What is Loteo?
Lotteries are a very popular form of gambling, but they face a number of long-standing issues. States may restrict their citizens from participating in lotteries, or they may restrict their choice to a single state-run monopoly. Trust in conventional lottery organizers has been eroded through scandals as well as a lack of transparency that has been present since the game’s inception.
LOTEO is an automated digital lottery that is executed via code instead of being run by people. The lotterywill, first on a weekly, and later on a daily basis, draw a random Ethereum address from a pool of users. Thedraw will be based on a random number generation system that will have a publically-viewable code on GitHub and also on Ethereum Network. The winner shall receive 75% of the prize pool as a reward, which will be sent to their Ethereum address.
Not only will LOTEO make this form of gambling accessible to more people than ever, but it will also address the issue of trust as it will be executed via a smart contract, the code of which will be publically-viewable on GitHub and also on Ethereum Network. Through a combination of international reach, transparency and automation, LOTEO aims to become the industry standard in the rising market for digital lotteries.