The crypto start-up firm Madagascar Time has launched a new lottery system and coinciding token, Time Lottery Token, from which the proceeds will go towards its mission to utilise blockchain technology to help charitable causes.
Madagascar Time states its new lottery system is ‘incredibly efficient’ and built on blockchain technology to ‘create transparency so that everyone can publicly see the rewards sent fairly.’
Aiming to ‘revolutionise’ the reflection payment system, the TLTs come with a 3% random dividend lotto which means 3% of the total volume of buys/sells of the token accumulates into one wallet called the pot.
Each hour, a player is rewarded with a percentage of the tokens in the pot, assigned by a bot and in the region of 15-50% of the pot.
Additionally, the firm will host live weekly draws of different tiers depending on the amount of TLT each player holds. Tier 1 Holders ($100-$600) can win from 1%-10%, Tier 2 Holders ($600-$3,000) can win from 5%-20% and Tier 3 Holders ($3,000+) can win from 10%-25%.
Madagascar Time uses its funds and position in the crypto space to aid several charitable causes. To date, it has donated over $75,000 to several charitable causes dealing with issues such as quality of life, poverty, endangered species, education and tree planting.
Ryan Bishop, Co-Founder and Chief Marketing Officer, commented: “It’s about time an organisation started changing lottery systems for the benefit of participants while doing charity. Together we can buy time for the planet and future generations.”