On Feb 27, 2020, ABIT.com invited the CEO of Lotto9, Mr AK Reddy to conduct an official AMA for all ABIT community members. Mr AK Reddy shared a lot of unique and valuable opinions on both his project and current cryptocurrency market.
Here are part of the questions answered by Mr AK Reddy during the AMA:
User question: What’s your original goal of doing his project?
Answer: Original goal of this project is that lotto9 is community oriented project with a deflationary token model for lottery/casino community and providing fair play games to users which lacks in mostly crypto related online casinos.
User question: Is total L9 tokens only 999999 coins? That’s very a few. Any extra tokens mining?
Answer: Yes, total L9 tokens 999999 only and no extra tokens mining.
User question: You know gambling in some counties is officially illegal. Even in this situation, why are you guys trying to expand your business worldwide?
We are professional in legal aspects about gambling laws in different regions in the world. We know what we can do and what we are not allowed to do. More importantly, Lotto9 is not a gambling project and players cannot “gamble” against each other, the L9 token is basically just a reward token for Lottery Play, for example like giftcards.
User question: What are the great achievements that Lotto9 has achieved so far?
Lotto9 started as a community oriented project with a deflationary token model, one of our greatest achievements so far is to receive 20000 Lotto9 Enthusiasts who has shown tremendous support.
We already doing IEO’s in ABIT & Chainx with 60% tokens and we had already commited for feature procedings.
User question: Beside 60% of tokens, where will the rest 40% tokens be allocated?
1. 60% [600000] of tokens for pre-sale/IEO or Exchange trade.
2. 20% [200000] of tokens for Staking, Investment boxes and trading competitions.
3. 20% [199999] of tokens for Lotto operations.
User question: Lottery industry relies heavily on the stability of player’s currency or chips from casinos. Lotto9 apparently is not a stable coin. How can you handle this?
Yes lottery industry runs like that even Lotto9 too, but situation for lotto9 is very different we preserve 20% of tokens for lotto9 operations, so we maintaine this price fluctuations with reserved tokens and we keep maintaining them all the time.
Due to very limited no of tokens, the prices pumps on ours stratigical time and keep observe the markets and maintains the lotto9 project by reacting according to them.
User question: What are the utilities of L9 tokens?
Use case is basically to provide more and more exchanges where the token can be traded and the price increased and this is exactly what we doing including a top exchange listing, all from the team’s pocket.
Listing in payment gateways, then its available to 2500000 vendors across 180 countries and will be available few online casinos before lotto9 games available.
User question: How can you solve disadvantage about burden of this transaction Costs?
To solve this problem we chose the Ethereum Blockchain because of it’s high transaction speed and low fees. Most of the charges incurred from transactions would be gotten back with some Profits from the reward system.
User question: What is the difference with other coins? So that it is worth lotto9 into our assets for today and the future?
The other coins do IEO’s and they keep users to wait more than 6months even year to complete development but lotto9 project will completes and gaming site available in less than 2months and after IEO & listing completion in ABIT & chainx, L9 available in few online casinos, which we are in talks for collaboration. [Few already committed to list but we will announce officially later].
User question: What are the future plans for Lotto9?
The future plans for lotto9 are
1. Listing in more and big exchanges and maximizes the user base and improve the price strategically.
2. Listing in payment gateways, then its available to 2500000 Vendors across 180 countries [Ex: coinpayments, coingate etc.].
3. We are in discussions with some online casinos and it will be available in few online casinos before lotto9 games available.
The second round IEO of Lotto9 will finish at 17:00, Feb 29, 2020 (GMT+8). It will be officially listed on ABIT.com from Mar 1. Details can be found via: https://helpcenter.abit.com/hc/en-us/articles/360040099631-Announcement-about-second-round-IEO-and-official-listing-of-LOTTO9-
