Are you excited by cryptocurrencies that are quickly transforming the crypto space into something amazing? Did you know, a brand new cryptocurrency called Lotto, Lotto.finance, came into existence in early 2021 as the first 100% decentralized world lottery?
Launched in February 2021, Lotto is on its way to establishing itself as a globally recognized brand within a short period. However, most players want to know whether their money and data are in safe hands. This fact has generated myths about the platform, chances of winning, what it does, and many other speculations. Most of all, most individuals are concerned that Lotto is running a scam to rip people off. Understandably, these individuals don’t even know how the platform works; hence the multiple, although understandable, skepticism rate.
Don’t fret — there’s nothing sketchy about Lotto.finance as there have been multiple testimonials and proofs about fund receipt. In this guide, we provide a comprehensive review of what Lotto is all about. At the end of this review, you should be able to make better-informed decisions about the topic.
What is Lotto?
Lotto is one of the most recent entries into the cryptocurrency-lottery space. It advertises itself as the first-ever digital rebase technology, and according to its creators, it is on the Ethereum blockchain with a self-named token, LOTTO.
Globalization and economic development are part of the primary catalysts for developing a world of lotteries and gambling. However, unfortunately, the lottery sector has not really been keeping up with the IT landscape dynamics. As the global lottery space approaches the implementation of high-end techs, cross-country transactions, cryptocurrency, and blockchain technology can offer a wide range of benefits, such as making the game fairer.
That is what Lotto.finance is all about — the ecosystem operates on the Ethereum blockchain intending to solve a wide range of issues while ensuring complete fairness in its games and operations. Besides making the game entirely fair and unbiased, Lotto also has a key objective to simplify online lottery for people without extensive knowledge about the crypto and lottery space.
It adopts an interestingly new approach to allocate balances. This platform programmed the LOTTO token to carry out daily lotteries once per day or every twenty-four hours. At this time, it will deduct a pre-determined amount of the Lotto from all participant’s account balances and place them in a virtual pool. Then, the platform conducts a draw, merging the pool with one lotto holder’s balance. Lastly, it then chooses a winner mathematically at random. These actions occur without any interactions by users at all. In essence, all you have to do is own a token.
This will be an exciting way to experiment with human nature when it comes to the financial space. Lotto is programmed so that once it launches its first lottery, no one can stop it — not even the lotto team. The lottery keeps recurring daily as long as the Ethereum blockchain keeps thriving. Lotto.finance started their lottery by giving out the token via airdrop at zero cost. The only requirement for this was a telegram account. This should be an exciting and intelligent approach to expanding their community as startups, and it has worked just fine. Today, they have well over 5000 subscribers each on telegram and Twitter, which is quite impressive for a February 2021 launched platform.
As mentioned earlier, the principal component used on this crypto lottery platform is its eponymous token, LOTTO. Having started as an airdrop in early January, this token has experienced a prevalent adoption and an increase in value. With this newly launched token, Lotto seems to have found the perfect blend of easy-to-use and fair lottery approach. Painstakingly built with well over thirty thousand lines of custom-created codes, here is truly a unique and exciting token unveiling before our eyes.
As per the developers’ latest updates, they are already setting up plans and strategies further to extend this token to the Binance smart chain to minimize the charges incurred by users on transaction fees while improving the availability and making it accessible to more people in the crypto space. For now, you can purchase this token from Uniswap, Hotbit, Catex and Bilaxy.
Lotto token has a maximum cap total supply of two billion tokens. And hopefully, the platform should have enough liquidity to manage the considerable growth amount while offering strong value appreciations and gains to its current holders. Developed initially as an airdrop, Lotto experienced a swift appreciation to a value of 0.25 USD before it eventually stabilized to a range of about 0.1 to 0.15 USD. Currently, the market capitalization stands at about 200 to 300 million USD. With the rate at which this token keeps growing and given its utility, it could easily rank as one of the top 50 tokens on CMC.
Like several other gamification approaches to crypto space and blockchain, this crypto lottery project has a very significant tendency to revolutionaries and completely transform the lottery gaming space.
