The world’s hottest crypto lottery, firelotto.io, is a lottery game built on the Ethereum blockchain that is a major innovation in the global lottery industry. The proposed lottery will employ the random number generation (RNG) method, which is secure and fair and prevents manipulation and fraud. This project implements a completely secure RNG method based on the current version of the Bitcoin decentralized protocol.
The global lottery industry grew from $187.1 billion in 2004 to $294.3 billion in 2016, representing a compound annual growth rate (CAGR) of 4.3% per year. In 12 years from 2004 to 2016, lottery sales have de-clined only once, evidencing the stability of the business. More than 64% of global lottery sales come from Eu-rope and North America. Concurrently, with growing penetration of the Internet and mobile phone adoption, online and mobile lotteries are growing everywhere. The total revenue of mobile lotteries in 2016 is estimated to be 43 billion, while 44% of the amount is generated in Europe and North America. The pace of technology adoption can be even faster in the developing markets.
Up until recently, most lottery operators were B2C. With the advent of online and mobile lotteries, there are now more B2B companies offering online lottery platforms. Global Lottery Industry From 2004 to 2016, grew from $187 billion to $294.3 billion. Mobile Lotteries In 2016, estimated revenues of $43 billion Fire Lotto can operate as a global blockchain protocol, but can also be offered to governments of specific countries as a solution to challenges of ensuring a fair lottery.
They have built a completely transparent and fully decentralized platform for organizing and conducting a lottery using the blockchain technology and ETH smart contracts for collecting and distributing funds, drawing winning numbers in a random fashion, and paying lottery tickets sales commission to token holders. 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—1000 ETH (~ USD 1,000,000) for the 6/45 lottery. If nobody wins the main prize in a drawing, it will be rolled over to the next drawing and increased. The jackpot will keep growing until it finds its winner.
There will be five prize categories with a different prize depending on how accurately the player predicts lottery numbers. All categories starting from 2 will be calculated as percentages of the prize pool. If several winners win the jackpot in one drawing, it will be split between them.
Take a look at the firelotto.com, a truly innovative and fair lottery powered by the blockchain technology.