Lotteries are a very popular form of gambling, but they face a number of long-standing issues. States may restrict their citizens from participating in lotteries, or they may restrict their choice to a single state-run monopoly. Trust in conventional lottery organizers has been eroded through scandals as well as a lack of transparency that has been present since the game’s inception.
LOTEO is an automated digital lottery that is executed via code instead of being run by people. The lotterywill, first on a weekly, and later on a daily basis, draw a random Ethereum address from a pool of users. Thedraw will be based on a random number generation system that will have a publically-viewable code on GitHub and also on Ethereum Network. The winner shall receive 75% of the prize pool as a reward, which will be sent to their Ethereum address.
Not only will LOTEO make this form of gambling accessible to more people than ever, but it will also address the issue of trust as it will be executed via a smart contract, the code of which will be publically-viewable on GitHub and also on Ethereum Network. Through a combination of international reach, transparency and automation, LOTEO aims to become the industry standard in the rising market for digital lotteries.
What are the key features of the Loteo platform?
The primary feature is that we are fully automated via smart contracts. Players do not have to trust in the individual, and they can rest assured that the code will automatically distribute all profits to holders, players and charity.
We want to deliver our platform in a simple way using an amazing UI.
When you compare Loteo to traditional lotteries, our big advantage is that every game has a winner. The draw is based on purchased tickets, so there is not the frustration of seeing nobody win for a week. Our philosophy is to keep our players happy rather than waiting. Those who are lucky to win can instantly cash out their profits in Ether, too.
How do you see the outlook for blockchain in the gambling sector?
Gambling and the blockchain is the perfect combination. Transparency and open source coding are the routes to success. But we can’t forget that billions of people don’t yet understand the benefits of blockchain technology. That’s our mission to the moon: teach them and bring them to our platform.
Our main aim is making gambling fairer and more transparent. There are lots of interesting crypto gambling projects, but none are fully transparent and we want to change this. We are looking to educate players in terms of gambling, blockchain and Loteo itself, while offering rewards such as free entries into our main lottery games.
We are also launching LOTEO TV on YouTube to educate people on blockchain and how a transparent lottery can make things safer for players.
The Technology Offered By LOTEO
The Loteo project uses blockchain technology and smart contracts as the basis. All data recorded on the blockchain is known to many people, so the lottery business made by Loteo is fully transparent.
By being governed by smart contracts rather than governments or private individuals, the drawing process becomes automated.
There are many problems with current blockchain-based digital gambling platforms. They are often too complicated, suited only for crypto enthusiasts, offering an unsophisticated design that is neither attractive nor user friendly.
What is the team behind Loteo?
We are a team of crypto enthusiasts and investors looking to shake up the industry. The background of most of the team is from the financial world, with advisors from the gambling and lottery sectors.
I conclude the article considering Loteo a very interesting project. There are different blockchain-based lottery projects on the market but, if Loteo respects the promises of the Whitepaper, it will surely prove to be one of the flagship projects. I remind you that the platform is already up and running and you can participate in a lottery by going to the following address upon registration!
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