we hosted an amazing AMA with Luto Cash on the 5th of August
And here we will put some of the best questions:
Q1) Can you please introduce yourself as well as Luto Cash ?
Yes, I discovered blockchain in 2012, as a freelance consultant when we were facing issues with PayPal & Wire Transfer options while receiving payments from clients. I learned about Bitcoin and found it’s the fastest mode of cross border transactions. and then after exploring blockchain technology, I was confirmed it’s the greatest innovation of our generation!
Sometimes, I don’t believe that I don’t hold a single Bitcoin from several hundred I received from my clients. At that time, the cost of Bitcoin was below USD 10.
And right now, I can accept that I can’t stop thinking and talking about blockchain and cryptocurrencies.
And finally, in 2021, I founded LUTO CASH for crypto community and want to build it for the community by the community.
Q2) What are the advantages of Luto cash project ?
The casino and gambling world is most innovative sector as well as highly potential market. If we are building a gambling product / platform we have to keep ourselves updated with latest technology as well as games. The team has to be creative to make the games interesting.
Considering the advantages:
- We are building a decentralized crypto lotto platform with a motto everyone to win cash. That’s sure.
- We are to follow a transparent system to make sure, everyone will grab an opportunity to win the prizes.
- We are implementing latest technologies to fight against hacking attempts , phishing, endpoint vulnerabilities as well as privacy leakage. The users won’t have to bother about security issues, hacking. We are well aware of issues.
- New games with new plans, attractive CASH prizes every month for new users.
- Provably Fair means “Provably Fair”. On LUTO CASH platform, if you are playing a game, be assured there will a a fair chance that you win the prize.
Q3) please tell us about the goal you want to achieve in this year?
The goals are unlimited and we would like to achieve as soon as possible but there is clock which run every second. We have planed many thing and have to achieve this year.
As of now, we would like to finish the first platform that is lotto platform, as per our plans we would like to launch the product with 3 weeks from now.
We have to go slow and steady, we have to a lot of testing, check security issues to make sure the platform is safe.
As I mentioned earlier, we are going to launch small or big but NEW games every month. We would like to keep focus on that.
Considering LUTO Token and investor point of view, we are working at fast pace and we will be working as per defined roadmap.
Q4) Every project has a story behind their name, Can you tell us more about the story?
Last year I tried to play some games on a popular portal. I won’t name it here.
I would laugh at my luck but tried many times, but I didn’t get a single chance to win the prize.
I tried to explore the system and business model and found that they are distributing too many lotteries.
So, assume if you are trying to play the lotto on the platform, and 1000s of people are buying to try their luck.
I thought, my luck isn’t bad, but many people have a better chance as there are thousands of players.
But if only one wins out of 1000+, that isn’t very good.
So, I thought, why not have a platform where they have to try their luck with minimum people like 5 or 10?
It will increase the chances of winning. Isn’t it.
That’s the idea of LUTO CASH.
And here we will put best questions from our members and Luto Cash fans:
Q1) For the gambling platform, I think the FIAT gateway is very important to be implemented on it considering that many users want to spend their money directly without going through a complicated process. Do Luto provide it? Can I use debit/credit card on Luto soon?
I’m considering; everyone is well aware that gambling isn’t legal in many countries [Even not in my country], and it’s tough to find a gateway that can support gambling.
We can’t use PayPal, stripe, Alipay, authorize.Net [The one of the oldest merchants], Worldpay., 2checkout, or you have to name it. They won’t allow us to use it, they will suspend the merchant account as keep the remaining funds to themselves. I have several stories of losing accounts and funds. Have neough experience with these gateways.
Still, we have to check every top or small payment gateway to find our solution to use their debit/credit cards. we will be doing this.
Blockchain technology allowed us to keep the money to us that belongs to us, not for bank , not for the government.
Q2) Your project is very deserving of participating in the Pre-Sale Round Token Sale. Could you give some details about the upcoming presale. When is the commencement date, hardcap & softcap, payment method, platform for the presale and the exchange rate?
Well, it’s a question I should have to avoid but can’t run away. đ
This is the pre-sale campaign on DxSale.
https://dxsale.app/app/v3/defipresale?saleID=58&chain=BSC
We could raise 1.15 BNB out of 400 BNB – HARD CAP while SOFTCAP is 200 BNB.
Simply because we couldn’t CONVEY the story of LUTO CASH and its idea, we needed more time to build the community. More AMA, more genuine audience and this time, we could have a successful sale.
We had merely 900+ people when this round was started on dxsale and most of them dint participate.
Tokenoy team wanted to have a community of investors through organic process, and they don’t want to add botted community or fake people crowd to show how big this community is. But we needed more time.
The idea isn’t bad nor is our marketing campaign. The tokenoy team reached to CoinCodex, CoinGecko, several cryptos and it has been an excellent marketing effort plus media coverage. Would you please check @lutocash pinned messages about marketing efforts?
Most importantly, this token sale campaign is being managed by TOKENOY, which was founded to fight against the RUG PULL Projects. Their conditions have been evident that we have to verify our real identity [i mean KYC verification] with them, though they will keep it within themselves.
If this fails, I don’t know the process of taking the step back.
We will be moving ahead for sure.
Q3) It says #LUTO Token is a REAL community token by the gambling lovers for the people who love gambling & taking risks. So can I ask what are the lotto games available now to play here? Also do you plan to add more games in the future?
YEs, LUTO CASH will be the REAL gaming platform.
Its a game where you are trying your luck. I take it as a game where I can make fortune if I’m lucky.
It’s not bad idea.
