LoTerra is a decentralized gaming platform. It’s a self-executing smart contract wherein the agreement terms between the player and lottery are written directly in lines of code. The agreements and code on the platform exist on the ecosystem's distributed and decentralized blockchain network.
Funds on the platform are secured and locked. The official document mentions that whenever there is a winner(s), the smart contract instantly releases 80% of the prize pool for the winners while leaving 20% for the next draw.
LoTerra is linked to the Oracle, which provides randomness to ensure the draw's safety and reliability. The lottery incorporates a Decentralized Autonomous Organization (DAO) that manages the lottery through a voting system based on the smart contract's approved options.
LOTA is the ecosystem's native digital token. According to tokenomics, 70% of the token is for public sale, 15% for the team development, and 15% for the DAO funds. LOTA functions as a governance token and is used to give the power to vote on the proposals. The token holders are also the ecosystem's casino owners, who are responsible for ensuring that the system works well. Token holders can control lottery configurations, as well as receive staking rewards for management and responsibilities.
The ecosystem's tokens are also used to play ScoobyDAO, managed with LOTA's DAO. Further, players can construct their lottery by depositing liquidity, which would act as a jackpot if they have produced a token supported by Terra's blockchain. ScoobyDAO seeks to lower the circulation supply, diversify, and raise the number of holders of the creator's tokens. Plus, the number of players is increased if the jackpot is larger. Also, since ScoobyDAO lotteries are part of the LoTerra ecology, LOTA holders control the decisions about how the lotteries are run.
