Belotto is the world’s first blockchain-based and decentralized lottery system that aims at bringing transparency and integrity into the lottery business through elimination of corruption, drawing and jackpot manipulation, and also eliminating the risk of misallocation of money.
The project aims at solving some of the problems that occur while gambling online like high commission, unreliability, non-crypto friendly lotteries, and inconsistencies. Its decentralized drawing methodology and a smart contract integrated into Belotto’s system seek to solve those problems.
How Does Belotto Work?
Belotto works by first distributing the money from the ticket sales in a way that the jackpot is constantly fed with each new purchase. The jackpot money is the then stored via escrow to prevent use of the money before a winner is found. A draw is held every week and to ensure that the numbers combination cannot be altered, the numbers are brought from bitcoin blockchain hashes. If there is a winner, smart tickets will notify the winner and Belotto and the funds are transferred to the winner’s wallet through the escrow.
The project will have three major lotteries: Belotto ether lottery, Belotto bitcoin lottery, and Belotto express, which have similar operation methodology and philosophies but independent decentralized structures.
The platform uses the BEL token, which is built over the Ethereum blockchain. The token is accepted as its means of payment in order to acquire services on the platform. Token holders will not require any special software or agents in order to access their tokens.
The tokens can be acquired during the Pre-Sale, Sale, and Second Sale stages through the purchase of credits. Purchasing of the tokens and credits during the pre-sale and the second sale stages will lead to the holders getting discounts and in the case of credits, they will be rewarded with tokens of the same proportion as the credits they have purchased. Credits and tokens are used in the acquiring of smart tickets for participation in the Belotto lottery.
Why Invest In Belotto?
Security: Through the blockchain basis and the integration of smart contracts, automation and decentralization is made possible, which ensures a high standard of security is maintained though the service provision. The adoption of escrow in the system also ensures that the jackpot money is secure and it can’t be used before a winner is found.
Transparent and incorruptible: The gambling process is transparent from the beginning to the end. The methods of feeding the jackpot, obtaining the winning numbers, and transfers to winners is manipulation free. Information is transparent from the public and anyone with internet access can gain access to it.
Zero commissions: The blockchain system of the platform allows the transactions through it to be tax and commission free. This means that winners of the lottery will receive their prizes in full without any deductions.
Worldwide reach: There are no location barriers—anyone from anywhere around the world is allowed to participate. Language barriers are also reduced, as it is available in two main languages, English and Spanish and more will be added through the bounty program.
More payment options: Users can transact through cryptocurrencies, fiat, and other traditional means of payment on the platform, which expands the users’ possibilities.
Increased winning odds: The chances of winning on the platform are increased due to small ranges of the lottery number.