traditional lotteries have questionable drawing mechanisms. Those are easy to manipulate and the main problem is that they are centralized. One entity has control over the funds, drawing mechanism and distribution. It was only natural to use the advantages of the blockchain technology for an online lottery. However, many of the existing ones already are centralized and give their creator the power to use the prize pool. Fire Lotto is different in this aspect, as it is built on the Ethereum blockchain and uses a secure Random Number Generator based on the Bitcoin decentralized protocol. This ensures full transparency.
- Open source. The code that’s powering Fire Lotto is open source and available for inspection. Anyone can analyze the code and see that the project is not centralized nor gives the creator the power to benefit from the prize pool.
- Easy UI. It pays to have an UI/UX designer in the team, as Fire Lotto was created with a purpose in mind, to make it easily accessible to anyone. This gives it an edge over other blockchain lotteries that require advanced tech skills. Fire Lotto has an unique 1-click buy action that lets participants join the lottery conveniently and secure..
- Fair prize distribution. 70% of the total prize stake goes to the players. 12% of that is used for advertising the lottery, 10 % for paying commissions to token holders and only 5% is used for technical costs (the rest 3% goes towards legal fees).
Key facts about the Fire Lotto ICO
How to contribute to the Fire Lotto ICO:
- Sign-up for an Investor account here: Fire Lotto ICO Investor
- Once the account is set up, to the right you must enter the amount of ETH you want to invest (you’ll see how many FLOT tokens you’ll receive).
- Click on Buy to show a modal window with the address.
- On the modal pop-up window you can copy the unique ETH investment address (or use the QR code to scan it). Transfer the entered amount to the designated address.
- After the transfer is completed and the invested ETH is received (might take a while if the network is busy) you’ll see your balance updated in your account.
- Tokens are released after the ICO ends and you’ll be able to transfer them out (if you want to).
Fire Lotto ICO Details:
- Pre-ICO Sale Start Date: 15.01.2018
- Pre-ICO Sale End Date: 15.02.2018
- ICO Sale Start Date: 15.03.2018
- ICO Sale End Date: 15.04.2018
- Hardcap: 77,000,000 FLOT (equivalent to around 27 million USD at current prices)
- Softcap: 7,000,000 FLOT tokens (~2.5 million USD at current prices). With 2 more days left from the pre-sale, the amount raised is almost twice compared to the softcap.
- Supported payment methods: Sale is done exclusively through the Investor account. They accept both ETH and BTC payments. Do not transfer money from an exchange address!
- Current token bonus: 50% (valid only during the pre-sale)
- Price (incl. bonus): 1 FLOT = 0.35 USD – during the ICO 1 FLOT = 0.70 USD.
- Maximum amount of tokens to be generated: 100,000,000 FLOT (including bonus tokens, founder’s tokens and bounties).
- 77% allocated to Pre-ICO and ICO investors
- 20% for management team and employees.
- 3% will be distributed as bounties.
More details about the ICO are in its whitepaper:
In total there are 11 members in the Fire Lotto project, and 6 more advisors. Executive team has a vast experience in the gambling industry and fintech:
- Roman Demidov – Blockchain dev with 12+ years of fintech experience.
- Alexander Zasypkin – General director of a popular Russian lottery, vice president of Ritzio Entertainment (gaming company present in multiple countries).
- Dmitry Gritzutenko – 9+ years of experience in software development, 5+ years of experience working with blockchain technology and cryptocurrencies.
- Alexander Karelin – 13+ years in marketing startups/ventures, also built the team behind the successful B2Bx ICO project
- Tolya Yanot – CTO for various gambling/casino apps. Dev background.
Fire Lotto is already a functioning product, thus as soon as the ICO ends the lottery will be fully functional.
Here’s the key elements from the Fire Lotto ICO Roadmap:
- Q1-Q2 2017: R & D for building the Fire Lotto platform
- November 2017: Closed round of token sales
- 1st January 2018: Launching the Fire Lotto platform (functional). Starting the token pre-sale (public).
- January 2018 – March 2018: Starting and continuing the advertising campaign to promote the Fire Lotto ICO.
- End of March 2018: Token sale ends & the tokens are distributed to investors.
- April 2018+: The Fire Lotto lottery is fully functional and running.
Fire Lotto Token ICO rating (aggregated from the major ICO rating providers):
- ICOmarks: 8.0/10
- ICOHolder: 3.8/5
- ICObench: 4.1/5
Aggregated final score: 79.33% (out of 100%) – Excellent. Everything over 50% is good, over 75% is excellent.