[ANN][ICO] Fire Lotto - International blockchain LOTTERY

[ket_gav]

I now consider several projects, but I'm more inclined to think that this project is the most advantageous from the point of view of the immediate prospects. Considering the income from sales of lottery tickets, hold the tokens every year will bring more and more, then what is the point in their trading there, and that in itself affects the price, as the demand will be constant, this means that the price of the token will continue to grow steadily and quickly.

You absolutly right! Project is a good investing solution

[kermitas]

I now consider several projects, but I'm more inclined to think that this project is the most advantageous from the point of view of the immediate prospects. Considering the income from sales of lottery tickets, hold the tokens every year will bring more and more, then what is the point in their trading there, and that in itself affects the price, as the demand will be constant, this means that the price of the token will continue to grow steadily and quickly.

Just don't block yourself, there are more 'passive income' crypto projects on the market currently.

[kermitas]

Quoted from whitepaper (whitepaper --> 'public contract' that many make their investment decision on):

This means that when the ICO opens, investors will be surprised to see not only a
finished product, but also a huge prize pool available to be won and sales commission
distribution among token holders in real-time mode.

Great, that means that pre-ICO investors will be receiving commissions (even if not having FLOT tokens yet). All that starting from the beginning of ICO (March 15, 2018).

Is that correct? 

[Tommy Cash]

I now consider several projects, but I'm more inclined to think that this project is the most advantageous from the point of view of the immediate prospects. Considering the income from sales of lottery tickets, hold the tokens every year will bring more and more, then what is the point in their trading there, and that in itself affects the price, as the demand will be constant, this means that the price of the token will continue to grow steadily and quickly.

Token prices are influenced by many different factors, including political and economic
ones. We can compare our product with TrueFlip, an online lottery that is already
operating. If you look at the diagram (You can see the witepaper on our website), the average price of the
TFL coin (True Flip lottery) is about USD 1.00 (USD 1.05 as of October 20, 2017), (USD
3.29 as of January 07, 2018). We believe that the price of the Lotto token will exceed USD 1.00.

[kermitas]

Fire Lotto token holders will also have sales commission transferred to their
cryptocurrency wallets after the drawing. The sales commission rate will be fixed in
the smart contract. Commission will be paid in ETH. Token holders will be free to use
their share of sales commission as they wish.

Since full sources of smart contracts deployed on Ethereum are kind of secret (even to people that are planning to invest) I would like to ask how payouts of commissions is done?

Let's say that there are hundreds of thousands of investors, draw period is finished and commissions needs to be transferred to investors. How did you protected this operation for out of gas/not enough gas problem?

[ket_gav]

Quoted from whitepaper (whitepaper --> 'public contract' that many make their investment decision on):

This means that when the ICO opens, investors will be surprised to see not only a
finished product, but also a huge prize pool available to be won and sales commission
distribution among token holders in real-time mode.

Great, that means that pre-ICO investors will be receiving commissions (even if not having FLOT tokens yet). All that starting from the beginning of ICO (March 15, 2018).

Is that correct? 

Yes, and they can to trade them on the exchange

[ket_gav]

Fire Lotto token holders will also have sales commission transferred to their
cryptocurrency wallets after the drawing. The sales commission rate will be fixed in
the smart contract. Commission will be paid in ETH. Token holders will be free to use
their share of sales commission as they wish.

Since full sources of smart contracts deployed on Ethereum are kind of secret (even to people that are planning to invest) I would like to ask how payouts of commissions is done?

Let's say that there are hundreds of thousands of investors, draw period is finished and commissions needs to be transferred to investors. How did you protected this operation for out of gas/not enough gas problem?

Since the launch of the lottery, 10% of the funds raised in ticket sales will be transferred to the smart contract responsible for the distribution of sales commission. The first distribution of collected sales commission among token holders will take place after the ICO closes. Commission will be paid in ETH to all token holders with 2 days after tokens distribution. Afterwards, commission will be paid out after each lottery drawing.

