After its 2018 launch, LOTEO has come a long way in bringing fairness and transparency to the lottery sector with its smart contract solution providing players with the peace of mind that winnings will be distributed as expected, and with every game having a verifiable winner.
Having held its landmark first draw in testing on 1st April of this year, LOTEO concluded the second quarter with a tweet outlining what they’ve been doing during the three months, and it’s fair to say they’ve been busy.
Covering its legal department, platform, marketing and wider business activities, the extensive list lays a strong foundation for a successful second half of the year and there’s a few particular standout developments.
On the legal front, it’s encouraging to see LOTEO engaging with regulators in its aim of achieving licensure, while obtaining certification for its RNG process and auditing its smart contracts will provide players with an extra layer of certainty over its technical credentials.
The platform has obviously had its hard launch, certainly no mean feat for a startup blockchain lottery, and with vital UI/UX improvements and the development of a new game in ‘Moon of Fortune’, it’s clear LOTEO see usability and longevity as a key aspect of its offering.
In marketing, the LOTEO community have been delivered with a bounty campaign in Q2, along with the launch of a YouTube series and the inaugural AMA with its team of which there’ll be more to come.
Updates to its Affiliate Program have been released allowing for real-time online stats which should provide significant benefits to one of the key tenets of LOTEO’s token economy. And, in terms of the wider business, its financials seem to be on a solid footing with over 50% of its tokens sold in a private sale which would likely mean a significant runway of development to come.
If LOTEO carry on at this current rate and continue to deliver against its white paper promises, there’s no doubt that the future of the vertical is in safe hands, and that Ethereum-based, smart contract-powered lotteries will set the industry standard going forward.