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How do you plan to minimize regulatory risks, especially those related to the Howey Test?

 

The main difference between the security token and the utility token is that the first one enables its holder to get profit without doing anything. A person can simply buy a token and get dividends. Having analyzed the current international legislation, we adopted a set of measures aimed at making it clear that our tokens should not be classified as security tokens:

 

- Holders of our tokens will get commissions from sales rather than dividends. This system will be in essence the same as the system of referral payments discussed earlier.

 

- In order to receive commissions, each token holder has to play the lottery. In other words, each token holder will have to buy a certain number of lottery tickets every month in order to be able to receive commissions from sales. The number of tickets and the frequency of purchases are being calculated at the moment and will be announced later. Given that one lottery ticket costs only 2 U.S. dollars, token holders will not have to spend a lot of money on buying lottery tickets, and at the same time this measure will help us solve legal issues and stimulate the lottery. 

 

-Together with lawyers and advisors from New York, we are discussing the option of inviting a professional investor to our team. This will enable us to attract funds from U.S. citizens to our ICO in accordance with the rules and requirements established by the SEC and U.S. government.

 

More information you can find in the updated whitepaper https://firelotto.io/whitepaper_en.pdf

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Do you have a soft cap / hard cap?

 

Yes. Soft cap: USD 2,000,000 (7,000,000 FLOT tokens). Hard cap: USD 15,000,000. In case if soft cap will not be reached all investment payments will be returned to investors wallets.

 

More information you can find in the updated whitepaper https://firelotto.io/whitepaper_en.pdf

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Dear friends! We have great news for you!

 

Today at 12.00 UTC international time starts the official pre ICO Fire Lotto. The project has already collected a soft cap and nearly 2 thousand investors in a closed round.

The collected funds are enough to replenish the prize fund to 1.150.000 dollars and the basic PROMO level of the project.

 

https://firelotto.io

 

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Edited by Deterok018

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Dear friends!

 

The community's request has been removed from the way of buying tickets through a private KEY. Now, to purchase a ticket, you need to make a payment directly to the contract. In 2 days will be added the second payment method METAMASK.

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Do you have different development scenarios depending on the amount of funds raised?

Funds raised in ticket sales will be allocated to the main and reserve prize pools. The
bigger the prize pool, the more interesting it is to play the lottery. 

We aim to allocate at least 30% of the funds raised to the prize pools.

- 20% of the funds will be spent on software development and maintenance.

- 15% of the funds will be spent on legalizing the product and obtaining licenses and
permits (for example, Isle of Man, Gibraltar, Curaçao gaming licenses) in order to be
able to operate globally. We also need to obtain several licenses enabling us to
conduct currency exchange operations (fiat to crypto) and give our users the
opportunity to make deposits to and withdraw funds from their cryplocurrency wallets
as well as play the lottery using fiat money.

- 5% of the funds will be spent on having our tokens listed on no fewer than three
different exchanges.

- 30% of the funds will be spent on marketing and promoting the ICO and the product
itself.

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