Review Loteo- A Platform That Uses Blockchain And Smart Contracts

4 min readJul 17, 2019

Current Context

Lotteries, like any structure of gambling, can be manipulated in opposition to its participants, in spite of the high degree of scrutiny claimed via the organizers. Due to the high diploma of centralization, organizers wield a enormous quantity of strength that is accountable to abuse due to the modern-day lack of transparency in lotteries. Even without manipulation, lotteries are worthwhile for organizers, with many claiming a income margin of up to 50% on ticket sales.

What is Loteo?

Loteo is an automatic digital lottery that is achieved through code as a substitute for being run by way of people. The lottery will, first on a weekly, and later on each day basis, draw a random Ethereum address from a pool of users. The draw will be based on a random range era machine that will have a publically-viewable code on GitHub and also on Ethereum Network. The winner shall acquire 75% of the prize pool as a reward, which will be sent to their Ethereum address.

Not only will Loteo make this structure of gambling accessible to more humans than ever, but it will additionally address the issue of having faith as it will be done via a smart contract, the code of which will be publically-viewable on GitHub and also on Ethereum Network. Through a mixture of international reach, transparency, and automation, LOTEO goals to turn out to be the enterprise general in the rising market for digital lotteries.

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 LOTEO lottery will be executed through a smart contract that will utilize a random number generator (RNG), the code of which will be publically viewable on GitHub and Etherscan. The pool for drawing 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.

LOTEO’s TOKEN

There are two types of tokens in the LOTEO ecosystem:

LOTUS is a utility token: You can buy lottery tickets with LOTEU and your chances of winning will be doubled. Every quarter, the company will burn 20% LOTEU used and burn until total supply is 100 milion token or when LOTEUt is accepted as a method of payment for ticket purchase.
LOTES is a security token: When you hold LOTES you will be divided with profit with LOTEO. Now you can only purchase lots for your private funds. You cannot buy from anywhere other than Team LOTEO.

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.

Team