Topic: [ANN] LOTEO - Digital Era Lottery | Lottery needs a revolution! - page 7. (Read 2596 times)

That's a good question! More details can be seen on this image:



20% of the lottery winning prize goes to LOTES holder while 1% goes to charity and 4% goes to the Affiliate program. There are no hidden fees whatsoever, the winner will get 75% of the prize.

Your answer makes sense. And that is true, traditional lottery have draws without winners and that amount is added to the jackpot. And no one knows if they are giving the right amount unfortunately. And with blockchain lottery, you have assurance that there will be a winner in every single draw. That's nice! But how much is the percentage that goes to the house?

We are preparing a new blog article about scams and how to know if a lottery is transparent or not. Make sure to stay tuned to check it out!!

Bullet points:

• Our code will be open source on github, this of course is not enough - we will have the same code on etherscan.
• We have our specific way of RNG (random number generator), that will be subjected to external audit of RNG, without external audit most RNGs can be considered worthless!
• External audit of our smartcontracts for tokens to make absolutely clear that we dont have any kind of back door.

This one is not very difficult, traditional lotteries can have draws without winners which add up to the jackpot, but a winner is not guaranteed and not all the funds go to the jackpot as there's no audits to the way they handle money, despite government regulations. On the other hand, LOTEO will have a winner on every single draw, chances of winning are calculated by pitting users against each other, so it will vary depending on the player pool.

You can ask any questions you may have, the team is here to answer them all! Cheers

also they mentioned the chance of winning from the op, how is it different from the traditional lottery aside from obviously integrating the blockchain in their system?
how it will give a higher chance of winning to the individual?
can you explain much further how the probability of winning here is different from the regular lottery machine?

if you visit the website you will see when the first lottery start


i see on the website that the first lottery will start in May 2019,
so how the people can join the lottery? since the tokens is locked for 15 months?
and if people just use ethereum to join the lottery will the investor get a dividend for 15 months the tokens locked?

Have you done your lottery? Already played some kind of prize funds. What are the guarantees and how transparent is your lottery?

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The lottery is subject to increased requirements for transparency and undisputed proof of winnings. Without trust, it will be impossible to form a large fund.

The team is implementing 2 tokens, a security token LOTES and a utility token LOTEU. Where you can be not only a player but also a owner of the lottery. You can profit from every single ticket should you take part and hold the security token LOTES, with which you can profit even if you dont win. The idea is to give people a chance to become part of one the biggest online bussinesses. It's even better when you consider that the biggest game advantages is that there's a winner on every draw. You can also participate with double or triple chances the more tickets you buy, and your odds are calculated against every other player rather than being a fixed impossibly small amount.

I never tried the one on freebitco.in faucet site so I have no idea at all about how that site works, but if I am correct, then you tried to establish a lottery based on blockchain, and how will that be different from the site I mentioned earlier? They have the advantage of free tickets, and AFAIK, their fairness is provable too

Reserved

What is Loteo?
A Digital Automated Lottery Platform that used blockchain and smart contracts to create a fully transparent lottery,
where your chances are incomparably higher compared to conventional lottery.

Trust
By being governed by a smart contract, rather than governments or private individual,
the drawing process becomes automated.

Transparent
All transactions and prizes are viewable on the blockchain at all times.

Winning Chances
You have a chance every time the lottery takes place,
as you are only betting against a certain number of participants.
Every game has a winner!

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Token Structure & Usage
There are 2 tokens: The Loteo Security token (LOTES) and the Loteo Utility token (LOTEU).

Security Token
LOTES is a security token which is meant to be sold only in private funding round (the STO). There will not be any public sale, for all investment requirements, please fill the form on the website. 100% from the platform profit will be distributed to LOTES holders, depending on how many tokens they hold in their wallet

The LOTES are locked for 15 months and during this time it is not possible to buy or sell them anywhere else. After the first 15 months pass, there will be another funding round during which LOTEO will sell at least 30% of all tokens in compliance with legal and regulatory requirements. All details will be revealed before this event. After selling these tokens, the token will be listed on exchanges enrighted for token trading.

After 15 months, maximum 20% of all security tokens will be owned by the lottery while at least 80% will be decentralized, preventing the lottery from being manipulated. The token also has a governing function, meaning any significant change has to be achieved by consensus and any token holder can issue a suggestion or voting.


Utility Token
LOTEU is utility token of Loteo, that enables to double your chance by lottery drawing. It doesn’t raise the prize, but it increases your ticket number in the pool. Already now there is a game with entry just in LOTEU - Moon of Fortune and if you are lucky enough, you can win an entry into regular lottery and possibly hit a jackpot.

By using of LOTEU at the game called FOMO you literally buy a chance not to loose, as you have one more chance during the game. And there will be more and more games coming soon. As there was no ICO for this token and huge part of it was airdropped for the community, there is no option to enter into main Weekly Lottery with LOTEU now. There is a plan to have also LOTEU as a payment option for the main games after the value of token is stabilized and not so volatile.

There is a quarterly burning event of this token as well. Loteo is burning 20% of all tokens received on the platform until the total supply of token is 100 000 000. Long term plan of the platform is to become B2B provider of its own solution for blockchain gaming & gambling and for anyone that wants to use this solution, there will be a condition to stake different amount of LOTEU tokens according to specified type of cooperation.

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