Who doesn’t like the excitement seconds before a lottery draw? It’s one of the best-known games of fortune and has become an integral part of our leisure time. Guessing the correct number combinations entitles a participant to a handsome prize.
At True Flip, the idea is to bring an online lottery to a decentralized open source platform that is based on blockchain technology. The blockchain is decentralized, therefore the results are transparent to everyone, and that’s a huge advantage which separates True Flip from most online lotteries which are controlled by central authorities. A weekly lottery ticket is currently sold for 0.001 BTC. You can easily fill out a lottery form manually or automatically on True Flip’s website. The registration process is quick and simple (our editor has successfully entered the upcoming lottery draw, wish him luck).
Recently, True Flip declared their next step – an Etherium based lottery platform. By using smart contracts, money can be locked in favor of a Jackpot prize and also for reserves. This ER20 platform could place True Flip on the front line of the online lottery industry.
The Idea behind ERC-20 lottery
True Flip is an international anonymous Blockchain based lottery. It is an open source project with the option for instant payouts and a transparent prize fund, hence, the power shifts from the lottery organizers to the participants. The trust level is where the strength of the project lies. To ensure full transparency, every transaction is published on the Blockchain. This includes every ticket sold, to all the token holder rewards distributed and also the financial data.
True Flip has already developed a working bitcoin based fair-proof lottery 6/49 (Power ball). At the moment, True Flip is halfway along its development roadmap’s progress bar. The team plans to implement three more games: instant winnings, hourly lottery, and premium games which carry high prizes.
Keeping the funds safe: The jackpot funds are protected in an escrow account (cold storage). The funds can only be accessed using a multi-signature escrow involving three community stakeholders. The development team doesn’t have access to these funds.
True Flip’s financial goal is to sell a minimum of 25,000 lottery tickets per day. 10-15% of the profit will be revenue shared between the token holders. Another 10% will be used to cover operations costs, 15% for the marketing budget and 2% for the referral program. The remaining 60% is allocated to the jackpot.
True Flip managed to raise over $ 3 million (1300 Bitcoins) and continues to move quickly towards its target of 6125 Bitcoins. The interesting fact is that they raised these funds without any significant media coverage. True Flip is sold for a fixed price of 0.0005 BTC per token (TFL). A TFL token is an ERC-20 compatible smart contract on the Etherium blockchain
The ICO started on the 28th of June and will last 30 days, or until the cap is filled, whichever comes first. Nowadays, investors get a 20% bonus if the 2000 BTC milestone isn’t reached. As mentioned, True Flip aims to raise 6125 BTC and has a hard cap of 8000 Bitcoins, equivalent to 17 million dollars at current market rates (July 2017). 45% of the funds will be used for the jackpot, another 22% will be used to fund development, 22% of the funds will be used for marketing, 9% for operations and 2% for legal issues. Unsold tokens will be burned and the shares of token holders will increase proportionally.
Token use: Token holders receive voting powers to decide the future of True Flip regarding which issues are to be implemented next. As a bonus to early investor loyalty Token holders will also get access to win daily rewards.
The team consists of seven nationalities, among them we can mention Russian, Chinese and Ukrainian developers. Dmitry Machikhin stands out amongst the team’s members, his role is described as a Crypto Lawyer. COO Nikita Parhomenko leads the Management Team.
The development team consists of four members: two core developers, one IT infrastructure architect and one token/smart-contract developer. Some of the ICO funds will probably be dedicated to broadening the dev team.
What is out there among the decentralized lottery market?
NiceHash Blockchain Lottery: NiceHash is a combination of mining and lottery. A ticket enables Bitcoin solo mining (after picking a desired hash rate) for up to 24 hours and it gives a chance to win 99.5% of a full BTC block reward (12.5 BTC). Basically, participants are renting hash rates from NiceHash to get the chance to find a BTC block instead of sharing the profit with mining pools. NiceHash is primarily focused on selling hashing power. The mining lottery is just an extra function which they developed. NiceHash is not expected to develop lottery games like lottery 6/49 (Power ball).
True Flip is the first blockchain based lottery platform we’ve reviewed on Cryptopotato. The idea of picking up a lottery platform on the blockchain, thus a decentralized lottery platform, is definitely the future of lottery gaming. Full transparency is the main advantage of the blockchain based lottery. The ICO so far has raised over 1300 BTC, which is a decent amount. From the team point of view, True Flip already runs a working lottery blockchain based system. In our opinion, bearing in mind the current market situation and True Flip’s unique selling point, we could definitely see True Flip leading the blockchain lottery niche and becoming an industry standard.
Technical Data and resources
Roadmap and expenses for the ICO is found here.
Total cap: 14,700,000 or 6125 BTC.
Price: 0.0005 BTC
True Flip tokens (TFL) can be bought with BTC, LTC, ETH and DASH.