Bitcoin Forum

** Note: This is a rough draft of our announcement currently under development along with our website (lottereth.com). It will be updated in due course. The preliminary announcement is being made to allow bitcointalk readers to take part in our invites bounty available on Discord at https://discord.gg/h5bVXW4 (https://discord.gg/h5bVXW4) - it'll be an easy 100 coin reward for this inviting people to the group at this early stage in our roadmap. **

BRIEF OVERVIEW

There are hundreds of billions of dollars spent annually on lottery tickets throughout the world. For the most part, these lotteries come with a slew of issues including, but not limited to:

•   Astronomical odds of winning;
•   Significant issues related to taxation;
•   Difficulty in generating enough revenue for significant prizes in smaller countries;

There are two primary tokens on the cryptocurrency market today that back projects designed to alleviate the issues inherent in traditional lotteries. They are TrueFlip with a market capitalization of $6,799,963 and FireLotto – which, at the time of writing, is going through the ICO process.

Firelotto is likely to raise well in excess of the TrueFlip market capitalization. It resolves a number of the issues inherent with the TrueFlip model – increasing the odds of winning and the available jackpots whilst still maintaining significant expectations of profitability.

The inspiration for the Lottereth project came when our project founder analyzed the FireLotto with a view to potential investment. There was no investment in the project due to a number of reasons – of these, two were significant enough on their own to render FireLotto, in the opinion of our team, un-investable.

Those that research the FireLotto whitepaper are likely to realize the issues to which we refer. However, it’s in the interest of the Lottereth project that we do not reveal them at this stage in our roadmap. This decision was came to in an attempt to make it more difficult for someone to steal our idea and attempt to run with it themselves.

HIGH LEVEL DETAIL

•   Algorithm: C11/Ethash
•   Block Time: 120 seconds
•   Block Reward: 20 Lottereth (mineable for 12 months)   
•   Approximate Supply: 5.25 million
•   Pre-Mine: 5% of supply
•   Masternode Collateral: 2000

One of the main downsides to this token switch approach is two sets of exchange listing fees.

The intention is to list the coins as follows:

One Masternode Ranking Website (won’t be needed for the new token next year)
masternodes.online; or
masternodes.pro

At least two exchanges listings for each coin/token
CryptoBridge
CoinExchange
SouthXchange
TradeSatoshi
Kucoin
Cryptopia
Binance
Bitrexx

Whilst all will be considered, the higher-level exchanges above are almost certainly out for the initial token – but will be considered for the new token after token exchange in 2019. There will be pre-mined coins available to fund these listings but, in the ever-changing world of cryptocurrency, nothing can be committed to with regards to exact exchanges.

Finally, there will be a guaranteed prize-pool added to the lottery before the major marketing campaign later this year. Funding for this will also come from the pre-mined coins detailed above.

REWARDS – 20 LOTTERETH PER BLOCK

Blocks	Miner	Masternode
0-500	20	0
501 - 10,000	12.5	7.5
10,001+	10	10

 
ROADMAP

Q1 2018
•   Bounty Campaign
•   Wallet Release - Windows and Linux
•   Whitepaper Preview

Q2 2018
•   Mining Starts (there’s an unusual twist here which will be detailed in the whitepaper)
•   Website Launch - http://www.lottereth.com
•   Masternodes Ranking Website Listing
•   Exchange Listing
•   Consideration of community feedback for project improvements

Q3 2018
•   Major Website Update
•   Hiring Additional Team Members (If Needed)
•   Smart Contract Development and Testing
•   Fully Functional Lottery Running

Q4 2018
•   Major Marketing Campaign

Q1 2019
•   Exchange Listings for New Token

PROOF OF STAKE REWARDS

After the token switch next year, we will no longer have a mineable token/coin. Instead, total supply will be locked.

The intention is to have a fixed pool of funds in lockdown on the smart contract for payment of lottery winnings. On a weekly basis, the ETH profits that remain after payout of winnings will be distributed as follows:

•   Token Holders: 70%
•   Development Fund: 20%
•   Team: 10%
 
Masternode owners will have a say in how the development fund is spent.


