[PRE-ANN] Lottereth - Masternodes and PoW moving to PoS after 6 months

[thekryptonian]

Just want to post about a project I've seen.  I have no affiliation to this project, and can in no way vouch for the accuracy of any information or the promises they make.

BRIEF OVERVIEW

There are hundreds of billions of dollars spent annually on lottery tickets throughout the world. For the most part, these lotteries come with a slew of issues including, but not limited to:

•   Astronomical odds of winning;
•   Significant issues related to taxation;
•   Difficulty in generating enough revenue for significant prizes in smaller countries;

There are two primary tokens on the cryptocurrency market today that back projects designed to alleviate the issues inherent in traditional lotteries. They are TrueFlip with a market capitalization of $6,799,963 and FireLotto – which, at the time of writing, is going through the ICO process.

Firelotto is likely to raise well in excess of the TrueFlip market capitalization. It resolves a number of the issues inherent with the TrueFlip model – increasing the odds of winning and the available jackpots whilst still maintaining significant expectations of profitability.

The inspiration for the Lottereth project came when our project founder analyzed the FireLotto with a view to potential investment. There was no investment in the project due to a number of reasons – of these, two were significant enough on their own to render FireLotto, in the opinion of our team, un-investable.

Those that research the FireLotto whitepaper are likely to realize the issues to which we refer. However, it’s in the interest of the Lottereth project that we do not reveal them at this stage in our roadmap. This decision was came to in an attempt to make it more difficult for someone to steal our idea and attempt to run with it themselves.

HIGH LEVEL DETAIL

•   Algorithm: C11/Ethash
•   Block Time: 120 seconds
•   Block Reward: 100 Lottereth (mineable for 6 months)   
•   Approximate Supply: 13 million
•   Pre-Mine: 5% of supply
•   Masternode Collateral: 2000

One of the main downsides to this token switch approach is two sets of exchange listing fees.

The intention is to list the coins as follows:

One Masternode Ranking Website (won’t be needed for the new token next year)
masternodes.online; or
masternodes.pro

At least two exchanges listings for each coin/token
CryptoBridge
CoinExchange
SouthXchange
TradeSatoshi
Kucoin
Cryptopia
Binance
Bitrexx

Whilst all will be considered, the higher-level exchanges above are almost certainly out for the initial token – but will be considered for the new token after token exchange in 2019. There will be pre-mined coins available to fund these listings but, in the ever-changing world of cryptocurrency, nothing can be committed to with regards to exact exchanges.

Finally, there will be a guaranteed prize-pool added to the lottery before the major marketing campaign later this year. Funding for this will also come from the pre-mined coins detailed above.

REWARDS – 100 LOTTERETH PER BLOCK

Blocks	Miner	Masternode
0-500	100	0
501 - 10,000	60	40
10,001+	50	50

 
ROADMAP

Q1 2018
•   Bounty Campaign
•   Wallet Release - Windows and Linux
•   Whitepaper Preview

Q2 2018
•   Mining Starts (there’s an unusual twist here which will be detailed in the whitepaper)
•   Website Launch - http://www.lottereth.com
•   Masternodes Ranking Website Listing
•   Exchange Listing
•   Consideration of community feedback for project improvements

Q3 2018
•   Major Website Update
•   Hiring Additional Team Members (If Needed)
•   Smart Contract Development and Testing
•   Fully Functional Lottery Running

Q4 2018
•   Major Marketing Campaign

Q1 2019
•   Exchange Listings for New Token

PROOF OF STAKE REWARDS

After the token switch next year, we will no longer have a mineable token/coin. Instead, total supply will be locked.

The intention is to have a fixed pool of funds in lockdown on the smart contract for payment of lottery winnings. On a weekly basis, the ETH profits that remain after payout of winnings will be distributed as follows:

•   Token Holders: 70%
•   Development Fund: 20%
•   Team: 10%
 
Masternode owners will have a say in how the development fund is spent.


Please visit us on discord today for your best chance at securing an easy 100 tokens via our bounty program: https://discord.gg/FQDC6Pp