And if you are taking risk it means someway and sometime you will win for sure.
If you won’t take risk, you can build anything and make anything.
Considering the games, we are going to put simple lotto kind of games which users can really understand without any special guidance, using common logical senses. As I mentioned, we are going to add more and more games every month.
Q4) Regulation is very essential. Many projects were closed in many countries due to failure to get proper license and permit to operate. In order to go mainstream how does Luto cash team deal with these issues? Are you a regulatory compliant project?
Yes, currently we are operating under a legal company but for better future prospects and specially to use payment merchants we have to take necessary steps which help us to grow as well.
We have been taking consultation help with a top legal agency and trying to get proper licenses. These things are important to save the business, users and IDEA.
Q5) So, what is the current worth of the greatest jackpot? How many times a day can you win the jackpot? Is there any other way we may make money through LUTO Cash other than waiting for element of luck opportunities to win the jackpot, which I believe is the only factor of FORTUNE?
The platform is still under development but we have been testing the platform and played a few games.
We have plans to keep Simple plans Like
Broze LUTO game, will be open to ONLY 5 Users, the ticket price will be 10 USD in LUTO or BNB. there will be 1 Winner of USD who can win 50 USD.
With Winning chances of 20% .
Silver LUTO game, will be open to ONLY 10 Users, the ticket price will be 20 USD in LUTO or BNB. there will be 1 Winner of USD who can win 200 USD.
With Winning chances of 10% .
This will go on. .. Gold and Diamond
The Biggest LUTO game will be Platinum, OPEN to ONLY 100 Users, the TICKET price will be USD 50 and Winner will get USD 50000.
As of now, platinum plan will be the jackpot and the player can be from 100 people only.
These are simple games, but with better chances.
Q6) I want to invest in your project. But I have a little doubt. Can you please assure us that like other scam projects, there is no possibility of cheating?
As I mentioned during the Twitter Questions / Answers.
Be Assured about money which you will invest, You can be assured because LUTO team doesn’t have any access of token. We don’t need the LUTO token, it’s for the community. Liquidity is locked for one year but we are going to extend it for 10+ years or more.
Learn about the LUTO Tokenomics:
10% is Reserved for exchange listing. – Will be locked by tokenoy team
40% is going for pre-sale- To all investors.
40% to DEX – Pancakeswap listing
10% includes – Private sale [For marketing ], partners and Tokenoy ] etc.
Check marketing wallet: 0xB72095F9DB9a78190b63018B35949e707228Fe28 , Check transactions.
Coming to question: –
There is NO DEV or TEAM Wallet, if we won’t have any token, how we can sell it?
Cheating Possible- NO !
Quite simple, we alwys have simple and transparent system. Easy to understand and explain.
Plus let me explain about Tokenoy:
TOKENOY (website: https://tokenoy.xyz) team, they are expert in their field, each and every member. They are managing the entire token sale campaign and we won’t get nay funds/tokens from them until 2 weeks from the pre-sale round. Your investment is always safe if tokenoy is involved in the campaign.
Q7) Many new projects develop well at first, but then fail to achieve good results. How will you manage and develop your project to gain a position in the market and become a good project in the blockchain industry?
My Recent experience with my portfolio token fetched my attention to this question.
I have been active [really ACTIVE] in the crypto industry since 2013 and have seen many startups
Most of the projects already have a developed product, while they failed to capitalize on the initial traction and growth.
Loss of interest or loss of revenue can bring them down.
Only 10% of projects have good plans to develop the products/ platform; they keep struggling to maintain it without bugs and errors.
If the IDEA of the product is solving a real-world problem, and if you are the team leader, you will never lose interest, plus your community won’t leave you. They will keep chasing you for new updates, new solutions, new ideas.
The idea should solve REAL world Problems [I’m not too fond of meme coins. Sorry, you won’t be limited to a specific industry.
Q8) Do you have a Token Burning plan to increase Token value and attract Investors to invest?
We may have some token after the pre-sale round is over, but not more than 1-2 percent of it, that we have been planning to keep for the burning process. This amount will be kept in a token locker for the future burning process.
It’s a marketing gimmick. As a new token, I’m not in favor of burning tokens for short-term price inflation, where we will be giving whales and big buyers a chance to sell their all tokens and crash the entire token system.
We have to use the token burning mechanism to lower the chances of spam attacks, leaving enough bandwidth for transaction count on the network. Plus, we have to utilize the burning process at a time when we need to do it. For example, BNB does with a purpose.
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Community development is most important part of any blockchain project where small an big investors trust in the leader [DEV/CEO], and follow him/her. It’s tough to build the community, win their trust. If the community is with you, they won’t leave the project at any cost because they know, the leader is good, intentions are good.
As per my experience and learnings till this time/date, People invest in People NOT in ideas. Well, this is common thing but it’s really true.
If you have the community, you can raise 5000 BNB or even more and you can’t create a project with botted accounts and real community. If you could, there will be a limit for sure.
Q10) Have you being audited ? Have not heard you talk about that security of funds is what every investor craves for and plans to escape incase of insecurity if funds,scams and rug pulls ? How strongly built are your security put in place?
The contract has been audited by a professional team of auditors of Tokenoy. We don’t have a detailed report till now, but there is no vulnerability or security issue. The information should be available within the next couple of days.
Well, After the pre-sale round, we will be hiring one more well-known auditor to cross-check if there is an issue.
And this was the end of our AMA with Luto Cash.
If you have any other questions you can ask here:
âšī¸âšī¸ Useful links âšī¸âšī¸
Website :- https://luto.xyz/
Twitter :- https://twitter.com/lutocash