Fire Lotto ecosystem expansion
Dear community members, we are happy to announce the expansion of the Fire Lotto ecosystem!
Our project will soon celebrate its first birthday. Over this year, six lucky winners have won jackpots, more than sixteen thousand winning tickets have been bought, more than ETH 145 have been paid out, three draw-based lottery games and Roger’s Wheel, an instant game, have been launched and they have become successful. This year has been busy for us and our community. We have attended more than twenty cryptocurrency conferences and exhibitions, floated FLOT tokens on eight cryptocurrency exchanges, integrated with more than 120 sites of our affiliate partners, and enabled fiat payments. In the near future, we are planning to launch a new game on the Fire Lotto platform — European Roulette.
However, the first year has brought some problems to light which hinder the development of the project and require urgent solutions:
- high transaction fees in the Ethereum network;
- a slow transaction speed;
- a substantial fall in the value of cryptocurrency;
- high advertising and promotion costs;
- it is unclear what to do with the FLOT tokens which have not been sold;
- the need to improve the usability of the Firelotto website;
- the need to add new games to the platform in order to retain customers;
- the need to increase the lottery jackpots after the drop in the value of ETH.
We have some ideas as to how to solve these issues.
It is quite problematic to expand the Firelotto project within the Ethereum network due to the high transaction fees and the fact that the network often freezes because of the transaction speed which is much lower compared to other blockchains. The network updates which could improve the situation and have been expected for a while have not been released yet. The Constantinople update, which is scheduled for mid-January, may be postponed again as it has already happened, and it is unclear whether the update will help to solve the issues which we have mentioned.
This, as well as numerous requests from our community, made us have a closer look at a number of popular and fast-growing blockchains. As a result, our choice fell on the TRON.network blockchain. What is TRON.network? Today, TRX is the 11th largest cryptocurrency with a capitalization of about $1.39 billion. It is a decentralized protocol based on a distributed data storage technology. It perfectly does its job of providing a platform for a global entertainment system with free content. By using the TRON protocol, users can publish, store, and distribute data. The platform also allows its users to subscribe to any content and promote it by issuing and distributing digital assets. This network is primarily focused on entertainment and gaming products. It is a high-performance network (about 2,000 transactions per second) which has low transaction costs (TRX 0.00001) and, most importantly, actively supports DApp developers.
After analyzing the Firelotto.com project and conducting long negotiations, the TRON Arcade team invited us to participate in their accelerator program with funding of $1 million which aims to support the developers of decentralized applications and products based on the TRON protocol. Program participants will also receive technical and marketing support and will be able to use TRON.network team’s knowledge in this area.
The initiative aims to make the TRON blockchain more popular among consumers with the help of TRON-based products.
As of today, the Firelotto.com team has not only successfully applied for the program, but also launched the Gear of Fortune game based on the TRON blockchain. (www.888tron.com). Moreover, a cooperation agreement has been signed between the two companies.
In January 2019, TRON Arcade will announce the winners at the first international summit in California.
If this experiment proves successful, cooperation with the TRON blockchain will help us solve scalability issues, attract new users to the Firelotto.com platform, and also solve the urgent issue of financing which has emerged as a result of a more than tenfold drop in the value of cryptocurrency.
As it has been before, the present holders of FLOT tokens will receive 10% of the platform’s profits. For example, when funds are transferred in TRX (TRON), they will be converted to ETH at the exchange rate and then distributed by the smart contract among FLOT token holders according to the previously specified commission payment schedule.
In order to motivate players and increase the number of FLOT token holders, a motivation and loyalty program will soon be launched. The player will get FLOT tokens with each total bet of ETH 0.01 made on firelotto.com. More detailed information about the loyalty program will be published later. The referral program is currently in the final stage of development. Moreover, we are considering and working out the option of removing some part of the tokens which have not been distributed yet.
FLOT tokens enable their holders to receive 10 percent of the income from selling draw-based lottery game tickets and 10 percent of the profits made by the firelotto.com platform in instant games as well as games that will be developed based on other blockchains.
FLOT token holders receive remuneration once every two months in accordance with the payment schedule. Payments are transferred in ETH to the personal wallets of FLOT token holders.
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