September 22, 2017

Frequently Asked Questions

About Lottoken

What is Lottoken Platform?

Lottoken platform aims to enable organizers to hold truly secure, trustworthy and transparent contests which can include corporate raffles, school admissions, housing allocations, organ transplants – the list of use cases is nearly endless.

Lottoken’s use case is the perfect application of blockchains and smart contracts. Being decentralized means there is no central point of trust failure. Also being on Ethereum, a global blockchain, Lottoken platform allows organizers to reach a global audience.

Who owns Lottoken Platform?

We are a USA based company with roots in Silicon Valley and incorporated in the Delaware state of USA. We own the Lottoken platform as in we have responsibility to drive innovation and maintain quality of the Lottoken platform. Other than that we strive to keep the Lottoken platform open.

Individual organizers of the contests within the Lottoken platform are completely responsible for the contests they are driving and they have full autonomy in the type of contests they organize.

Where are you based?

We are a USA based company with roots in Silicon Valley and incorporated in the Delaware state of USA. Our founders have deep expertise in building and running businesses at some of the most renowned companies of the planet.

When can I buy Lottoken coins?

You can buy them right away. Click here to Buy Lottoken coins.

How will you make money?

We are similar to other SaaS software companies. We will make money through usage and support fees.

What about support, feature enhancements and bug fixes?

We do plan to offer varying level of support (including self-help) to the Lottoken platform users. We do aim to make our code open-source and will accept comments and requests for feature enhancements and bug-fixes. We will be the final authority in approving any bug-fixes or feature enhancements made by our open-source community.

What is the price of a Lottoken coin?

Each Lottoken coin is priced at 0.01 Ethereum. At current (as of Oct 16,2017) Ethereum prices this equates to about $3-$4 per Lottoken coin.

Are Lottoken coins redeemable currently?

As of right now Lottoken coins are not redeemable.

Will Lottoken coins be redeemable or be listed in popular cryptocurrency exchanges in the future?

As a US domiciled entity we are obligated to follow the laws of the US Securities and Exchanges Commission (SEC) in this regard. This is a good thing as the SEC actively protects investor’s rights. As of right now we are evaluating the SEC’s rules. We will make a determination on this in the future.

What is a contest ?

Please refer to our white paper.

What are the use cases of a Lottoken contest ?

Lottoken contests can be used for any number of use cases. Here are a few examples:

  • Selecting winners of corporate raffles
  • Selecting candidates for school admissions
  • Selecting candidates for allocating housing
  • Selecting candidates for Visas
  • Matching candidates with airplane seat assignment
  • Selecting recipients for organ transplants

Organizers can easily run a fair and transparent contest to settle various allocation, assignment and selection decisions.

How can I Organize contests and Participate in them ?

Click here to Organize contests.

Click here to Participate in contests.

What is an ICO?

An ICO is an issue or sell of tokens or coins by any company to provide the services to the final consumer.

What is Lottoken ICO’s goal?

Lottoken ICO’s goal is to distribute Lottoken’s service’s tokens called Lottokens among future consumers of Lottoken’s platform. We are categorically not looking to use this ICO as an investment solicitation and holding Lottokens does not guarantee an ownership stake in the organization owning the Lottoken platform.

When and how will you conduct this ICO?

ICO will start on Nov 1, 2017. ICO window will last till Dec 15, 2017.

What are your minimum and maximum resource raising goals?

None. As stated earlier goal of Lottoken ICO is not to fund raise but to distribute tokens which are key component of Lottoken’s platform to its end consumers.

We will close ICO on Dec 15th, 2017 and (barring any unforeseen circumstances) we will freeze the outlay for the total outstanding Lottokens at the end of ICO.

Why does the Lottoken platform need tokens?

Lottokens do the same job which transit cards, arcade cards or casino chips do: avoid too many micro transactions with actual money. Organizers of a contest and the participants in the contest deal with Lottokens rather than standard crypto currency or fiat money. This leads to additional security as well as possibilities of various valuable features.

