UltraYOLO YOLO is a decentralized lottery platform that uses blockchain technology. Its goal is to come up with a platform that can manage and run the largest international lottery. The project has a feature called Proof-Of-Randomness (POR) that solves the random number generation and miner attacks problems that are rampant in today’s gaming and lottery apps. The masternode network allows for proof of randomness and manages the health of the network as it works as DAO.
The DAO model provides the platform’s organization structure that determines the regulations and rules of the lottery. The token used on the platform allows the utility to run the proof of randomness with the percentage of the profits of the lottery that will be the incentive to run the platform.
The network will have two types of nodes; the light nodes that will make the YOLO coin transactions and a masternode which will support the random number generation and verify transactions. To become a masternode, those on the platform are required to stake 200,000 YOLO tokens in their wallet and to register to the network.
The Current Lottery System
The lottery industry continues to grow and is expected to be valued at $350 billion in 2018. However, the current lotteries lack digital convenience, use outdated gaming methods and lack of social media engagement compared to the mobile games that are more addictive.
The UltraYOLO YOLO platform hopes to bring a solution that can solve these challenges and achieve market dominance for a long time by providing the following features in their platform:
This is an essential feature of any lottery system. By using Proof-of-Randomness, the UltraYolo platform hopes to enable enough entropy in the randomly generated numbers and enable the random result to be tamper proof. This will be possible due to the use of the BLS Threshold Relay that allows for the generation of unpredictable and unverifiable random numbers.
High fees are one of the challenges that people face when they want to adopt blockchain technology. The UltraYOLO project will ensure players are charged minimal to no transaction fees to purchase their lottery tickets.
The UltraYOLO project will ensure that winners of the lottery will be anonymous to prevent unwanted attention to winners. The platform will use privacy measures that will obfuscate jackpot transactions via a privacy algorithm. The payout distribution and the buying process will also be anonymous.
The network will be able to handle increased traffic and huge transaction that will be part of the key characteristics as UltrYOLO grows.
The UltraYOLO YOLO ICO Token
The UltraYolo tokens or YOLO tokens can be purchased at 1ETH=200,000 YOLO with each YOLO valued $ 0.005. The platform will have an ICO in a bid to raise 10,000 ETH to finance the first jackpot, to meet the marketing costs and for technological development. The YOLO tokens will be used in the following ways:
- To run the lottery on the UltraYOLO platform
- To distribute funds to the stakeholders
- YOLO token holders who will have masternodes can receive a percentage of the weekly tickets in return for running the lottery system