What is Gelotto:

Gelotto plans to launch the first crypto lottery game on the IBC this summer, built as a CW smart contract on the Juno blockchain. Other games (slots, blackjack, etc.) are planned after the initial launch.

How Gelotto Will Work:

Participants will be able to purchase tickets to participate in lotteries for a variety of IBC-enabled crypto assets, including ATOM, OSMO, JUNO, SCRT, STARS, and more. As other assets become accessible to the IBC (such as Bitcoin and Ethereum), lotteries may be expanded to include those assets.

Some lotteries may be small and run hourly. Some may be larger and run daily or weekly.

Each participant’s odds of winning will be proportional to the number of tickets purchased. A smart contract will be used for random winner selection (see blog link below).

A portion of each lottery pool will be set aside for weekly mega-jackpots. Participants may be awarded tickets for the mega-jackpot for various types of participation. For example, a weekly “mission” to earn a mega-jackpot ticket might be to participate in lotteries for three different assets during the week. These missions may change each week.

Gelotto’s native token, GLTO, can also be earned by participating in the lotteries. GLTO will be usable as an in-game currency (there will be lotteries for GLTO in addition to the other assets), spendable for game tickets and/or NFTs, used for platform governance, and can be held for participation in an annual grand prize event (see blog link below).

The Airdrop:

GLTO will be airdropped to ATOM, JUNO, SCRT, OSMO, and STARS stakers, and NETA holders. Snapshots have already begun and are expected to be completed no later than 6/25.

The following link outlines the token distribution and airdrop qualifications: Gelotto Airdrop Qualifications

After the airdrop, GLTO will be available on Osmosis, Junoswap, and other exchanges.

When this airdrop was first announced, it was placed on the quarantine list for r/cosmosairdrops due to a lack of information, official channels, and announcements. It is our hope that this post will lead to the removal of the quarantine status.

The Team:

The development team for Gelotto is small, and they have been primarily focused on coding, rather than marketing. However, the team is very open, transparent, passionate, and loves to talk about their work. Please don’t hesitate to send any questions here or on the Gelotto subreddit. A little bit about the development team follows:

Daniel (u/dg0ffset) is the lead developer of Gelotto. Daniel is an NYC-based software engineer, builder, and mountain bike aficionado. He's a true believer in the potential of blockchain technology to improve lives and reduce corporate monopolization of the internet by helping entrepreneurs organize to build great things. He sees crypto-based games as a type of stochastic (a system governed by probabilities) investment strategy. Eventually, he would like each game on Gelotto to be large enough to accommodate multiple winners, such that a participant who is active on the platform and just a little bit lucky can win often enough to compete with a traditional investment interest rate.

Rizbe (u/space-cool) is a Brooklyn native who loves infrastructure, blockchain technology, and his Corgi. He owns a crypto mining company, has worked/lived through web 1.0, 2.0, and believes web 3.0 is needed to help address major concerns regarding centralization and corrupt monopolies. He believes Cosmos IBC will connect and unite most of the crypto world, and that the different functions and utilities available throughout the IBC are an ideal environment to allow Gelotto’s development team to focus on their core game while leveraging other IBC functions as needed. He loves poker and the feeling that playing a game of chance creates, and wants to bring that feeling to the blockchain by giving Gelotto’s users a chance to change their life while playing something they enjoy.

Additional Information:

• Gelotto subreddit: r/Gelotto/
• Gelotto blog: https://blog.gelotto.io/
• Discord: https://discord.gg/5TdbdFp7VM
• Whitepaper and testnet launch expected July 2022