TrueFlip.io is a bitcoin lottery currently preparing for its ICO. Find out everything you need to know about this unique concept today in our review.
What is Token Sale True Flip?
Token Sale True Flip, found online at TrueFlip.io, is a blockchain-based lottery. The goal of the platform is to become “the most popular and transparent blockchain lottery with the largest jackpot in the world”, explains the official website.
Token Sale True Flip solves a crucial problem with traditional lotteries: they’re centralized or run by government organizations. They’re also not very transparent. TrueFlip wants to create a provably fair and decentralized lottery platform that isn’t controlled by any nation, any single organization, or any members of the team.
The beta release, launched on April 20, has a jackpot of 28 BTC. A total of 80,000 players have played 120,000 tickets as part of that lottery so far, winning a total of 21 BTC. You can visit TrueFlip.io to see a history of winners and draws.
Draws take place every day. You can enter the draw for as little as 0.001 BTC.
How Does Token Sale True Flip Work?
TrueFlip is based on blockchain technology. The company has created a bitcoin-based and fair-proof lottery 6/49 (PowerBall) system.
With this system, you guess 5 numbers between 1 and 49 and 1 number from 1 to 26.
TrueFlip is slightly different from PowerBall: TrueFlip has reduced the total quantity of numbers from 75 to 49, which means you have about 1.3 times more chances to win than with PowerBall.
You can choose the number of lottery tickets you would like to fill out, then send those tickets to the run. You can choose your numbers manually or automatically (in which case the system chooses random numbers). If you like, your selected bet may play not only in the upcoming run, but also in several further runs.
Each ticket is priced at 0.001 BTC, or about $2.75 USD.
The system automatically converts your payment to bitcoin and transfers funds to the prize fund of the lottery. The prize fund of the system is transparent and always available to viewing (again, it’s all based on transparent blockchain technology).
50% of your ticket costs goes to the prize fund. The remaining money goes towards promotion (35%) and other fees (15%) for server maintenance, developer wages, and shareholders’ dividends.
Lotteries take place every day starting at 8pm (20:00 GMT). The system determines the winning numbers through an open-source randomizer. The code of that randomizer is published on Github – so you can check to make sure it’s totally transparent.
The jackpot varies daily. Most days (based on current player numbers), nobody will win the jackpot. There’s currently a 1:49,504,950 chance of winning the jackpot. However, you can win smaller prizes if you have one or more numbers correct.
If you win the jackpot, you get the full amount of the jackpot, minus a 4% transaction fee. All winnings are subject to that 4% fee.
The TrueFlip Token Sale
The TrueFlip token sale is scheduled to begin on June 28. That token sale will see the release of TFL tokens. 70% of the total supply of tokens (21,000,000 tokens in total) will be sold to the public. 10% will be used for bounty, advisory, and escrow, and the remaining 20% will be held as team awards.
The TrueFlip token sale has a target of 6125 BTC (they’ll hit that target if they sell all 21,000,000 tokens).
Approximately half of that token sale will go towards operations, development, and marketing. The other half will go towards the jackpot. The reason TrueFlip is holding a token sale is to create a big jackpot. The big jackpot entices new members and gets them interested in the platform.
Officially, TrueFlip is dedicated 50 to 80% of ICO funds to development and 20 to 50% of funds to the jackpot – so the exact breakdowns aren’t known at this time (one page on the official website indicates that 40% of the ICO’s funds will be used for the jackpot, while 60% will be used for operations, development, and marketing). The jackpot will be held in cold storage until someone wins it.
Who’s Behind TrueFlip?
TrueFlip is led by an international team of developers from Canada, Russia, Brazil, China, Japan, and other countries. Key members of the team include COO Nikita Parkhomenko, who was previously the CEO of 7 Pikes Inc., a software development company for large pharmaceutical companies. Other key members include CFO Daniil Andrianov, Lead Developer Felix Sidokhin, and Lead Developer Nikita Ivanov. The company’s management team also includes Marketing Director Konstantin Katsev.
The company goes by the name True Flip Group SRL. It’s incorporated in Costa Rica. The company was officially incorporated in June 2017. The reason the company is incorporated in Costa Rica is because that country allows online gambling.
Key members of the company’s advisory council include Eric Benz (CEO of Cryptopay), George Basiladze (Founder of Cryptopay), and Richard Kastelein (Co-Founder of CryptoAsset Design Group).
Token Sale True Flip Conclusion
We’ve seen a huge surge in cryptocurrency gambling games in recent years. Bitcoin dice games have been around since 2013, for example. TrueFlip is an online lottery that dedicates 50% of your contribution to the jackpot, compared to 40% with most other competitors. The company is currently preparing for its token sale, which is scheduled to begin on June 28.
Stay tuned for more information about TrueFlip as the platform continues to roll out!