Introducing Lottoken: Fair and transparent contests for all

What is Lottoken? Lottoken is a platform based on the ethereum blockchain with the primary goal of

• Enabling organizers to organize lotteries easily and efficiently
• Enabling participants to participate in the lotteries and win prizes easily and efficiently
• Enabling complete transparency for all parties
• Enabling completely fair contests

For more details here is our website.

At the heart of our platform are the twin pillars of decentralization and truly decentralized random election. Let’s dive deep.

Transparent like X-Ray by design: With Lottoken What you see is what you get ! All contest contracts are fully transparent (e.g. on etherscan). This means all participants will be able to verify the contest contract code upfront before choosing to participate in a contest. This will allow them to verify the terms, duration and prizes awarded even before a contest begins. Participants won’t need to trust the organizer’s words. This weeds out unscrupulous organizers. Once a contest begins, participants can calculate odds at any time, decide which contests to participate in and observe the numbers of lottokens used by his peer participants.

Self-regulated by design: Organizers cannot go rogue and steal funds in the middle of a contest. They are bound by iron clan contract rules. They cannot run Ponzi schemes. Organizers must also post the prizes upfront before starting a contest so that participants are assured of their winnings. This eliminates counterparty risk. When a contest ends, participants can verify that the lottokens raised and lottokens paid out tallies with the organizers claims. Every lottoken must be accounted for. For the first time in history lotteries can now be self-regulated by design.

Neutral by design: Being truly decentralized, there is no single point of control, no individual, no government, no single throat to choke that can influence a contest running on our platform. Nor can individuals or organizations collude to influence outcome. Thus all lotteries on our platform are completely free from meddling from vested interests by design.

Fair by design: Our “secret sauce” is our patent-pending technology that ensures that winning numbers are truly random, truly decentralized and completely unpredictable. No one can influence the winning number of a contest nor can anyone predict it. We offer multiple levels of randomness per the choice of the contest organizer.

Easy by design: Our goal is to design our User Interfaces (UIs) simply so that participants and organizers need no more than 4–5 steps to run or participate in any contest. All steps are fully automated and digitized. We plan to build both iOS and Android Apps so that organizing and participating in a contest becomes as simple as a few taps on a smartphone screen, any time of a day. Our goal is to drastically reduce the logistical complexity for raffle organizers. We hope that no one will need to run to a retail store in the middle of a blizzard or stand in the middle of a shopping mall all day to recruit for a raffle anymore.

Secure by design: We will employ every means necessary to protect our customers interests with the most sophisticated security mechanisms at our disposal. Multi-factor authentication, strong keys, regularly rotated keys, fully encrypted data stores will be ubiquitous. We will regularly review our security protocols and implement ever stronger measures.

What it is not: Lottoken is not a lottery. We aim to be the platform of choice for both participants and organizers, but we don’t want to run a lottery ourselves nor do we want to participate in lotteries. We believe this voluntary arms-length separation is required to ensure that any lotteries on our platform are fair and free from any conflicts of interest. As such we don’t want to become yet another online lottery trying to compete with the established majors. Instead we would love to partner with all lotteries and raffles so that we can help them achieve their business goals better. Our customers’ success is our success. We believe that only by aligning ourselves in this manner will we be able to best serve our customers interests.

When you come to think about it, the biggest lotteries of the planet are still rooted in decades old technology and rules. Why have they not embraced the latest technologies that can allow them to run more efficiently, at a global scale with ever bigger prize money ? It is an interesting question to which we haven’t found any definitive answer. Perhaps it is the fear of the unknown, perhaps it is the natural skepticism of online lotteries that have garnered a really bad name for themselves due to widespread corruption and fraud, perhaps it is vested entrenched interests in the form of lobby groups and unions, perhaps it is organizational inertia or perhaps the truth is a combination of all of them and somewhere in between. Regardless, we believe that technology, when used right, can greatly benefit society. The growth of decentralized technology is a natural fit for a fair and transparent contest system. What it lacks is a bridge that lottoken can provide.

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