How will the Lottokens’ value increase over time?

As more and more Enterprise raffle organizers see the value of Lottoken platform in organizing a trustworthy, secure and fair raffles, there will be increasing demand of Lottokens which will lead to increase in their value over time.

What is the minimal purchase allowed and what currencies do you accept?

The minimum purchase allowed during ICO is $10, there is no maximum. We will accept Ethereum only.

What are the requirements to participate in the ICO?

Everyone can participate in the ICO except for residents and citizens of Singapore, the USA, the Canada and their respective territories. If you are a resident of any of these countries and are an accredited investor then you may be allowed to purchase Lottokens. Please click here to contact us if you are an accredited investor.

What if i want to buy Lottokens but didn’t participate in the ICO?

Please click here to contact us.

Which other websites are associated with your service?

Only Lottoken.org is the authoritative website for the Lottoken service. Other websites like Lottoken.io or Lottoken.com are not affiliated with the Lottoken service unless stated otherwise.

Have you filed any patent related to your service?

We have filed a provisional patent with USPTO for our innovation with regards to the way random numbers can be generated in trustful and secure manner on a decentralized blockchain. Our white paper touches on some of scope of innovation done by us.

Where can I find your Founders’ bios ?

Arindam Paul has extensive experience growing and building multi-billion dollar revenue products at Cisco & EMC. Most recently he grew the XtremIO All-Flash-Array to become one of the fastest growing enterprise product to reach $1B+ revenue in less than 2 years.  He has a MBA from Haas, U.C. Berkeley and a BS in Computer Science from IIT Kanpur and 14 patents in networking, distributed storage systems and security.

Chandan Mishra has extensive experience in technology innovation and development of successful products for Fortune 500 companies (Cisco Systems and Juniper Networks) as well as successful startups. His latest venture Izly collected largest ever public data corpus for India and marketed new business solutions off it. He has a MBA from Wharton and a BS in Computer Science from IIT Kanpur. He holds 15 patents in the fields of computer networking, distributed systems and cloud computing.

Ethereum related questions

How to Prepare Using Ethereum Wallet

For more information please visit the official Ethereum wallet wiki.

Why can’t I see my balances when I unlock my wallet?

This is most likely due to the fact that you are behind a firewall. It is common for the API that is used to display the balance to be blocked by firewalls. You will still be able to send transactions, but you will need to use a blockchain explorer, such as Etherscan , to view your balance.

Why can’t I see the account I have just created in the blockchain explorer (e.g., Etherchain, Etherscan)?

Only active accounts are visible in a blockchain explorer. Once you have transferred some ETH into the account, it should be visible.

Why can’t I see my ETH in the wallet?

If you run into this issue, make sure you are synced with the network. You can also check your balance at a service like https://etherscan.io.

Why am I getting a “Your computer’s time is out of sync!” error?

If the time of your computer is deviated, the wallet is not able to connect to the Ethereum blockchain. The wallet is able to detect if time synchronisation is turned off. Please enable time synchronisation per the instructions below

Why am I unable to find peers?

There are several reasons why the wallet is not able to connect to the network:

  • You might be using an older version of the wallet. Please update to the latest version of the wallet.
  • A firewall is preventing access, check the logs of your firewall.
  • A router does not allow NAT or the necessary UDP port 30303, or it may be blocking other connections made by the Ethereum node.

I am trying to synchronize the wallet, and it seems to have stalled. What is going on?

Each time the wallet is initiated, it needs to sync the chain with the network. Downloading and verifying specific parts of the chain during this synchronization will take time. In order to avoid re-starting the synchronization process, please be sure to wait for the download process to complete.

Why wasn’t my transaction confirmed?

