AMA Session with WhiteBIT Transcript
COPIED FROM WHITEBITS MEDIUM
Q: How did you come up with an idea to create your project, and what is your team’s story? How did you find each other? What is the meaning behind the project’s name?
A: The team comes from famous corporate backgrounds, including Big-4 firms and Google, with a proven track record in Cybersecurity and Project Management. In addition, the founder, a PhD in project management, and a co-founder, a senior cybersecurity consultant, developed one of the first master’s degree programs on blockchain and digital currencies offered by a European university. It was published in scholarly journals.
This extensive experience and background allow the team to impartially investigate real-world problems and provide practical solutions in their field of expertise.
Traditional lotteries have serious issues with administrative and operating costs. They are slow and labor-intensive, lack security and privacy. And overall, the industry is plagued by a host of issues and inefficiencies. So, the team believes that a modern practical solution to this is a fully decentralized gaming platform that leverages the advantages of blockchain technology.
We’ve calculated that blockchains will generate an annual business value of $3 trillion by 2030. 20% of global economic infrastructure will be running on blockchain-based systems. Therefore, lotteries must adapt and change the approach to stay relevant for a new generation of players who will do everything on blockchains.
With an increased blockchain adoption and a shift in consumer behavior, it’s time to focus on a seamless, secure, and autonomous solution. However, we shouldn’t miss out on traditional players too. This was the main purpose why MyLottoCoin was born and became what it is now.
Our core team members have known each other from working on different projects and traveling the world together. We are building a true union, sharing a common mission to solve real-world problems. The team expanded in 2021 as the project developed.
The name (MyLottoCoin) was carefully chosen to fully represent the purpose and the business model. It means that nobody owns the lottery, and it belongs to participants who have full control of their assets. A lottery that works due to the community and should serve them back. We have a fully autonomous model where players don’t always need the luck to win. It is designed for the community and is owned by the community.
Q: The spheres of gambling and crypto are both risky. Why did you decide to combine these two, and weren’t you afraid that no one would believe in your project since the market has many similar projects?
A: First, as we have already explained in our whitepaper, I need to highlight that lotteries are not considered gambling in many countries and as per many definitions.
In a lottery, players compete against other players, the prize is set in advance, and the organizer doesn’t participate in the game. In gambling, players compete individually against the operator. It is in the gambling operator’s interest to win against the player.
So to make it short, neither lottery is considered purely gambling, nor MyLottoCoin is considered a crypto-based lottery.
MyLottoCoin is a comprehensive blockchain-based solution to current traditional lotteries’ problems. It’s a utility token intended to serve the fully autonomous reward program, reconceptualizing the lottery model.
Our goal is to build the infrastructure that allows state lotteries to be more circular, with near-zero operating and maintenance costs. We want them to shift to a format designed for the blockchain age while maintaining the brick-and-mortar business model. Thus, we don’t view our project as competitors to centralized lotteries or crypto lotteries. We are an ally with a fully decentralized solution to help them eliminate old issues. We bring many unique features that come into play without compromising the traditional elements.
Q: You said that you are “the world’s first fully autonomous blockchain-based solution incorporating the elements of traditional lotteries into the security, reliability, transparency, and performance of blockchain technology”. Can you tell what kind of solution you have behind this promising statement?
A: The fully automized and decentralized solution will serve as the world’s first truly decentralized and transparent blockchain-based lottery with:
- no prior deposit needed;
- no sign-up and registration;
- easy pay-outs;
- fully transparent and open-source structure;
- innovations and inclusiveness;
- no RNG (random number generators);
The new approach, which is to combine a modern solution with the traditional lottery model, makes MyLottoCoin a unique operating decentralized lottery platform where full inclusion is possible. Futuristic blockchain-based projects miss out on providing a full-inclusion model that traditional users could also use.
Besides, using blockchain technology and winning numbers from the actual draws of official lotteries, avoiding random number generation systems that are ineffective in smart contracts, offers a practical approach to simplifying the online lottery model while cultivating a culture of trust to a damaged reputation of online lotteries.
Q: What is the role of blockchain in gambling industries? Why is it better than the traditional system? Why should we need to adopt ‘decentralized gambling’ for dApps?
A: I want to emphasize thatlotteries are not considered gambling in many countries and as per many definitions.