Please visit us on discord today for your best chance at securing an easy 100 tokens via our bounty program: https://discord.gg/h5bVXW4 (https://discord.gg/h5bVXW4)

reseved for create pool

RESERVED

Reserved for translation into Russian

how are you going to do both neoscrypt and ethash?
what im getting so far is that it's going to be mineable then switch to a TOKEN after a year?

There will be a temporary mining of ETH to our own donation pool to fund listing fees on the masternode listing sites and exchanges. Those that donate to the pool will receive an allocation of Lottereth tokens based upon how much ETH they mine to our pool. This will come from our pre-mined coins. The decision on which exchanges to list on will be based on the success of this donation program - which we expect to last from 1-2 weeks.

This is what we are referring to when we say 'Mining Starts (there’s an unusual twist here which will be detailed in the whitepaper)' in the above announcement.

the intrigue "twist in the whitepaper"

In order to remove any confusion, I've revealed the twist a little earlier than intended after a query from a potential pool operator for our new coin, i.e. the ETH pre-mine to fund initial listings.

The current plan, although it's subject to change based upon community feedback, is to allocate 1 Lottereth coin per 0.001 ETH mined to our pool. At today's ETH price, miners would be able to mine a Lottereth token for every $0.68 they can mine in ETH.  ;D

It's going to take 60,000 blocks before a masternode gets 50%?  Why would anyone want to invest in a MN that doesn't pay for 10,000 blocks?

Evil pool, maybe

Thanks for the feedback piratek. The reward structure was decided upon by our team this week. I admit it's a team made up primarily of developers as opposed to investors. I have just emailed the group with your input from an investor perspective and am awaiting their feedback with regards to an updated payout structure.

Reserved

Thai translation reserved

For awareness, the above is a preliminary announcement and the detail is subject to change between now and publication of our whitepaper later this month.

For example, two items on our agenda for tomorrows team meeting are reward structures and algorithm choice for mining.

reserved

We've just concluded another team meeting and the result is the following updates to our offering:

• Hashing algoritm changed to C11
• Mining time for interim token reduced from 1 year to 6 months
• Block reward increased to 100
• Reward structure updated resulting in more profitable masternodes

Our twitter bounty is now active: https://gleam.io/8boFp/lottereth-twitter-bounty (https://gleam.io/8boFp/lottereth-twitter-bounty)

One lucky winner will receive 1,000 Lottereth for free.

I very much like the Algorithm: C11 / Ethash, surely Lottereth will be the coin of the future

You discord invitation has expired..

Thanks for letting us know. We've been having a lot of trouble with expiring links on discord despite setting them up to never expire. I've updated the link on the announcement page.

Where is the wallet?

The wallet is currently under development but is not required until mining of Lottereth begins.

reserved for pool

At today's difficulty level, mining Ethereum to a donation pool would result in 1 reward per day for every 400 1070Ti. In our team meeting today, we decided that this was insufficient. Of course, it's profitable - but miners like to see consistent rewards to that they know everything is set up properly.

With the above in mind, we are looking at moving away from the choice of Ethereum for the donation pool. We'll update the community in due course.

this is riddiculous
and please people dont buy the mn before mining has start

I don't believe you've researched our offering at all - we have not indicated any intention to sell a masternode at all.

We apologize that our discord link, created as permanent, appears to have expired once again. We've updated the initial post with a new link. Thanks.

Interesting project i like you plans also the dividends for token holders in the future.

Are there wallet and pools?

There is an airdrop for this project and it give 100 coins worth, for everyone able to invite anyone else to join the project.
For that i wish to ask, how much is 100 coins worth if we trade them?

Join discord now and get good invitation bounty: https://discord.gg/aKqmZA7 (https://discord.gg/aKqmZA7)

Is wallet not released yet?

We're hoping to release the wallet within the next couple of weeks.

A number of pools have expressed an interest in our offering and will be listing us next month.

Regarding wallets, we are hoping to release those within a couple of weeks.

Very early start of project. But project is interesting.

Not bad Algo ;) ;)

We've figured out that it was the !resetinvites command of the !topinvites bot that was deleting our permanent invite links on discord.

As a result, we're changing the discord invite bounty program. All those who have been allocated 100 tokens in the existing program will have their allocation honored - and they can take part in the new program.

