Recapitulation of LOTTO FINANCE PROJECT AMA event held at AMA LOVERS CLUB
Date: Tuesday, 10th February, 2021
Time: 20:00 UTC
LOTTO FINANCE PROJECT team was represented by @EricCristobal who judiciously shared with us detailed knowledge and information about LOTTO FINANCE PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the Team working on the Lotto Finance Project?
ANS: Sure. I've been working on projects in this space on projects since 2013 or so, and some of you may know my project that launched in 2016-2017, Upfiring, a P2P file-sharing platform on ETH.
The other members of the team are Ian Arden (Lead Developer), Ty Smith (Head of Marketing), and Brandon Fallon (Social Media Marketing/Management).
I'm a developer myself but I do marketing as well, depending on what the project's needs are. I worked in Ruby on Rails and React for a few years before coming into crypto to code in Solidity after the launch of ETH.
Q2: Can you introduce the Lotto Finance Project, what critical problems does it solve that existing solutions are not solving and what's the competitve advantage?
ANS: If you don't know what LOTTO is, it's a "lottery token" that removes 1 token from all users' wallets, pools them together, and gives them to one random user once per day. The user does not have to do anything to participate besides hold the token in their wallet.
We have 1000+ users now and only launched a week ago so we're growing very fast.
If you're into DeFi and hold UNI, LINK, SNX, and several other DeFi projects in your wallet, you are eligible to claim 400 LOTTO for free btw from the distribution airdrop. Go to lotto.finance/claim and connect your wallet to see if you're eligible. The full list of projects is on that page.
Q3: Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: We've created the first project that has a full-on lottery built into the token itself. With LOTTO, you can wake up one day and have a ton of LOTTO in your Metamask. It's the only token that can essentially make you rich with 0 effort, assuming the lottery continues to grow. We're growing at a rate of 150 holders per day- ETH gas prices have slowed down claims, or we'd likely have 2000-3000+ holders right now.
In the future, we are going t upgrade the contract to tether the entry price to the lottery to exactly $1
It will read the price on Uniswap and take exactly $1 worth of LOTTO from users for the lottery each day
This will be done so that if the lottery gets as big as we want it to, and the price of LOTTO increases to $10+, that users aren't paying massive amounts to enter in each day.
In the future, the plan is to implement governance and 100% decentralization btw.
Second Segment Live Questions
Q1: There will be an important upgrade pushed to the Lotto smart contract tomorrow. Can you tell us what this upgrade is about , also what’s the minimum number of tokens I need to hold to be eligible to enter the lottery?
ANS: You need 1 token to enter the lottery, since it costs 1 token to enter. The upgrade will be pushed tomorrow and will standardize the time of the lottery to 3 PM EST every day, by changing the timelock rules. The winner will also be shown clearly on the website, as well as on https://t.me/lottoresults.
Q2: LOTTO said it's working towards becoming the biggest game the crypto space has ever played together. This is a huge task to accomplish, though I'm not saying it's not possible but how do you plan to accomplish that goal?
Also, vast majority of Lottery players in the traditional lottery sector ain't aware of a Decentralized lottery like LOTTO, so how do you plan onboarding them? hope you will make the platform as easy as possible for non crypto person to understand?
ANS: Great question. I want the lottery to start between everybody in the DeFi space, and this is why 1,000,000 DeFi holders are all eligible to claim LOTTO on lotto.finance/claim
I believe that once the number of token holders exceeds 10,000, that the jackpot will start to attract lottery players from the outside to an extent. We are working with several influencers right now and you'll start seeing a lot of them start taking about LOTTO soon. We're also using Ty Smith's (head of marketing's) marketing company Coinbound as an extension of LOTTO's marketing department.
Q3: On your telegram group, I've sees many user arguing about Lotto project. some user even spreading FUD that LOTTO as scam project. what do you think about that and what are you doing to convince users that LOTTO are LEGIT?
ANS: LOTTO was given out for free and does not cost any $ to participate in. I'm not interested in making money, I'm interested in creating something huge in this space as I am extremely passionate for DeFi.
I've also been working in the space for years and you can ask anyone who knows me from Upfiring or other projects what they think of my work ethic and such.
Q4: Why do UFR holders get to claim four times more Tokens than other De-Fi users and can a UFR holders participate with more than one wallet??
ANS: Upfiring (UFR) is another large crypto project that I'm currently running. Many holders have been with me/the project for 3+ years now and this was their reward for holding for so long. I wanted UFR holders to help comprise the foundation of the LOTTO community.
Q5: Partnerships and marketing are crucial for adoption. It is also important to have translation programs or local communities to pass information accross to non-English speakers. Would there be form of Marketing and are there plans to partner with other projects to add more value?
ANS: We've been making almost a new partnership every day. We just partnered with PoolTogether, the largest no-loss crypto lottery in the space.
Q6: How does the REBASE mechanism from Lotto work? Is it aleatory? and how did you came with this mechanism?
ANS: It's not a traditional rebase where the supply expands or contracts. We mess with the balanceOf function in ways not yet explored until this project was launched, by subtracting a token from each user but then using those tokens to distribute the collected LOTTO to one user at random.
You don't have to store your tokens in a smart contract or do anything involving a smart contract at all. The entire lottery is built into the token! Also, Ian Arden, our CTO, audits smart contracts for a living.
Q7: I've claimed 400 LOTTO from airdrop and I wanted to increase my chances of winning the Lottery. I don't want to wait my luck come from 1 wallet🙈 So, I sent it to my 4 different address (80 LOTTO each). Do you think it's a smart strategy? Are all my wallet qualify for the event?
ANS: Yes, that's smart, and all your wallets will qualify for the lottery. Nice job, and good luck!
The next lottery is at 6:30 PM EST (3 hours from now), so claim or grab LOTTO on Uniswap/Bilaxy (https://info.uniswap.org/token/0xb0dfd28d3cf7a5897c694904ace292539242f858) before then so that you're included in the rebase. The jackpot today is around 1160 LOTTO!
I hope to see you guys around the Lotto community at https://t.me/lottofinance. Grab a small amount of Lotto on Uniswap or Bilaxy to play the game with us, it's the most fun token you'll ever own in your wallet. You can also go through your wallets and see which ones are eligible to claim: lotto.finance/claim.
Thanks for having me!
Kindly follow us on our various social media Communities for more information;
Claim LOTTO: lotto.finance/claim
LOTTO Results Telegram: https://t.me/lottoresults
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