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What is Gelotto?
Gelotto aims to be the first lottery game on the IBC (the Inter-Blockchain Communication Protocol), built as a CosmWasm (CW) smart contract on the Juno blockchain.
Gelotto also plans to develop other games, such as slots, blackjack, and other games of chance.
In brief summary, Gelotto will offer lotteries for a variety of IBC-enabled crypto assets, such as ATOM (Cosmos Hub), OSMO (Osmosis), JUNO, STARZ (Stargaze), and many others. As other assets become accessible to the IBC, such as Bitcoin and Ethereum, lotteries may be expanded to include those assets.
Like a conventional lottery, participants will purchase tickets, and at the end of each game, a smart contract will randomly select a winner, with each participant’s odds of winning being proportional to the number of tickets purchased. Some lotteries may be small and run hourly, while others may be larger and run daily or weekly. See the following link for a detailed explanation of random winner selection: gelotto.hashnode.dev/building-a-lottery-gam..
A portion of each lottery pool is planned to be set aside for weekly mega jackpots, with tickets for the mega jackpot drawings being awarded for various types of participation.
Participants will be able to earn Gelotto’s native token, GLTO, by participating in the lotteries.
The objective of this article is to describe Gelotto’s unique plans for an annual grand prize game, where participants can win extremely lucrative prizes. Such prizes may include a grand prize of 10-100 Bitcoin, as well as other valuable prizes which may include sizeable quantities of other cryptocurrency (e.g., 100 Ethereum), and possibly even physical assets such as bars of gold, cars, houses – limited only by imagination and ingenuity.
Over the course of 12 months, a set of 1000 rare tokens: Gelotto Keys (GKEY), which function as “keys” to “locked chests” that contain prizes, will be given out to holders of the GLTO token. GKEY will also be distributed in other ways, such as participation in Gelotto events, use of Gelotto validators and liquidity pools, and so forth. GKEY will be a secondary asset on the Gelotto platform. Monthly snapshots will be taken, and investors holding at least a certain amount of GLTO will receive some quantity of GKEY. By the end of 12 months, the 1000 GKEY will have been distributed, and the grand prize game will begin.
When the game begins, locked chests will be presented on the Gelotto platform.
To open the first locked chest, a small amount of GKEY will be needed (e.g., 3-5 GKEY). The prize contained in each locked chest is unknown until it is opened. Once the chest is opened, the GKEY used to open it is burned.
Each subsequent chest will require a larger amount of GKEY to open, with the prize contained in each chest only being discovered after opening the chest. This process will continue until all chests have been opened and the grand prize has been awarded.
Each chest is intended to have a prize worth a minimum of 50,000 USD.
The grand prize game will involve a social aspect: Early locked chests that only require a small amount of GKEY may possibly be unlocked by individual participants or small groups of participants. However, later chests that require a significant amount to open may require participants to form larger groups, purchase GKEY from one another, build tools to facilitate trust, and so forth.
The game may include an option for a participant to burn a small amount of GKEY to learn the prize contained in a locked chest without spending a larger amount to open the chest. However, use of this option will become progressively more expensive as the game progresses, the more frequently the option is used.
In subsequent years, different grand prize games may be played, with each year offering a different game with different rules. For example, a future grand prize game may include rare tokens hidden around the world that can be searched for, claimed, and used to access prizes.
Where do I get GLTO?
Initially, the GLTO token will be distributed via airdrop. A snapshot will be taken between 5/30/2022 and 6/25/2022. The date of distribution is TBD.
Airdrop qualifications for the GLTO token are below:
After the initial airdrop, GLTO will be available on Osmosis Lab (frontier.osmosis.zone), Junoswap (junoswap.com), and other exchanges. As noted above, participants will also be able to acquire GLTO by participating in lotteries on the Gelotto platform, and in the future, by playing other games.
Where do these prizes come from?
For each lottery, a small portion of the winning jackpot (e.g., 5-10 percent) is retained by Gelotto to cover expenses and fund the grand prize game. Income from Gelotto validators and sales of NFTs may also fund the grand prizes.
The amount set aside for the grand prize game will be placed in a locked fund to be used for this purpose.
What will the game be like?
The Gelotto platform is still under development, so the specific appearance of the grand prize game and many of the smaller details are still in flux.
However, you may visit Gelotto’s forum on Reddit (at the following link) to view some examples of lottery interfaces and read other information about the project: old.reddit.com/r/Gelotto
Gelotto prides itself on transparency and openness. Please feel free to ask questions of the developers, who are very passionate and love to talk about their work.
Please let us know what you think. Does a game like this excite you? Does it sound absolutely crazy? What directions for a project like Gelotto do you think investors would like to see?
We appreciate your time and attention and welcome your thoughts and feedback.