[kermitas]

Again regarding to 'secret' smart contracts, in behave of all investors (and their security) I would like to as for full report on how do you protected withdrawal process:
- if one of recipient addresses is a smart contract that will recursively call you back?
- if one of recipient addresses is a smart contract that would throw exception in its fallback function?

For example, let's analyze those transfers done to lucky players after draw https://etherscan.io/tx/0xd4707ac9a03dabb2cdf2a8bf67aed46b4b1c2336789a76d47a11d4ca7700bbb8. Please show us code responsible for that so we can analyze how it is protected from threats mentioned above.

[kermitas]

The first distribution of collected sales commission among token holders will take place after the ICO closes.

What you wrote is inconsistent with whitepaper.

People invest in whitepaper (in what they see in whitepaper), not in some interpretations made on forum :/. 

[kermitas]

Again regarding to 'secret' sources of smart contracts, please reveal if product is fully decentralized and autonomous product? If not then what kind of external/centralized services it needs to live and if anybody else (in place of Fire Lotto) can support it.

Those are very important questions as if Fire Lotto company would be closed, team will split up or anything other would happen then we need to know if product will continue to operate or stop without any warning.

[ket_gav]

The first distribution of collected sales commission among token holders will take place after the ICO closes.

What you wrote is inconsistent with

People invest in whitepaper (in what they see in whitepaper), not in some interpretations made on forum :/. 

I answered you based on whitepaper

[kermitas]

I answered you based on whitepaper

And I, in my post, also quoted whitepaper. What it does mean? Is whitepaper inconsistent with itself?

[CashPokerPro]

Again regarding to 'secret' sources of smart contracts, please reveal if product is fully decentralized and autonomous product? If not then what kind of external/centralized services it needs to live and if anybody else (in place of Fire Lotto) can support it.

Those are very important questions as if Fire Lotto company would be closed, team will split up or anything other would happen then we need to know if product will continue to operate or stop without any warning.

As wrote to you many times, smart contract code you can see on GitHub:https://github.com/firelotto
Withdrawal function start automatically each 24 hours. After ICO will make 4 drawing per 24 hour.

The main thing is that Fire Lotto have real blockchain product. And you can test and try it on firelotto.com

Actual front end code you can check here: https://firelotto.com/js/api.js


Fire Lotto can not place full code till the end of ICO, because somebody like you can steal it and make similar product.

Just for you, please think about firelotto.com like prototype.

[CashPokerPro]

Fire Lotto token holders will also have sales commission transferred to their
cryptocurrency wallets after the drawing. The sales commission rate will be fixed in
the smart contract. Commission will be paid in ETH. Token holders will be free to use
their share of sales commission as they wish.

Since full sources of smart contracts deployed on Ethereum are kind of secret (even to people that are planning to invest) I would like to ask how payouts of commissions is done?

Let's say that there are hundreds of thousands of investors, draw period is finished and commissions needs to be transferred to investors. How did you protected this operation for out of gas/not enough gas problem?

Soon Will make smart contract analytics from the audit agency, and you and another investors will see that all information as you saw in whitepaper is real and 100% true.

P.S. Please check smart contracts for another similar online lotteries. Do you. see full smart contract code on the GitHub?

[kermitas]

Fire Lotto token holders will also have sales commission transferred to their
cryptocurrency wallets after the drawing. The sales commission rate will be fixed in
the smart contract. Commission will be paid in ETH. Token holders will be free to use
their share of sales commission as they wish.

Since full sources of smart contracts deployed on Ethereum are kind of secret (even to people that are planning to invest) I would like to ask how payouts of commissions is done?

Let's say that there are hundreds of thousands of investors, draw period is finished and commissions needs to be transferred to investors. How did you protected this operation for out of gas/not enough gas problem?

Since the launch of the lottery, 10% of the funds raised in ticket sales will be transferred to the smart contract responsible for the distribution of sales commission. The first distribution of collected sales commission among token holders will take place after the ICO closes. Commission will be paid in ETH to all token holders with 2 days after tokens distribution. Afterwards, commission will be paid out after each lottery drawing.

