Lotto is a lottery system built directly on a blockchain network. Lotto is not like the traditional lottery system where players buy tickets for every drawing. Instead, it focuses on simplicity—players can just acquire the token, hold it, and they are automatically entered into the lottery each week. 

LOTTO is used as an entry into the lottery game built into the token code. Lotto started as an event on Ethereum and evolved into an ERC20 token with a lottery mechanism and a community supporting it.

Lotto runs continuously. It claims that no third party can stop it from occurring. Once the timelock period passes, anyone can call the startGame() function to initiate the lottery. The Balance Shift (B-Shift) protocol creates a verifiable fair winner by using an oracle service called Provable. Then user balances are shifted so that the winner receives all of the LOTTO from participants.

The winners receive 90% of the LOTTO for the lottery, while the remaining 10% is distributed to the user who calls for startGame(). This whole process provides an incentive for the lottery to be called and covers the gas fees for the transaction, too. To increase the chances of winning the Lotto lottery, users can split LOTTO into multiple accounts so long as they have LOTTO tokens in each account to cover the entry price. 

The function startGame() is called twice every week, on Tuesday and Friday, at 8 PM EST. Five LOTTO from all user balances are collected in the pool and distributed to one user randomly. Holding LOTTO in the wallet enables the user to participate in the lottery.

Lotto is currently on hold as they are migrating to Avalanche (AVAX) and expanding the project with user-made lotteries, a new GAME token, governance, and more. Tyler Fallon is the founder of LOTTO. He is a cryptocurrency veteran and has managed and developed many projects, such as Upfiring and Sentivate. Ian Arden is the chief engineer who has helped design the unique on-chain lottery protocol. David Florio looks after the content design and production and has used imagery to portray how the LOTTO token works.

We werken onze Lotto naar EUR valuta in realtime bij. Ontvang de actuele prijs van Lotto op Coinbase.