The Development of Online Gambling Technology
nline gambling can grow to what? Internet gambling business is predicted to be $ 7.4 billion per year in 2017 in America, representing 30% of all the gambling market in the world (source: Forbes). Online gambling can advance this sepesat supported by technological developments. This is not new or weird. Many online gambling technologies are being used in other industries. The Internet plays an important role and online gambling sites, like any other e-commerce, are heavily dependent on the internet.
Today almost everyone has access to online bets because the reach of the internet is getting wider. Betting activities in traditional places like casinos, toggle places, mickey mouse) are now turning to cyberspace. In addition to being more secure for gambling players and operators, gambling from trusted online sites offers convenience as it can be accessed from home, office or anywhere.
Integration of online gambling technology
The development of ordinary technology leads to efficiency and convenience by combining multiple technologies into one. Examples such as smartphones that incorporate internet and mobile phones (Hardware). In terms of software can be seen from the integration of gambling and gaming in social media. Recent gambling sites incorporate game and media elements. With technological developments, gambling access is widespread and affordable, the problem of gambling addiction becomes greater.
Blockchain technology in online gambling
Cryptocurrencies quickly seize the online gambling market, turning into the most popular means of payment among gambling sites. Until recently, only several resources accepted Bitcoins, but today its integration into payment systems has become ubiquitous.
Many participants of the online gambling market believe that the cryptocurrencies will continue to occupy this industry. This mostly happens due to its lower regulators control relative to fiat money for both players and online operators. Other advantages include: - no need to identify users; - no restrictions on the amount of transactions; - acceleration of payments; - lowering the minimum payment threshold.
It looks like cryptocurrencies are turning into the most reliable, transparent and profitable medium of circu- lation for the online gambling industry. Soon the online casinos on blockchain will become as familiar as the Internet. With the advent of blockchain technology, which gives transparency and cross-border dimension to the whole industry, it became possible to make an honest international lottery. Moreover, thanks to the new trend of smart contracts for Ethereum, this lottery can belong to the community and not to a handful of stakeholders.
Introduction Trueflip
True Flip is a blockchain lottery platform. We have already developed a bitcoin-based and fair-proof lottery 6/49 (Powerball*) and plan to make at least 3 more lottery games. It is the first stage of the development and we have done half the work already.
In order to fulfill our mission in the best possible way we are making the whole lottery fully transparent: every ticket sold, every win, all the token holder rewards distributed and financial results will be published on the blockchain.
The second goal is to make True Flip platform as decentralized as virtually possible. We also intend to use decentralized hosting and multiple data centers so that discontinuation of one of them would have no effect on the platform in general
Lottery features
Test period
During the first 3 months after the ICO the jackpot will be limited to 200 BTC in order to test all the algorithms in the system and prevent potential loss of the whole funds due to fraudulent actions. As soon as the platform is audited to be safe, the remainder of the sum will be added.
Jackpot: increase and release
There are two jackpots in the True Flip lottery. Initially, they are created at the expense of funds raised during the ICO: 40% of the total funds is allocated to the jackpot, 80% of which is assigned to the jackpot No. 1, and the remaining 20% to the jackpot No. 2.
Jackpot number 2 is a reserve in case of winning the jackpot number 1. It is not refilled by revenue from the sale of lottery tickets.
Jackpot number 1 - the main, it is played daily and is increased by selling lottery tickets.
If the jackpot is not raffled in the current draw, then the funds from the current jackpot are going to increase the next. Thus, the Jackpot is growing constantly until the moment when someone wins it.
The platform keeps an archive of draws with the whole history and jackpot amounts for each raffle.
In case of winning jackpot 1, jackpot number 2 becomes the main one. At the same time, a new reserve jackpot is created. Revenues from the lottery tickets sales are distributed in a ratio of 80:20 to the main and reserve jackpot correspondingly.
Calculation
The mathematics of the lottery was developed by Felix Sidokhin.
The process of determination of the winning set has 3 stages: • Ticket sale for the current run ends 60 minutes before 8:00 p.m. (UTC); • At 8:00 p.m. (UTC), the first hash of transactions accessible for everybody on blockchain.info is taken and this hash cannot be previously predicted; • This hash is incorporated into the algorithm that forms 6 numbers based on the arithmetic action. The source code of the algorithm is open , and anybody can check and repeat calculations
Methods of depositing
True Flip platform also incorporates multiple payment methods, so every user has a chance to play the game. As True Flip wants to be an international company and its founders realize that not every person has Bitcoins, they decided to add multiple payment processors to the payment method in the hopes to increase the num- ber of people playing. Aside from bitcoin, these payment methods include Ether, Litecoins, Waves and other cryptocurrencies. Since True Flip just entered its beta-testing phase, the number of available currencies is limited. However, TrueFlip’s dedicated development team is working on an in-house exchange to work with a wide range of trad- able cryptocurrencies (altcoins), like Ethereum and Litecoins.
Payouts of winning
Benefiting from the Bitcoin network features, when a ticket wins, the amount is instantly transferred to the users wallets under their accounts.
Further, users may:
- send Bitcoins to their personal wallets in any other system and convert Bitcoins to any currency of their choosing;
- send Bitcoins directly to the exchange services and then convert to any currency;
- use True Flip account for any Bitcoin expenses (the address of your True Flip wallet is the same as in any other system).
More details read whitepaper
Roadmap
Crowdsale
True flip(TFL) ICO starts on 28 of june 2017. There will be 21`000`000 of the TFL Tokens issued at the rate of 0.0005 BTC per 1 Token. During the ICO 14`700`000 Tokens will be put on sale. 10 to 15% of the ticket sales revenues will be proportionally distributed between all the TFL Token holders. to join visit https://ico.trueflip.io/
Distributions
Resources
| website : | https://ico.trueflip.io/ |
| bitcointalk : | https://bitcointalk.org/index.php?topic=1928663.60 |
| facebook : | https://www.facebook.com/TrueFlip.io/ |
| twitter : | https://twitter.com/TrueFlipLoto |
| slack : | https://trueflip.io/slack |
| telegram : | https://t.me/joinchat/AAAAAELcwT-fgH2zG7xEng |
| steemit : | https://steemit.com/@trueflip |
| reddit : | http://reddit.com/r/TrueFlip |
This is such a great resource that you are providing and you give it away for free. I love seeing websites that understand the value of providing a quality resource for free. It is the old what goes around comes around routine.
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