Dear ket_gav, if you are not a hardcore Ethereum smart contracts developer would you please stop/suppress yourself from answering smart contracts and software development related questions?

I don't want anybody take your answer as a real answer on my technical questions. I need much more than just quoting what can be found in whitepaper (that I know very well). In that way your answer (quoted above) is not an answer. Thank you .

Of course question remains unanswered, waiting for real, technical answer.

[Tommy Cash]

Again regarding to 'secret' sources of smart contracts, please reveal if product is fully decentralized and autonomous product? If not then what kind of external/centralized services it needs to live and if anybody else (in place of Fire Lotto) can support it.

Those are very important questions as if Fire Lotto company would be closed, team will split up or anything other would happen then we need to know if product will continue to operate or stop without any warning.

Most of the depositors do not understand the code (we are going to do an audit of smart contracts from a qualified agency) which will confirm all the stated conditions for the distribution of funds. Until the end of the ICO, we can not. it can be copied and used in a similar project. This will not be fair with respect to developers and current investors.

[kermitas]

As wrote to you many times, smart contract code you can see on GitHub:https://github.com/firelotto

Thank you, and as I wrote many times, I know those two files very well. It would be much better if you would point me to file name and line number that address my smart contracts related questions. Can you?

If you and ket_gave like to send me to GitHub then I hope it is not a problem for you both to show me real line numbers that answers my questions .

Fire Lotto can not place full code till the end of ICO, because somebody like you can steal it and make similar product.

Smart contracts can be stolen from first seconds after being placed on blockchain ... so I don't think that is good explanation. Of course I want to believe that you want to hide something (like possible ordinary mistake with withdrawal pattern).

Just for you, please think about firelotto.com like prototype.

Prototype in which people invest serious money...

[kermitas]

Fire Lotto token holders will also have sales commission transferred to their
cryptocurrency wallets after the drawing. The sales commission rate will be fixed in
the smart contract. Commission will be paid in ETH. Token holders will be free to use
their share of sales commission as they wish.

Since full sources of smart contracts deployed on Ethereum are kind of secret (even to people that are planning to invest) I would like to ask how payouts of commissions is done?

Let's say that there are hundreds of thousands of investors, draw period is finished and commissions needs to be transferred to investors. How did you protected this operation for out of gas/not enough gas problem?

Soon Will make smart contract analytics from the audit agency, and you and another investors will see that all information as you saw in whitepaper is real and 100% true.

I am sure you know that content of the report depends on who pays for it.

What about the other way? Give us sources of all smart contracts and we will take our specialists that will prepare report?

P.S. Please check smart contracts for another similar online lotteries. Do you. see full smart contract code on the GitHub?

I want to be sure that behind Fire Lotto there are premium class Ethereum developers. Especially when we talk about smart contracts that work with high ETH values. No reason to compare you to other, poorly implemented products. You are doing ICO right now and you are responsible for quality of the product.

[kermitas]

Again regarding to 'secret' sources of smart contracts, please reveal if product is fully decentralized and autonomous product? If not then what kind of external/centralized services it needs to live and if anybody else (in place of Fire Lotto) can support it.

Those are very important questions as if Fire Lotto company would be closed, team will split up or anything other would happen then we need to know if product will continue to operate or stop without any warning.

Most of the depositors do not understand the code (we are going to do an audit of smart contracts from a qualified agency) which will confirm all the stated conditions for the distribution of funds. Until the end of the ICO, we can not. it can be copied and used in a similar project. This will not be fair with respect to developers and current investors.

I agree except that maybe all source code analysis maybe should be done before hitting main net?

If you - after an audit - will discover problems in currently deployed smart contracts - what will you do? Will you deploy new, improved, much more tested versions?? What then with high amounts of ETH kept by current smart contracts?

[kermitas]

Most of the depositors do not understand the code

Sad but probably true. Maybe they can afford higher risk - I am not.