Loteo pledges to revolutionise the lottery sector with a new Ethereum-based gaming platform that turns the traditional lottery on its head. We caught up with Loteo CEO Rastislav Bakala to find out more.
Could you outline the background of Loteo and what it sets out to achieve?
Rastislav Bakala: Our main aim is making gambling fairer and more transparent. There are lots of interesting crypto gambling projects, but none are fully transparent and we want to change this. We are looking to educate players in terms of gambling, blockchain and Loteo itself, while offering rewards such as free entries into our main lottery games.
What is the team behind Loteo?
RB: We are a team of crypto enthusiasts and investors looking to shake up the industry. The background of most of the team is from the financial world, with advisors from the gambling and lottery sectors.
we can’t forget that billions of people don’t yet understand the benefits of blockchain technology
You are currently holding a private sale. What is the next step and how is it progressing?
RB: We are currently in the private sale stage and will post updates when appropriate. The focus as the moment is improving our platform so it is ready for the mass market. Our aim is to make lottery both simple and sexy. We will have a huge focus on marketing and the commercial side once our platform is up to scratch. We are already starting to launch promo videos and they will go public very soon.
We are also launching LOTEO TV on YouTube to educate people on blockchain and how a transparent lottery can make things safer for players.
There is plenty more on the roadmap as well that will be announced shortly.
What are the key features of the Loteo platform?
RB: The primary feature is that we are fully automated via smart contracts. Players do not have to trust in the individual, and they can rest assured that the code will automatically distribute all profits to holders, players and charity.
We want to deliver our platform in a simple way using an amazing UI.
When you compare Loteo to traditional lotteries, our big advantage is that every game has a winner. The draw is based on purchased tickets, so there is not the frustration of seeing nobody win for a week. Our philosophy is to keep our players happy rather than waiting. Those who are lucky to win can instantly cash out their profits in Ether, too.
How do you see the outlook for blockchain in the gambling sector?
RB: Gambling and the blockchain is the perfect combination. Transparency and open source coding are the routes to success. But we can’t forget that billions of people don’t yet understand the benefits of blockchain technology. That’s our mission to the moon: teach them and bring them to our platform.
In a detailed blog post, FunFair discussed at length the challenges to onboard users to dApps.
“We can see plain as day where we lose people in the onboarding funnel, and much of the time it’s very early – at the start – the moment they’re asked to download a Web3 browser or wallet and to create an Ethereum account,” the team said in the post.
“We believe we could reach a lot more users for our dApp if there were far lower friction, no requirement to download or install anything new, and a UI that had a much more comfortable learning curve.”
To tackle the problem, the FunFair has spent almost a year building “an easy to use wallet that targets this significant onboarding friction”.
The result is the FunWallet, which FunFair says will run “in any web browser inside an iFrame, on any device, mobile or desktop, Safari or Chrome” and requires no plugin, download or install. In other words, users will be able to easily log into their FunWallet from their phone with an email and password.