Millions of people play various types of lotteries as they seek the opportunity to win the large jackpots offered by lottery organisations. Despite the media publicity of lottery winnings, there are some major factors that put the participants at a disadvantage in the traditional lottery system.
After different logistic fees such as organizer commissions, taxes and reseller commission have been deducted, only 1/3 of the ticket price ends up in the prize pool.
Lotteree (LOTR) Wants to Revolutionize the Lottery Industry
Blockchain platform Lotteree is aiming to create a decentralized form of lottery where such logistic fees are totally eliminated.
The platform aims to solve one of the major problems facing the lottery system, which is the existence of middleman. Lotteree as a decentralized platform eliminates this problem by using exchanges to perform the function of a middleman.
The blockchain platform has enumerated this process in a well-defined whitepaper available on its website. Crypto users would be able to purchase the Lotteree token (LOTR) – which is an ERC20 token – on major exchanges and use it as a transactional currency for lottery drawings on Lotteree.org.
Users can decide to participate in different lotteries on offer and purchase as many tickets on the website using the LOTR token. One major advantage of Lotteree is that there is no participation fee and payouts are issued to winners in full with no hidden commission.
In a scenario where there are multiple winners, the prize would be divided equally among the winners, like in traditional lotteries.
Lotteree ensures that there is transparency, accountability and security of user’s winnings on its platform without the need to pay exorbitant third-party fees.
As an ERC20 token, it can be stored in hundreds of wallets and could easily be traded for ETH or BTC which can be withdrawn into fiat currency.
Lotteree (LOTR) is an ideal blockchain project for investors
Lotteree from its initial standpoint has shown its readiness to tackle the problem in the lottery industry with its innovative and concrete idea.
The project is just starting up and has created its roadmap where the first milestone is to raise $250,000 from investors as seed money. After which it would proceed to the development of its platform by the end of 2019.
The project could have a bright future ahead in the lottery business which is a 80 billion industry in the US alone. It is an ideal investment for investors looking for a concrete and realistic crypto project and could be disruptive for the lottery industry.