The aim of blockchain isn’t to create another lottery but to connect the elements of traditional lotteries with the security, reliability, transparency, and performance of blockchain technology. It offers a multifaceted approach to simplifying the current lottery model and fixing its defects by enabling fast, reliable, and tamper-proof technology access to players. That addresses a real-world problem and brings the most wished decentralized features into play. Yet, we are not missing out on conventional lottery players and rules where total inclusion is possible.
Q: Do you think your decentralized gaming platform will be able to compete with centralized platforms? How does MyLottoCoin provide a better user experience than other centralized solutions?
A: Although MyLottoCoin is built on disruptive technology, it aims to help centralized organizations to adapt early while they can maintain their traditional values. Thus, MyLottoCoin isn’t a competitor to centralized lotteries or crypto lotteries. We are an ally that can help them build their presence on the blockchain.
MyLottoCoin’s solution aims to put an end to all the shortcomings of the existing processes. In the wake of an increased blockchain offering, lotteries must adapt and change the approach to stay relevant for a new generation of players who will do everything on blockchains.
Q: Do you plan to launch your mobile application for easy and better use of MyLottoCoin Games? Is this a part of your roadmap?
A: MyLottoCoin has a solid roadmap, which can be found on the website and in our whitepaper. It includes amazing milestones such as a native mobile app, Lucky tickets NFT marketplace, multichain integration, partnerships with traditional and blockchain-based lottery platforms, etc.
Although the dApp is designed to be fully mobile responsive, the native mobile app will be developed and released next year as per the roadmap. The mobile app will be used to play and will act as a loyalty program manager for players and a portfolio manager for early backers and token holders.
We encourage everyone to take some time and explore the project website and read more about the project roadmap and amazing plans that are not limited to the lottery game itself.
Q: I can’t find enough information about tokenomics on your website. Can you provide more details? What percentage of bets have you made? Will your platform take the coin burning route?
A: Tokenimics of the project can be found on the website and in the whitepaper. It is very simple yet purposeful. To understand tokenomics, we should first look at the project objectives and values.
MyLottoCoin has introduced a community-centric reward program reconceptualizing the lottery model by a tokenized Play-to-Earn and Hodl-to-Reward initiative to empower players to always be a part of the game and win. To facilitate and autonomize the reward program, MyLottoCoin has issued its native utility token, MYL.
Out of the total supply of BEP-20 MYL token (100 million), 50% is allocated for free distribution among players (Play-2-Earn), and 10% of total ticket sale on dApp is redistributed to MYL token holders in proportion to the tokens in circulation. It happens autonomously every 3 months (Hodl-2-Reward in BNB). 20% is portioned for sales, partnerships, bounties, and marketing. 15% is reserved for the project’s future development, and 15% is allocated for the team and advisors that will only start distributing once 30% of the total supply is in circulation.
Since MYL has a working product with a real use case, a well-thought tokenomics, and a very limited fixed total supply, burning doesn’t serve any purpose.
Q: 2022 is almost here. It is time to sum up everything that happened to your project throughout this year. What have you learned, and what are your major plans for the upcoming year?
A: MyLottoCoin project started in 2020 while the world struggled to cope with the pandemic.
Throughout 2021, the project evolved, and a full migration to another chain (BSC) happened due to Ethereum soaring gas fees. The smart contracts were fully audited, and the game launched successfully.
MYL token is now being traded on a reputable exchange. But this was not enough to meet the big milestones. Therefore, the expansion of partnerships with traditional lotteries has followed.
Block Expert Inc., a Canadian company, fully owns MyLottoCoin and will act as the legal entity on behalf of the team to deal with large organizations such as state lottery operators to onboard them to the ecosystem.
For 2022, the MYL team is fully dedicated to following the roadmap and trying to achieve the outlined milestones. Important milestones 2022 are partnerships with traditional lotteries and the development of a native mobile app.
The most important goal for 2022 is onboarding traditional lotteries. MYL token holders will benefit from every new lottery on the platform. We have been in negotiations with some national and state lotteries. Soon we will disclose the details.
The “Lucky Ticket NFT Marketplace” milestone is planned for 2023, but we have exciting news to share today. It is the start of an NFT journey that MyLottoCoin will initiate in a couple of weeks to let lotto-lovers pamper themselves with amazing collections of lottery events from ancient times legendary to contemporary phenomena.