LOTEO - Digital Automatic Lottery Platform Using Blockchain and Smart Contracts

samuraijin May 22, 2019

Hello everyone, in this review I will invite you to see how the company Loteo works. following this explanation:

 What is Loteo?
A Digital Automated Lottery Platform that used blockchain and smart contracts to create a fully transparent lottery, where your chances are incomparably higher compared to conventional lottery.

 The Loteo solution

 LOTEO is a fully automated lottery platform that uses blockchain and smart contracts to create a fully transparent lottery, where your chances are incomparably higher compared to conventional lotteries.

 There are several problems with ”classic” style lotteries, that we’ve addressed with LOTEO.

 Trust
By being governed by a smart contract, rather than governments or private individual, 
the drawing process becomes automated.

 Transparent
All transactions and prizes are viewable on the blockchain at all times.

 Winning Chances
You have a chance every time the lottery takes place, as you are only betting against a certain number of participants. Every game has a winner!

 How does the lottery work?

 Users enter the lottery by purchasing single tickets for the LOTEO weekly lottery using the Ethereum cryptocurrency, or through a third party merchant. Each Ethereum wallet address that has purchased entry is then registered as a participant in the LOTEO weekly lottery. At a later date, LOTEO will add a daily lottery governed by the same rules.

 The weekly LOTEO lottery will be executed through a smart contract that will utilize a certified random number generator (RNG). The pool for drawing will be created by another smart contract and it consists only of lottery tickets (based on the Ethereum addresses of the entrees) instead of drawing random numbers, therefore every drawing must have a winner.11

 After the winner of the lottery is selected, a smart contract will send the prize automatically to the appropriate Ethereum address(es). All code will be publicly visible on GitHub as well as on Etherscan.

 The prize will be split in the following way:

  • 75% for the lottery winner
  • 20% for LOTES owners each drawn prize will be redistributed to the owners of LOTES, in proportionality to how many LOTES each user owns.
  • w purchased ticked of the user he registered
  • 1% is given to a charity that is chosen by the LOTEO community
Payment system
Users enter the lottery by signing up their Ethereum address, which is then registered as a lottery ticket.

 The LOTEO is in negotiation process with mobile crypto payment terminal providers about future possibility of LOTEO in payment terminals integration. LOTEO aims to have as many points of sale as possible according to all regulatory restrictions. The plan is to incorporate also classical, physical way of ticket purchasing with QR, thorough using third parties sales net. Because of different jurisdictions and many changes in law during the whole process, these event can’t be exactly scheduled and will be executed on national/regional level, instead of global. Received FIAT has to be exchanged for cryptocurrencies, through the broker and received on LOTEO platform.

Winner will be able to change ETH for BTC or EUR directly on the platform by withdrawal request.

 Go To Market Strategy

 The core of the strategy is split into 3 stages of the consumer journey:

  1. Awareness – right people hear about Loteo
  2. Conversion – triggers to try Loteo
  3. Retention- reasons to keep coming back to Loteo.


Additionally, they are tailored to tackle 2 core target audiences.
  • Niche Loteo target: crypto familiar audience driven by innovation, focus on group already using betting/gaming platforms
  • Mass Loteo market: every day gamblers driven by experience.
Token structure & usage

There are 2 tokens: The Loteo Security token(LOTES) and the Loteo Utility token (LOTEU). 

Security Token
LOTES is a security token which is meant to be sold only in private funding round (the STO). There will not be a public sale, for all investment requirements please fill the form on website. This token grants owners an opportunity to profit from being part of a lottery without being attendees in amount 20% of each prize total value. The LOTES are locked for 15 months and during this time it is not possible to buy or sell them anywhere else. After the first 15 months pass, there will be another funding round during which LOTEO will sell at least 30% of all tokens in compliance with legal and regulatory requirements. The price and all details  will be revealed prior to this event. After selling these tokens, the token will be listed on exchanges that offer security tokens trading. After 15 months, 20% of all security tokens will be owned by the lottery while 80% will be decentralized, preventing the lottery from being manipulated. The token also has a governing function, meaning any significant change has to be achieved by consensus and any token holder can issue a suggestion or voting.


Utility Token
LOTEU is a utility token that will be used for marketing purposes. When you buy an additional entry into the lottery with 100 LOTEU, you double your chances of winning the lottery. It doesn’t raise the prize, but it doubles your ticket number in the pool. There will be more airdrops of this token through LOTEO’s marketing partners and there will be many more competitions that will reward LOTEU. The LOTEU tokens will be also distributed through bounty campaigns in accordance with LOTEO’s marketing plan.


ADVANTAGES
  • A unique chance to buy LOTES security tokens and become a part of LOTEO, receiving ETH each time the lottery is drawn.
  • 20% of total prize pool are redistributed to the LOTES owners, based on how many LOTES each
  • user has.
  • Governing rights to decision making (selection of charities, major changes in business model)
  • Accordingly to the lottery success, the value of LOTES will grow as well.

AFFILIATE PROGRAM


For the first ticket purchased by a user who registered via an affiliate link, the affiliate partner will receive 50 LOTEUs (utility tokens)+ 4% of each purchased ticket value in ETH while the newly-registered user shall receive 100 LOTEUs. Note: Every 100 LOTEUs (2 registered users) will double your chances of winning. During the referred sale of the LOTEPASS Each affiliate partner can claim 500 LOTEU and 4% of each ticket value in ETH. The affiliate partner has a right to be rewarded with each sale of a LOTEOMAXX wholesale package. However, the bonus from the wholesale package (10,20,50,100) can be only claimed once per user, per year. There is no limitation for 4% of each ticket value in ETH

During the referred sale of LOTEMAXX



LOTEOMAXX

You can buy lottery entries in higher amount – 10,20,50,100 with bonus lottery entries in the form of utility tokens. You can use this entries anytime in any amount.


Roadmap

2019
Q1
  • Legal
  • Project funding
  • Testing weekly lottery
  • 31/3 MVP ready
  • 31/3 WEB starts
Q2
  • Bug bounty
  • Soft launch 1/5
  • Hard launch 1/6
  • Promo campaign
  • BTC payment available
Q3
  • Launch Daily lottery
  • Card payment
  • Mobile message
  • payments locally
Q4
  • Launch of 3rd game
  • Mobile message payments
  • spreading
2020

Q1
  • iOS & Android app
  • Special announcement
Q3
  • External API integration
  • LOTES unlock, 2nd PS round
  • LOTEO games
Q4
LOTES exchange listing

2021

LOTEO Bets - P2P Bets system
LOTEO Tickets available throught 3rd parties 

2022
LOTEO B2B Platform

Team
  • Rastislav Bakala: CEO, co-founder
  • Jan Lalka: CFO, co-founder
  • Juraj Illes: CMO, co-founder
  • Rene Darmos: CBDO, co-founder
  • Nina Bakalova: PR manager
  • Julius Buchel: Community manager
  • Max Zakomoldin: Sales advisor
  • Robert Auxt: Legal & Exchange advisor



To find more relevant details please follow several sources for the following references:



Author
Username Bitcointalk: samuraijin
ETH Address: 0x03690bdb1d88698c9f0ae6ac48ddeb3c4acc1f7d
Email Address: damaradony858@gmail.com
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