Loteo is an automatic digital lottery that is run through code instead of being run by people. The lottery will, first every week, and then every day, draw a random Ethereum address from a collection of users. The drawing will be based on a random numbering system that will have code that can be seen publicly on GitHub and also on the Ethereum Network. The winner will receive 75% of the prize pool as a prize, which will be sent to their Ethereum address.
Loteo is a digital automatic lottery platform that uses blockchain and smart contracts to make lotteries that are fully transparent, where your chances are much higher than conventional lotteries. LOTES is a security token that is intended to be sold only in private funding rounds (STO). There will be no public sales, for all investment requirements, please fill out the form on the website www.playloteo.com. This token gives the owner the opportunity to profit from being part of the lottery without being a participant in the amount of 20% of each prize value. The lotes are locked for 15 months and so far it is not possible to buy or sell them elsewhere. After the first 15 months have passed, there will be another funding round as long as LOTEO will sell at least 30% of all tokens in accordance with legal and regulatory requirements. All details will be disclosed before this event. After selling this token, the token will be listed on the exchange. After 15 months, a maximum of 20% of all security tokens will be owned by the lottery while 80% will be decentralized, preventing lotteries from being manipulated. Tokens also have a government function, which means that any significant changes must be reached by consensus and holders of any tokens can issue suggestions or vote.
Global drivers such as increased internet penetration, ownership of cellphones and PCs, and increased adoption of cryptocurrency9 lead to greater demand for all-digital lotteries that address current customer problems such as lack of trust and requirements for personal information.
Blockchain technology can not only provide safe and transparent lottery organizing methods, but can also take advantage of new market segments, especially customer segments without global banks and regional markets with strict laws. The smart contract lottery will offer an automated, safe and transparent platform for this form of gambling.
LOTEO Solution
Unlike regular lotteries in which you bet against an unknown number of drawn numbers, in LOTEO you just bet against other bought tickets, an amount that is a few thousand times littler than the quantity of potential winning mixes in standard lotteries. Because of the blockchain, the system is transparent and you can track all transaction. You get an opportunity to win every time the lottery happens as you are just betting against a specific number of members and there is winner by each drawing.
By being represented by smart contracts instead of governments or private people, the drawing procedure winds up automated. There are numerous issues with current blockchain-based digital betting platforms. They are regularly excessively confused, fit uniquely for crypto enthusiasts, offering an unsophisticated structure that is neither alluring nor easy to understand. Worldwide lottery market is worth around 8 Billion USD. The objective is to bring a lottery platform that offers the best client experience, to which the focused on client is utilized to, improved with the innovation of blockchain. LOTEO expects to get 0.1% out of this market in 1 year time span. This will be accomplished through an advertising system that includes worldwide and local ambassadors from the crypto business just as from world-well known athletes.
How does the lottery work with loteo
Users enter the lottery by purchasing individual tickets for the weekly LOTEO lottery using the Ethereum cryptocurrency. Each address of the Ethereum wallet that purchased the registration is registered, therefore, as a participant in the weekly lottery. Later, LOTEO will add a daily lottery regulated by the same rules. The LOTEO weekly lottery will be executed through a smart contract that will use a certified random number generator (RNG). After selecting the winner of the lottery, smart contract will automatically send the prize to the appropriate Ethereum. All the code will be publicly visible on GitHub and on Etherscan.
Utility token
LOTEU is a utility token that will be used for marketing purposes. When you buy an additional entry into the lottery with 100 LOTEU, you double your chances of winning the lottery. It doesn’t raise the prize, but it increases your ticket number in the pool. There will be a quarterly burning event, which will be public, where 20% of all used and received tokens will be burned. Burning event will take place until the total supply of LOTEU is the same as the total supply of LOTES - 100 000 000, or when LOTEU starts being accepted as a payment method for buying a lottery ticket. There will be many airdrops of this token directly for the community and through LOTEO’s marketing partners, and there will be a lot of different competitions that will be rewarded with LOTEU. The LOTEU tokens will also be distributed through bounty campaigns in accordance with LOTEO’s marketing plan and official announcements through communication channels. There is a future long-term staking plan with LOTEU for B2B platform purposes that will be specified before the project second funding round takes place. The price of 1 LOTEU is not precisely specified as there is no sale event, the market will set up its price, but the present value is marked at 0.1€/ 1 LOTEU.
LOTEU token
This is the official token of LOTEO ecosystem. It's OEO successfully held on eterbase exchange and it's listed there. LOTEU is also listed on Cointiger. You can get more information about this token on Coingecko.
Play on LOTEO
The credibility of the LOTEO lottery platform is not in doubt, as users (I inclusive) have tried the lottery prospects and found them impressive. With the proposed reinvention of the global lottery industry, LOTEO, through its features, proves to be a proactive approach to improving the fortunes of lottery players in particular and the industry at large.
For More Information LOTEO :
- Website: https://www.playloteo.com
- Telegram: https://t.me/loteomission
- Twitter: https://twitter.com/loteomission
- Facebook: https://twitter.com/loteomission
- Instagram: https://www.instagram.com/loteomission/
- WhitePaper: https://www.playloteo.com/documents/loteo-wp-en.pdf
Author : ZinnFlow
