TrueFlip.io has a plan to revolutionize the way people play the lottery. Instead of the government running it, nobody would!
Think of the way people play the lottery today. you may think it’s a fair game, but it’s actually not. of course, if you look in depth you could calculate the odds of you winning the jackpot, they’re not hidden. but, traditional lotteries are money-making machines for governments. even in countries where gambling is illegal, the state-sponsored lottery is legal! and why is that? because they make astronomical amounts of cash out of people with low income that hope to win the lottery and change their lives forever.
But it usually doesn’t happen. might as well consider it impossible. why? because the odds are so slim it could be considered an anomaly when somebody actually wins. the tickets seem cheap, but they are actually way overpriced for the winning odds offered by them. the traditional lottery is the unlikeliest form of gambling to make you money.
TrueFlip plans to change that! they offer a trustless and decentralized lottery platform on the Ethereum blockchain. and it’s already half-done! unlike other ICOs, where the actual product is years away from launch, TrueFlip’s product is already under development. TrueFlip is up and running at this very moment, and it’s actually the first already working blockchain-based lottery.
All tickets sold, all the winners and all the holders of tokens will be publicly visible on the ETH blockchain. Nothing is hidden from anyone. Infact, TrueFlip’s own development team will have absolutely no control over the platform once they finish developing the platform and the decentralized web-hosting for it. They also plan to use multiple datacenters for hosting to make sure no single government has complete control over the TrueFlip lottery platform.
TrueFlip also plans to develop three more lottery games aside from the existing one. an instant lottery, which is probably similar to the games offered by centralized casinos, an hourly lottery with small prizes, and a premium lottery with large prizes. They also might develop more games in the future to provide more selection of games for customers.
By selling TFL tokens, the team plans to raise money for a BIG jackpot, as big as 3,062.5 BTC, which is 8,270,000 USD at current rates. The raised amount of money will be escrowed in coldwallets, with a three-key multi-signature key system, meaning that a holder of one of the private keys cannot access the funds on his own. the keys will be held by trusted members of the community (Richard Kastelein, George Basiladze and Nikita Parhomenko). Atleast two of the three private keys will be required to access the wallet. TrueFlip’s escrow will transfer the bitcoins manually to the winner of the jackpot, without the team’s involvement. 40% of the funds raised in the ICO will be used towards the large jackpot the team planned, and 60% will be transfered to the team for development purposes over time, according to the performance indicators set in the whitepaper (You can find the whitepaper HERE).
You probably ask yourself, why would I want to hold TrueFlip tokens? that’s pretty simple: 10-15% of all tokens sales in the platform will be disturbuted among tokens holders. Considering the potential growth of the platform, that could be a lot of money. holding the tokens over a long period of time could yield nice and stable incomes rates. Additionally, when the crowdfunding ends, TrueFlip will conduct a closed lottery draw where one cent for every dollar raised in the ICO will be distubuted between five lucky TrueFlip investors.
TrueFlip plans to allow ticket purchases using various payment methods, including Bitcoin, Ethereum, MasterCard and Visa. that allows the platform to directly compete with traditional, centralized lotteries. The team plans to dedicate a part of the funds raised in the ICO for a global marketing campaign, and 15-20% money earned from tickets purchased on the platform will go towards marketing. The large percentages of revenue for marketing will alow TrueFlip to go against government-sponsored lotteries.
Regardless of the ICO, you might want to register at trueflip.io because they offer a free ticket worth 0.001 BTC (2.7$) for new customers! just sign-up, verify your email and pick the lottery round to paricipate in!
TrueFlip’s ICO starts in June 28th, at 12:00 UTC, with a target amount of 6125 BTC (approximately 16,5 million dollars). You can participate with Bitcoin, Ethereum, Litecoin, and Waves. if you are holding other cryptocurrencies you will need to exchange them into one of the four accepted crypocurrencies accepted by TrueFlip in order to participate. Check out the links below!
You can participate in the ICO here: ico.trueflip.io
TrueFlip’s bitcointalk thread: https://bitcointalk.org/index.php?topic=1928663.0