The TrueFlip Lottery
While there are a number of lotteries most of them are controlled by the government or other entities and there is no transparency in the operation of the lotteries, a person purchasing a ticket will find it difficult to get any kind of information about the lottery funds have been utilized. The True Flip blockchain lottery aims to become the most transparent and largest lottery in the world, accepting bitcoin, litecoin, ethereum and waves as payment coins. The beta release was available on 20 April 2017, and the ICO for sale of tokens for True Flip blockchain lottery opened on 28 June 2017, and will close on 31 July 2017 according to information released.
Those apprehensive about using the True Flip blockchain lottery can test the working lottery, by getting a free ticket after signing up at trueflip.io, posting on a forum and filling up the form provided. The developers of the lottery have promised complete information, like details of tickets sold, winners, how the funds are utilized and financial reports for complete transparency. They are using data centers worldwide for distributed webhosting, so that an outage at a particular data center will not affect the operation of the system. In future three more lotteries are planned, instant, hourly lottery and premium, so that those interested in the lottery can have more options.
The initial coin offering, ICO of the True Flip blockchain lottery has been open for 30 days, and the token prices will increase weekly. The target for the ICO is 6125 BTC. The amount raised during the ICO will be mainly used for paying the Jackpot winners, with some amount used for marketing, development, operations and legal matters. The Jackpot for the lottery will be escrowed, by the third party escrow service provider.Each token holder who participates in the ICO will receive a daily bitcoin bonus which depends on number of lottery tickets which are being sold.
About 10-15% of the income from each ticket sale will be distributed among the token holders. Efforts are being made to ensure that the True Flip blockchain lottery token will be quoted on crypto currency trading exchanges.