Gambling is a game in which players bet to choose one option between several choices where only one choice is correct and becomes a winner. The player who loses the bet will give the bet to the winner. Rules and number of bets are determined before the match starts.
Lottery can be seen as gambling where the rules of the game are by determining a decision by random selection. Lottery is usually held to determine the winner of a prize.
Lottery or lottery is a form of gambling that involves the withdrawal of many prizes. In the early 20th century, most forms of gambling, including lotteries and bets, were declared illegal in a number of countries, including the United States and most of Europe, but after World War II, lotteries began to be legalized. Lotteries are mostly held by national and local governments. The possibility of winning the lottery jackpot is determined by a number of things, including: the number of numbers that may come out, the number of numbers that have come out, whether the order is significant and whether the numbers drawn are returned for possible further withdrawals.
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.
There are several problems with the "classic" lottery, which has been overcome with LOTEO.
- The possibility of winning. Unlike conventional lotteries where you bet with an unknown number of draws, in LOTEO you bet only on other tickets purchased, the amount of which is several thousand times less than the potential number of winning combinations in the standard lottery. Thanks to the blockchain, the system is transparent and you can track all transactions. You have the chance to win every time the lottery takes place because you only bet on certain participants.
- Transparency. All transactions and prizes can be viewed on the blockchain at any time.
- Trust. Set by smart contracts rather than by the government or private individuals, the drawing process becomes automatic.
How do lotteries work with Loteo?
Users enter the lottery by purchasing individual tickets for the weekly LOTEO lottery using Ethereum cryptocurrency. Each Ethereum wallet address that buys registration is then registered as a participant in the weekly draw. Later, LOTEO will add daily lotteries that are governed by the same rules. LOTEO weekly lotteries will be executed through smart contracts that will use a certified random number generator (RNG). After selecting the lottery winner, unp smart cotnract will automatically send the gift to the appropriate Ethereum. All codes will be publicly visible on GitHub and at Etherscan. Prizes will be divided as follows:
- 75% for lottery winners
- 20% for LOTES owners (each prize drawn will be redistributed to LOTES owners, comparable to the LOTES owned by each user)
- 1% is given to charities chosen by the LOTEO community.
- 4% is reserved for affiliate programs.
How do affiliate programs work?
For the first ticket purchased by registered users through an affiliate link, the affiliate partner will receive 50 LOTEU (utility tokens) + 4% of each ticket value purchased at ETH, while newly registered users will receive 100 LOTEU. Note: every 100 LOTEUs (2 registered users) will double the chances of winning. During LOTEPASS reference sales, each affiliated partner can request 500 LOTEU and 4% of the value of each ticket at ETH.
Affiliate partners have the right to be rewarded with every sale of the wholesale LOTEOMAXX package. However, wholesale package bonuses (10, 20, 50, 100) can only be requested once per user, per year. There is no limit to 4% of each ticket value at ETH.
LOTEO is in the process of negotiating with the cellular crypto payment terminal provider about the possibility of LOTEO's future in integration of payment terminals. LOTEO aims to have as many sales points as possible according to all regulatory restrictions. The plan is to also combine the classic way, purchase physical tickets with QR, thoroughly using a third-party sales net. Because of different jurisdictions and many changes in the law throughout the whole process, this event cannot be properly scheduled and will be implemented at the national / regional level, not globally. FIAT received must be exchanged for cryptocurrency, through brokers and accepted on the LOTEO platform.
After the initial community development phase was concluded, LOTEO plans to release an application that will be available for Android and also for Apple users. However, because Apple iStore does not support applications that offer live betting, the Apple version will be used to notify users about special events, promotions, upcoming sweepstakes and other important news. Users will receive 100 LOTEU to successfully install the application on their mobile, regardless of whether it's the Apple or Android version. The exact specifications and technical information will be described later. LOTEO aims to offer an option to buy lottery tickets through the application. It is equally important to have an application where users will receive notifications about images, wins and information about their probability of victory, news and the ability to communicate through it. The date scheduled for the launch of the application is Q1 2020.
Structure & Use of Tokens
LOTES is a security token that is intended to be sold only in private funding rounds (STO) to accredited contributors from venture capital funds. There will be no public sales. This token gives the opportunity owner to protect from being part of the lottery without being a participant in the amount of 20% of each prize value. LOTES was locked for 15 months and during this time it was impossible to buy or sell it elsewhere. After the first 15 months have passed, there will be another round of personal sales as long as LOTEO will open 30% of all tokens and it will be sold to accredited contributors or VC in a private agreement. After selling this token, the token will be listed on the stock offering a security token trade. After 15 months, 20% of all security tokens will be owned by the lottery while 80% will be decentralized, preventing lotteries from being manipulated. The token also has a government function, which means that any significant changes must be reached by consensus and any tokenholder can issue suggestions or vote.
2019 Q1 - Legal & Project Funding
Weekly lottery testing phase
April 1 - MVP with Weekly lottery launch
The official Loteo Web launch
Q2 - Testing MVP
MAY 1 - Soft launch
JUNE 1 - Launch is difficult
Launch of the promo campaign
BTC payments will be available
Q3 - Daily lottery launch
Apply the possibility of card payments
Enable Local Cellular message payments
Q4 - Launch of the 3rd Loteo game
Deploy Cellular message payments
2020 Q1 - Loteo iOS & Android App
Q3 - External API Integration, LOTES Unlock
2nd funding round & development of LOTEO Games
Q4 - LOTES List of exchanges
2021 - LOTEO Betting - P2P Betting System
LOTEO tickets are available through third parties
2022 - Launch of LOTEO B2B Platform
- Website: https://www.playloteo.com
- Whitepaper: https://www.playloteo.com/documents/loteo-wp-en.pdf
- Facebook: https://www.facebook.com/loteomission/
- Twitter: https://twitter.com/loteomission
- Telegram: https://t.me/loteomission
- ANN Thread: https://bitcointalk.org/index.php?topic=5116114