MyLottoCoin infrastructure and tokenomics
Lotteries have been a part of the entertainment industry for a really long time. The appearance of the first tickets and the lottery are inextricably linked.
There are many versions of the origin of the lottery. According to the assumptions of some scientists, the appearance of lotteries is associated with Ancient Greece, but most of the history of its occurrence is associated with Ancient China or Rome. Around 100 BC, when the Han dynasty was in power, a lottery was held in China, similar to the current Keno game.
As a result, huge funds were received, directed to the Great Wall of China. The ancient Roman rulers Nero and Augustus loved to arrange lotteries during the holidays, where slaves and property were drawn. There were also free lotteries for plebeians. The appearance of the word “lottery” is interesting. Linguists assume its origin from the Frankish “hlot”, i.e. lot. In English, it is believed that this word is “lot”, i.e. “Share”. Perhaps it was the Italian “lotto”, which means fate.
Indeed, in essence, this game largely depends on the luck inherent in individuals, or on an unexpected turn of fate.
The world is developing rapidly, so it is one of the most popular games. This is why MyLottoCoin has set a goal of creating a fully Decentralized Autonomous Organization (DAO) utilizing the existing rules of the most famous conventional lotteries to create a platform at the interface of the most advanced technologies.
The fully automatized and decentralized solution will serve as the world’s first fully and truly decentralized and transparent cryptocurrency lottery operated by a Binance Smart Chain (BSC) smart contract.
How does it work?
Here in MyLottoCoin we decided to unify traditional rules with modern technologies. To play, simply select five main numbers from 1–69 and a single Powerball number from 1–26 (this is the official Powerball game rules, we haven’t invented new rules). You can choose your numbers manually, or with the Quick Pick option.
You can add up to 5 tickets per entry, when you feel lucky with your numbers click on ‘Pay Now’ and you will be asked to connect your wallet to MetaMask to make the payment. Once the transfer is done, your tickets and numbers are automatically entered and recorded in a BSC smart contract for that specific draw.
Ticket sales for the current draw is closed two (2) hours before the drawing countdown ends via a permissionless smart contract logic. Every purchased ticket within this time span, is autonomously considered for the next draw.
What makes MyLottoCoin secure?
The security, reliability, transparency and performance of blockchain technology puts the traditional lotto experience on an unprecedented level ensuring both traditional lotto players and crypto-enthusiasts enjoy the future, today, while empowering players by giving back to the community.
MyLottoCoin has several strategic advantages to become the leading worldwide lottery platform run on the blockchain and set a new standard for lottery games. By digitizing and introducing a new business model, a transparent ecosystem is created with the use of smart contracts and a No Random Number Generator (No RNG) to build trust in players and to ensure full fairness in the drawing process. The application of fair and secure blockchain protocols will allow any individual to be rewarded while playing, thus opening more winning possibilities.
What differs MyLottoCoin from traditional lotteries?
Centralized lotteries have excessive operative and maintenance cost, 50%, whereas it can be given back to the community and players. This means players pay for something that they will never get back, even if they win the jackpot. MyLottoCoin, offers a near-zero operation and maintenance cost, allowing the largest percentage to be allocated to the prize pool than ever.
Unlike traditional lotteries, MyLottoCoin offers a transparent and public system of prize distribution, tickets sold, prize pool balance, while prize pay-outs are autonomous, and claimless without the participation of third parties.
The juiciest part is 85% of lottery ticket sales goes to the prize pool. MyLottoCoin allocates the largest percentage to the prize pool than any traditional or online lottery around the world.
Who can join MyLottoCoin?
In MyLottoCoin we still adhere to the principle of free blockchain. Unlike traditional and online lotteries, winners remain anonymous and no identity is exposed at any stage, since no sign-up or registration is required.That means that whoever and wherever you are, you are welcomed to the game.
What about MYL?
Fundraising and the use of MyLottoCoin tokens (MYL) will help finance platform development and marketing, so we can focus on improving the online lottery ecosystem and making it mainstream.
As MYL is purely a utility BEP-20 token it is expected that the buyers during the private and public offerings will be end users of the service and although speculation is not encouraged, market forces can not be restricted, and the token will be fully and directly transferable.
The total supply is 100M. 20% of tokens (20M) is allocated to Sale, Marketing, Partnership and Bounties, 15% is locked for the project team, and another 15% is reserved for future developments. The remaining 50% is locked in the games smart contracts to be fully distributed to players. Each game will have a share at 10% of total token supply to be airdropped to players wallet.
Conclusion
MyLottoCoin team tried to make a very unique and transparent tokenomics system, a game changer that turns a luck-based game into a fair and sustainable ecosystem by rewarding players regardless of their luck.
