As our project matures, the DAO governance model for YOLO token holders should advance to a state of self regulation. The DAO model provides the organizational structure needed to determine rules and regulations of the lottery. On a technical level, the YOLO token provides the utility to run our Proof-of-Randomness with a percentage of the lottery profits used as incentive for running the network.
Our ICO will seek to raise 10,000 ETH primarily to finance the initial jackpot, technology development and marketing costs. Our tokens (YOLO) will be issued at a rate of approximately 220,000 YOLO : 1 ETH, pegging each YOLO token at approximately $0.005.
The primary utility of YOLO tokens will be to run the lottery and for the distribution of funds to relevant stakeholders. YOLO token holders who have masternodes will be able to receive a percentage of all weekly ticket sales in return for running the lottery system.
The main focus of the UltraYOLO team is to ensure that this project becomes the largest global lottery in both user base and jackpot size. Current work is prioritized for user acquisition and technological advances. We also strive to provide consistent updates and plan to actively engage the community.