TrueFlip is an international anonymous Blockchain lottery with instant payouts, open source code and a transparent prize fund.
The Token Crowdsale will begin on June 28 and will last 30 days – or until all tokens are sold, at a fixed price of 0.0005 BTC for one TFL.
Harnessing Blockchain technology for a transparent lottery
TrueFlip’s goal is to become the most popular and transparent Blockchain lottery, open to anyone and offering the biggest jackpot in the world.
Most of today’s lotteries are centralized or held by governments and therefore lack transparency. A large number of issues involving prize distribution and fairness of raffles are observed regularly in this industry.
TrueFlip’s goal is to solve these issues by providing a decentralized, fair and audit-friendly lottery platform. It is creating a more inclusive environment in which power shifts from the organizers to the lottery players.
This prowess is achieved by leveraging Blockchain’s capabilities. On the TrueFlip platform, the drawing of the winning lottery numbers is based on the random hashes of Bitcoin’s blocks. The code behind it is open source and available on GitHub.
All the other lottery processes such as the ticket purchase, the prize fund composition or the prize distribution are planned to be decentralized in the future, by also transferring them onto the Blockchain.
A successful pre-ICO
The company has already conducted a successful pre-ICO in stealth mode, securing more than $400,000 in contributions without any major media coverage.
The beta version of TrueFlip was launched at the end of April 2017, and it has since reached an audience of 60,000 players.
These players have already purchased more than 110,000 lottery tickets, making the total sum of prize payouts surpass 21 BTC.
Now, with a product at a fairly advanced stage of development, TrueFlip is organizing a token allocation event to boost the jackpot amount. It is aiming at raising 3,000 BTC through its ICO to further grow their platform.
Large part of the collected sum - 40%, to be precise - will go to the jackpot. This money will be secured on cold wallets and use multisignature escrow involving three community stakeholders, while the development team won’t have any access to this money.
The other reasons behind the ICO are to make the processes that take place on the platform - such as the purchase of tickets, and the prize fund composition and distribution - even more decentralized and independent from trusted third parties, develop more lottery games and raise a significant budget to invest in a marketing strategy.
In the case of a successful ICO, TrueFlip will become the only functional Blockchain lottery with a jackpot of over $8 mln.
The ICO terms
The crowdsale will begin on June 28 and will last either 30 days, or until all the tokens are sold - if this ever happens earlier.
20 percent of the tokens will belong to the original team behind the project, but will remain in the escrow wallet and will only be released in three stages and only after pre-defined KPIs have been reached: 20 percent will be released at the end of the crowdsale, 40 percent six months after its end and the remaining 40 percent a year after its end.
The price of a TFL token will be fixed at 0.0005 BTC. Early bird bonuses will be available to the fastest investors, depending on the current amount of money secured (up to a 30 percent bonus).
The money secured by selling each token during the crowdsale will be distributed between jackpot funding, platform development, marketing, operations and legal activities.
The team behind TrueFlip
The game is developed by an international team of professionals in the fields of distributed systems, business planning, marketing and finance. The project has been launched by a group of developers who have 12 years of experience in creating and managing Internet-based projects, including Blockchain-specific businesses.
Operational management is being conducted by Nikita Parhomenko, Konstantin Katsev is the marketing director and Daniil Andriyanov the director of finance. The team is also comprised of professionals from Canada, China and Japan.
Furthermore, the company has the support of several independent advisors, such as the CEO of Cryptopay Eric Benz, the founder of Cryptopay George Basiladze and legal advisor Renato Almeida. TrueFlip is currently looking for more advisors among key members of the community - their onboarding will be announced just as they join.
The escrow key holders are the founder of the-blockchain.com Richard Kastelein, George Basiladze, and the current team of TrueFlip. Sasha Ivanov, the CEO of Waves Platform will be the sole holder of the Waves-based tokens, which will be sold as part of the total supply of TFL.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.