There is a new type of digital asset in town, which seems to have taken the Bitcoin community by storm over the past 24 hours. Lottoshares is the name (not to be confused with the altcoin, abandoned by its developer last year) and the goal is to create the world’s first open and transparent lottery using blockchain technology.
LottoShares – Physical Lottery in the Caribbean
LottoShares will aim to become a revolutionary lottery system, taking on the traditional model of state-run lotteries, which offer next to no transparency. Even though lottery draws are popular far and wide, once numbers are drawn, the transparency ends there. LottoShares wants to change the game by operating on a decentralized platform.
The concept of LottoShares came to life due to a partnership between Michael Taggart – Founder of Della Terra LTD – and Mark Lyford – CEO of Banx Capital. And now there is a third player in the mix, as Fantasy SXM plays a key role in bringing Lottoshares to everyday consumers and investors around the world.
“I am extremely interested in furthering blockchain based technology; BitShares technology is the most advanced in that category. It is by far the most secure and un-hackable platform that boasts the fastest transaction times that the financial industry has available providing consumers with peace of mind given the 100% transparency”. – Co-founder Michael Taggart told the media.
Gambling and virtual currency seem to go hand in hand and LottoShares will take things to a new level. Providing a safe, legal and efficient gambling experience will be the top priority for the LottoShares team, together with giving the public complete freedom of their finances.
Unlike traditional lotteries, LottoShares welcomes any and all community involvement. By giving investors a chance to contribute to the present and future direction of LottoShares, they will receive a digital ownership in the company. To put this into financial terms: 25% of net profits generated by the physical lottery in the Caribbean will be divided among LottoShares investors.
It is important to note that the remaining 75% of net profits will be distributed among the three LottoShares partners equally. Furthermore, the transparency offered by this Caribbean-based physical lottery allows for the distribution of LottoShares tokens, creating a viable way for investors to receive “instant winnings”.
Distributing Shares and Investment Details
“There are only 500,000 LottoShares available to the public and these shares will be purchased back with real earnings from a real physical lottery business. When the Fantasy Lottery becomes more successful, the share value should continue to increase each month. The buyback of shares will decrease the availability of shares to the public resulting in an increase of value. Holders are aware that this continual buyback of shares which can positively affect the overall value. What can happen will be very interesting indeed”. – Co-Founder Michael Taggart explained.
LottoShares will launch within the next week or so and all parties involved are very excited to increase the awareness of this innovative opportunity. All of the funds raised during the contribution phase will be used to further expand operations, increase the number of staff on hand and cover costs associated with issuing tokens on the Bitshares platform.
Images courtesy of LottoShares on BitcoinTalk