Here are a couple of inferences I could draw from observing the website.
- Making lottery games more unbiased using blockchain:
Here is an absolutely transparent platform in terms of lottery organization and execution. Besides, it is drifting towards 100% decentralization. For fairness in its operation, the platform leverages blockchain tech and smart contracts. By adopting these revolutionary technological pieces, collecting and disbursing funds, drawing and selecting a winner, and paying the appropriate amount of money to take holders becomes quicker and without bias.
- Guaranteeing the ease of use for every level
Multiple blockchain platforms have complex and hard-to-navigate platforms. However, this is where lotto finance makes the difference. The creators designed it to simplify every intricacy involved in blockchain and lottery gaming, making it quicker, more secure, and fun. Anyone with basic computer skills can navigate through and conveniently use this platform. Furthermore, the only thing that this platform requires is buying the token; every other process, from the pool to the draw and winners selection, is fully automated.
How Does it Work?
The most exciting feature of this innovation is the main reason everyone is interested in it: the lottery. An even more exciting thing is that you don’t have to do anything; all the processes are automated. You only need to obtain lotto tokens. Currently, the platform carries out drawings once every week. Considering the drawing frequency, we believe as time goes on, they might increase them twice a week to improve the gaming frequency.
The first step to take after linking your wallet to this platform is purchasing a lotto, which might just be the last. For every drawing, the system automatically withdraws the respective amount of Lotto from your balance and enters it into the lottery. So, all you have to do after this is sit back and enjoy how the games pan out.
According to the website, the lottery activity will soon be twice a week — Friday and Tuesdays, all at 8 PM EST. Instead of 10, this activity will run the lottery function that requires 5 LOTTO from all its users, charged from their balances, pool these tokens together, and randomly distribute them to one lucky user. Again, the user doesn’t have to do anything — sit back, relax, and watch.
After every drawing, the disbursement of winnings to the lucky winners is via their address, which they display publicly. Considering the token’s current worth, the last two winners went with roughly 2000 USD equivalent of LOTTO. The rise in the value of this token depends on the registration of new users. And I hope these numbers keep growing every week as new users register and the token increases in value.
Anyone on the contract can call the drawing with a straightforward ‘startGame ()’ command. The build of the LOTTO code is in such a way that makes it wholly random, and besides, the smart contracts are immutable. The smart contracts and drawings will keep running till infinity. This will allow this exciting project to develop into one of the biggest lottery platforms, not only in the crypto space but also in the general world.
Fairness and unbiasedness are the two features lacking in most lottery projects today. And as mentioned earlier, this is one of the issues Lotto aims to correct. Launched on the Ethereum blockchain, you can rest assured that the winners will get 100% of their proceeds. Considering its ticket prices, it is pretty lower compared to its competitors.
With information from Lotto’s official website, we believe there are plans to develop the platform’s fundamental features and extend it to more codebases than just Ethereum and Binance smart chain. Very soon, this exciting innovation will be open to everyone.
Getting Started with Lotto
If you are looking to get started with this platform, you may want to take a closer look at its benefits, features, and how you can take part in its activities. This trusted lottery platform is indeed one that you’ll want to take a closer look at and see how it can help you in the blockchain and crypto space. Get LOTTO tokens, wait for the lottery, and keep checking your wallet. Very straightforward!
With the rate of its development, Lotto.finance might eventually transform into an ecosystem of lottery-based games that enables its token holders to passively or passively engage in lotteries and increase their assets’ values.
Due to its widespread adoption, it seems that this project has a promising future. The community and social media channels are growing daily at decent rates. As of today, the telegram and Twitter pages have well over 5000 subscribers and followers, respectively.
Disclaimer: This article is not intended to be a source of investment, financial, technical, tax, or legal advice. All of this content is for informational purposes only. Readers should do their own research. The Capital is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by reliance on any information mentioned in this article.
Lotto Review 2021: The World’s First Decentralized, Cross-Border Lottery System was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.