FTW coin (FTW)

What is FTW coin

FTW - For The Win

Abstract: The future of the lottery

The lottery industry, which has over 5 billion players worldwide is undergoing profound change due to the internet and other technological developments. Distribution of lottery tickets has shifted from physical to digital, changing the face of the whole market and significantly expanding the lottery's potential reach towards masses. Recognizing the opportunity and the fit, currencies enabled by blockchain technology have become the most popular means of payment among gambling sites. Utilizing the most promising features of blockchain, FTW is creating a global lottery that removes geographical limitations and brings full transparency to the process offering unprecedented trust and quality. FTW will issue 100 million utility tokens that can be used to participate in a lottery hosted on the NEO blockchain and smart contract.

Introduction

There’s never been a better time to enter the gambling industry. The advent of online gambling through digital technology has made it a stable, lucrative and ambitious investment that is projected to grow by 51% over the next several years. A Juniper Research study shows that the value of all wagers placed through online gambling will approach $1 trillion by 2022. The lottery CAGR (compound annual growth rate) is between 2016-2020 in the US alone, with American consumers already spending nearly $70 billion on lottery ticket sales annually

Nevertheless, gambling, both traditional and digital, suffers from a number of problems:

Geographic limitations. ​The most lucrative lotteries are traditionally hosted by the states, where participation is often restricted by one’s geographical location. Even though online gambling has expanded the consumer base, many states and countries have enacted legislations limiting or restricting their scope of operations. Some countries, including Singapore, UAE, Poland and Cambodia have even banned online gambling altogether.

Lack of consumer trust​. Centralized authority means the organization controls the amount of information and funds released to the public creating a system rife with the potential for abuse, fraud, and rigging. As for-profit businesses, online gambling sites especially have an incentive to prevent people from collecting earnings.

Poor autonomy over jackpot and overall earnings. ​In a traditional state-run lottery, no more than 50% of the profits from lottery ticket earnings are included in the jackpot pool. Part of the remaining funds are distributed to bloated overhead and administrative costs. Winnings are also subject to an exorbitant amount of taxes in most states and countries.