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Firelotto – a Blockchain based lottery that puts the stage on Fire

Santhosh M

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Lottery - Firelotto
Source: Flickr

Firelotto joins the long list of organizations utilizing and implementing the blockchain technology to innovative use. Firelotto uses the technology to conduct unbiased lottery made available to the public. The company has opened up for token sales and would be open till March end.

The company has a finished prototype and has already been launched. Firelotto feels they have an edge over others because as compared to many organizations that venture out into the market without even having a prototype, Firelotto has a completed product.

FLOT will be priced lower during pre-sales and the token holder will receive a commission from tickets sold from every drawing.

One of the obvious problems solved by Firelotto is the transparency cloud that looms over any lottery system and algorithm. It has been proven that all the algorithms are centralized and the owner owns the right to use the lottery pool but in Firelotto the algorithm is built on the Ethereum blockchain and uses a Bitcoin decentralized protocol to generate a secure Random Number. Moreover, the program code is available for inspection.

Romano Gonsalvez, a professional poker player from Goa spoke to AMBCrypto and says,

“I have seen many ICOs and blockchain companies coming up with ludicrous ideas and I generally stay away from them. Firelotto, on the other hand, seems different and promising, they unlike others have their tech ready and is not in the air. I think this will definitely be a hit especially with good tech backing that they have”

Firelotto feels that they have developed an easy to use customer interface so that services can be utilized by even people who have only basic computer skills. It has a one-click buying mechanism which saves time for the users.



All that a customer needs to do is just purchase a ticket which will cost them around 2 USD (approx). Then the lottery pool is formed and gets funded by the money people have invested in buying the tickets. The random number generates the winner’s number and the lottery prize money gets automatically transferred to the winner’s cryptocurrency wallet.

The company has rules and regulations framed for the campaigns and also offers 4 types of games that includes 4/20, 5/36, 6/45 and, Roger’s Wheel. The regulations will be made available to all the buyers by the start of March.





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Santhosh is a full-time reporter at AMBCrypto. He is an engineer with a major in Mathematics and Computer Science. He developed a key interest in the blockchain space and has been studying and researching about it ever since. He is currently authoring a book on Blockchain and its use cases in the Education domain. He currently does not hold any value in any cryptocurrency or its projects.

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How to Buy BTC for Just 10% of its Value on YouHodler

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How to Buy BTC for Just 10% of its Value on YouHodler
Source: Youhodler

As FinTech platform YouHodler expands it’s services to clients, users are unlocking new, creative ways to take advantage of the crypto market. Take the platform’s “buy crypto with fiat” for example. With this method, combined with YouHodler’s 90% LTV, a user can buy BTC for just 10% of its value. Here’s how it works in three simple steps.

HOW TO BUY BTC FOR 10% OF IT’S VALUE ON YOUHODLER

With YouHolder’s recently introduced feature, user’s can buy BTC, ETH, XRP, XLM, LTC, BCH, BSV, DASH, EOS, BAT, REP and more directly on the platform with fiat [USD and EUR with a credit card or bank wire]. Users can get large discounts on crypto purchases. For this specific example, let’s see how someone can buy 1 BTC for just 10% of its value using the following three-step method on YouHodler:

For this example, let’s say 1 BTC = $8000

Source: Youhodler

Step 1: Use $8000 in cash to buy 1 BTC on YouHodler [Note: This is temporary capital that will be repaid in about 15 minutes]. Alternatively, you could borrow the $8,000 from your traditional business funds to use in this scenario.

Source: Youhodler

Step 2: Use this 1 BTC as collateral on YouHodler. With 90% LTV, you get 90% of $8,000 sent to you in cash or USDT. Use this to pay back the $8000 to wherever you borrowed the original capital from.

Source: Youhodler

Step 3: You now have 1 BTC sitting in collateral that you only paid 10% for [$800]. Now, simply wait for the market to rise again before repaying the loan and getting your 1 BTC. You are only responsible for paying back the 1 BTC at its value at the time of the loan. So if it rises to $9,000, $10,000 or beyond, you keep all additional profits.

Note: This can be a risky strategy if the market takes a rapid price drop.

CUSTOMIZE YOUR USER EXPERIENCE WITH MORE TARIFF OPTIONS

While the previous example focused on YouHodler’s 90% LTV tariff option, users should know there are a variety of channels one can access depending on their individual needs. Whether you want quick cash, 8-day loan term with 80% LTV for a long term 120-day loan with more flexibility, there is plenty to choose from to suit your strategy.



Customizable tariffs are also available upon request. Considering all available options is an important part of your risk management strategy. Hence, YouHodler always recommends a thorough due diligence process before pursuing any financial activities.

To see the full selection of tariff options and to take advantage of YouHodler’s crypto banking tools, visiting them here today.





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