Lotteries have been around ever since the creation of money. Throughout the years there have been many different lottery systems and methods of playing, however ensuring the results are fair and truly random has always been number one for players.
Of course, merchants and lottery sellers have been known to corrupt and rig the system in order to keep the profits and not have to pay any winners. Many speculate that even the many national lottery systems around the world today are fixed and in reality there are no winners. Check out this article by the Daily Mail from 2015 when the winning number ball appeared before the results were called in the Serbian lottery.
Now though, with blockchain technology grabbing the bull by the horns and driving forward in so many different industries, it was only a matter of time before a blockchain lottery was introduced.
True Flip is a new blockchain lottery system which ensures truly random and fair draws. For now True Flip uses Bitcoin only for prize payouts and buying tickets, however more currencies are likely to be accepted in the near future, as well as plans to accept card payments. From a players point of view Bitcoin is perfect because all transactions can be viewed live on the public ledger at blockchain.info. This means at any time, any player on the planet can check the correct prize amount has been transferred, meaning the corruption and fixing has been essentially excluded from possibility.
Unlike traditional lotteries where winners would have to wait weeks to receive their winning cheque, when a player wins with True Flip, Bitcoin is automatically transferred immediately to their wallet. When you sign up, you’re automatically made an on site wallet for your Bitcoin winnings, however it is recommended to keep them offline and in a place you trust to be highly secure. Read more about storing coins securely here.
True Flip are completely transparent when it comes to fees and money, taking a modest 4% fee on all winnings. Compared to traditional lotteries this sum is microscopic and a much better deal for all players involved. So far since it’s launch on 1st April 2017, 36.508 Bitcoin has been won, with the current jackpot sitting at a cushty 49.776 Bitcoin!
Along with the Bitcoin lottery, the True Flip team are launching an ICO on their own tokens called TFL! Read our page all about the ICO to find out how to buy and store it as well as take advantage of the 20% bonus available at the moment. Read more here.
View the source code on github here
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