Fire Lotto
Crypto Overview
Overview
Fire Lotto was launched as a blockchain-based lottery platform that aimed to provide transparent and decentralized lottery games using smart contracts on the Ethereum blockchain. However, as of 2024, we could not find any active development, working product, or legitimate current use of the FLOT token.
Purpose and Utility
The intended purpose was to serve as the native token for lottery games on the Fire Lotto platform. The token was meant to be used for purchasing lottery tickets and receiving winnings.
Business Model Analysis
The business model was fundamentally based on gambling activities, which are explicitly prohibited in Islamic finance. The platform's core function was to facilitate lottery games, which constitute maysir (gambling).
Current Status
The project appears to be inactive, with no recent development activity, social media updates, or working product. The token shows minimal to no trading activity on any recognized exchanges.
Token Distribution and Governance
Due to the project's apparent abandonment, detailed information about token distribution and current governance is not available from reliable sources.
Crypto Impact
To assign a comfort level investing in Fire Lotto from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Fire Lotto.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.