There could be a variety of reasons for this:

  • You lowered the transaction fee. If your transaction fee is too low, miners may choose to ignore your transaction. If your transaction has been ignored, it can take a significant amount of time before your transaction reappears in the blockchain. Currently, Ethereum Wallet doesn’t provide a solution to resend the transaction with a higher transaction fee.
  • Ethereum Wallet is not fully synchronized with the network. Make sure you have peers (see the top bar) and that the block number matches the number shown on your block explorer (e.g., http://etherscan.io ). Additionally, check to see if the block number is increasing over time. If not, the node is not connected to the network.
  • Your client is out of sync. If you have peers and your block number matches or only slightly differs to the number shown on your block explorer (e.g., http://etherscan.io), click on the unconfirmed transaction.
    • A pop-up with the transaction details and the transaction hash will open. Click on the link and it will open a web page on Etherscan with details regarding the transaction.
    • If you can see the transaction details on Etherscan,the transaction is being processed. Please wait a few minutes and refresh the page to see if the transaction is now confirmed.
    • If the transaction details are not visible on Etherscan, then the transaction has not yet been processed. If this does not change after a few minutes, it is possible there was an error in processing your transaction.
  • Ethereum Wallet can lose the connection to the underlying node. In this case, you will not be able to see that the transaction was confirmed. Please restart the wallet and see if the issue is resolved.

Why can’t I unlock my account?

Please have a look at these recommendations. In some cases, the wallet loses connection to the underlying node, resulting in an inability to unlock the account.

Why am I seeing two different versions of my Ethereum address — one with uppercase letters and one with lowercase letters?

Capitalization simply means the address has a checksum, which will detect input errors. Both addresses refer to the same wallet and are fully functional. For example, two versions of an Ethereum address are below.

  • 0x0430894efd64349c078877E42F1c7c7B838cf108
  • 0x0430894efd64349c078877e42f1c7c7b838cf108

The address containing lowercase letters is not checksummed. Mistyping a letter or number in this address can result in the loss of ETH. On the other hand, the upper case checksummed version of the address will detect typos and inform you of an invalid address.

If you are sending ETH to one of your own wallets, you can save the checksummed address via the “View Wallet Info” page and copy the address displayed there.

How to Prepare Using MyEtherWallet

For more info, please visit the official: MyEtherWallet’s FAQ.

Why can’t I see my balances when I unlock my wallet?

This is most likely due to the fact that you are behind a firewall. It is common for the API that is used to display the balance to be blocked by firewalls. You will still be able to send transactions, but you will need to use a blockchain explorer, such as Etherscan, to view your balance.

Why can’t I see the account I have just created in the blockchain explorer (e.g., Etherchain, Etherscan)?

Only active accounts are visible in a blockchain explorer. Once you have transferred some ETH into the account, it should be visible.

How does MyEtherWallet actually work?

Please check this page: https://myetherwallet.groovehq.com/knowledge_base/topics/how-does-myetherwallet-actually-work

I am trying to unlock my wallet but it keeps freezing / hanging. Sorry you are having trouble. Decrypting the keystore files is an intensive process and doesn’t enjoy being done in Javascript. We recommend:

  1. Using Google Chrome.
  2. Clicking “continue” when you see the unresponsive error alert pop up.
  3. Closing other intensive programs open (a lot of browser tabs, video games, etc.).

The combination of the above typically eliminates the problem. If it doesn’t, please contact us and include your browser and OS and we can advise from there.

Why am I seeing two different versions of my Ethereum address–one with uppercase letters and one with lowercase letters?

Capitalization simply means the address has a checksum, which will detect input errors. Both addresses refer to the same wallet and are fully functional. For example, two versions of an Ethereum address are below.

  • 0x0430894efd64349c078877E42F1c7c7B838cf108
  • 0x0430894efd64349c078877e42f1c7c7b838cf108

The address containing lowercase letters is not checksummed. Mistyping a letter or number in this address can result in the loss of ETH. On the other hand, the upper case checksummed version of the address will detect typos and inform you of an invalid address.

For this reason, MyEtherWallet warns you when your address is not checksummed. Remember to double check the address to prevent any issues. If you are sending ETH to one of your own wallets, you can save the checksummed address via the “View Wallet Info” page and copy the address displayed there.