I came across a new ICO doing the round this morning, called Fire Lotto, which is “Blockchain Crypto Lottery” a looks really exciting. For those of you that don’t know what an ICO is, it stands for Initial Coin Offering, and allows you to buy a part of a project/company with Cryptocurrency (Usually ETH or BTC)
You are usually issued with a token of sorts, which you can then keep or sell at a later stage. Most of the time these tokens get listed on an exchange like Binance or Kucoin, and as demand increase so does your initial investment
So I have “invested” in 2 ICO’s so far. The first one was for a company called Indahash, which is an influencer platform, with over 350,000 influencers and they launched an ICO to help pay their influencer quicker. I will be doing a separate blog post on that in the near future.
Then today I came across another ICO that looks pretty exciting. It’s called Fire Lotto, and is basically an Ethereum based blockchain lotto. The system allows you to buy Fire Lotto lotto tickets using your ETH, and then payouts are made almost instantly. The lotto market is HUGE and even bigger online.
The ICO allows you to buy a Fire Lotto Token called a FLOT. This allows you to be part of the Fire Lotto platform, but more importantly it allows you to a share of the revenue to collected. So 10% of all ETH received for the Lotto sales is distributed among the token holders. This means you will continually receive a payback from the lotto sales. Another great feature they have recently implemented is 15% referral fee for all new token holder sign ups. Also a nice simple way to make some extra $. You can read the full Whitepaper (a document explaining what the whole project is about) here -> https://firelotto.io/whitepaper_en.pdf
The biggest thing for me though was that they actually have a working product that is launched and is generating revenue. Generally ICO’s are sold before products are launched and you are basically putting your money into something that isn’t there. So that is a big plus! The results of the Lotto’s are also transparent and stored on the blockchain. The code is also publicly available making it very transparent.
Fire Lotto will offer three lottery draws: 4/20 (4 picks from 20 possible numbers), 5/36 and 6/45. For the largest 6/45 lottery, the jackpot has a fixed minimum amount of 3,000 ETH (currently worth over $2 million). As with typical lotteries, if the main prize is not won, it will roll over to the next draw, increasing in size each roll over until being won
This video gives you a bit more info about what Fire Lotto is about
Investing in the ICO is pretty simple. You sign up on the investors page, and you will be presented with a buy page. The minimum buy in for the Pre-ICO stage is 500 FLOT and depending on the cost of the FLOT, you can either pay with Ethereum or Bitcoin. Once the transaction has been processed on the Blockchain, the FLOT will appear on your Dashboard. You will also be able to send your FLOT to a ERC-20 compatible wallet once the ICO is completed. That way it will be stored in your Ethereum wallet.
I really think this ICO is gonna be a goodie. The fact that you get rewarded back for the purchases, could have a very profound long term reward. They also have a Telegram group, Twitter & Facebook profile, where you can ask all the questions about the token.
Disclaimer: The info provide above is not intended to be financial advice and is something I am sharing. It is completely up to you to do your own research if you wish to find out more about something. Some of the links in the post are affiliate links, which help pay back some of the costs for the site. If you have any specific questions, you can get in touch with me on my Contact Page