LottoShares is the world’s first digital asset tied to a physical lottery that will use blockchain technology for proof of fairness and 100% transparency, which could unravel the lottery business as we know it.
Simply put, 25% of net profits generated by the physical lottery in the Caribbean will be divided among LottoShares investors. Meanwhile, the remaining 75% of net profits will be distributed among the three LottoShares partners equally. In addition, the transparency offered by this physical lottery enables the distribution of LottoShares tokens, which translates into “instant winnings.” At the same time, LottoShares tickets will be sold and distributed worldwide.
LottoShares:
“Our digital token is very similar to a Bitcoin token. With blockchain technology, tokens can be distributed, transferred, or sold to anyone globally in less than 1 second. There are only 2 million shares in existence so they can never be inflated. Fantasy Lotto monitors the supply buying back shares when appropriate. This will increase the overall value of the public shares, by decreasing the availability.”
LottoShares are not real shares, however, and do not represent real ownership or voting power in the physical lottery itself. They are digital tokens that give investors a chance to contribute and benefit from the success of the company.
LottoShares was launched by Michael Taggart, the founder of Della Terra LTD, and Mark Lyford general director of Banx Capital. They partnered with Fantasy Lotto & Games, a legal and licensed lottery and online gaming business located in Sint Maarten in an attempt to become the world’s first blockchain based lottery and online casino.
Taggart commented:
“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 the financial industry has available providing consumers with peace of mind given the 100% transparency.”
It should also be noted that LottoShares lottery has nothing common, except the name, with the LottoShares (LTS) altcoin that was abandoned in 2014.