Going forward, invite counts will not be reset on a daily basis. Instead, the top 10 overall community members who invite new people to our community will have 5,000 tokens allocated between them on the 29th March (instead of 100 per day for the top 10 daily).

The allocation will not be even - it'll be based on number of invites. In other words, if the top 10 on the 29th have invited a total of 300 people, and the top member has invited 60 of these, the top member will get 20% of the 5,000 token allocation, i.e. 1,000 tokens.

Notice: Selling masternodes appears to be a quick route to cash but it's heavily used by 'shitcoins' - which we are not. We have a viable end product with huge anticipated ongoing profits. We value our community and feel that distributing tokens via mining, and mining alone, ensures that the wealth is shared as opposed to given to those that can afford to pay one, or more, bitcoin for a masternode at this early stage in our product development.

If you are contacted privately requesting payment for anything related to Lottereth, please contact us with details and DO NOT SEND PAYMENT.

Algo C11, I'm always looking for coins that have this algorithm. hope bring profit to me

Is there a specific time for the release date?

We will announce any applicable dates as soon as we have them - both here and on discord.

At the moment, we're just downloading and validating the ETC blockchain in order to run the donation pool. We'll be doing some additional testing on mining and releasing a wallet very soon.

Reserved for german translation (in case there will be a translation bounty)

The product that inspired us, and which we aim to improve upon, is going to ICO in less than an hour (Firelotto.io). It's already raised almost $4,000,000 through selling approximately 18 million of it's 77 million tokens up for sale. There are a further 20 million tokens kept by the team and 3 million allocated to their bounty program.

The token price will be $0.50 to start with and, over the next month, will rise to $0.90 each. You may find it unusual that we're turning your attention towards a competitor - but we're confident that our product will improve upon their offering and that you'll be able to get in on the action at a much lower cost.

One of the things we really hated about this project is the fact that unsold tokens are locked by the team and available for resell after a year - as if their 20% allocation wasn't enough. There's going to be real downward pressure on their token price as we approach the date of the unlocking of these tokens.

Because there are 100 million FireLotto tokens, none of which are burned, someone participating in their ICO will be valuing their overall product at $50,000,000 (based upon the starting price of tokens tomorrow).

If we valued Lottereth at the same market cap, we'd get a token price of $3.80 per token (due to the lower number of tokens in circulation).

We have decided that the rate of Lottereth miners will get for the Ethereum Classic mined to our pool will be 1 Lottereth for every 0.02 ETC mined. In other words, at the current ETC price, you'd get 1 Lottereth for every $0.35 worth of ETC mined to the donation pool. As all miners are aware, the cost to mine this $0.35 worth of ETC is signficantly less than $0.35.

In summary, mining to the donation pool will probably cost you about $0.09 electricity for every Lottereth token and will ensure you get a masternode earlier - reaping even more rewards.

Alternatively, feel free to wait until mining of the actual Lottereth coin begins. We expect both options to be highly profitable and most of our miners will likely do both.

Instead of mining to the donation address, could we possibly just donate ETC and get lottereth in return?

We have put this to a community vote on our Discord community by posting the following:

Do You reliaze what Nicehash capable of C11?

mind to elaborate more? or it's just for a donation pool?

Yeah, you are correct. The Nicehash systems aren't currently set up for C11 coins - it's just the donation pool could be impacted by Nicehash. Other platforms, such as miningrigrentals, has a potential impacted on both.

Has the release date been set for this project?
I do not see the launch time written on the topic.

maybe sir  has not been set yet,maybe they just preparing more about this project before releasing a  launch,we better watch it  ;).ill be looking forward for that,go team ;)

kinda confused about this

Found something interesting here, just by referring people, we could get 100 coins.
How long this referring program open?

Apologies for the delayed response. We are currently 100% satisfied with testing of the donation mining pool and the wallet release is imminent. I'll update the initial post with further information in a short while. Stay tuned  :)

Hi,

The referral program is opened until 11.59pm on Thursday. It's not as successful as we'd hoped for some reason - probably the lack of a wallet and source code until now. There's a significantly oversized 5,000 coins to be distributed among the top 10 referrers - given that, as it stands, just a couple of referrals will have you in for a share of it.

We thought 5,000 tokens would be a huge incentive but our skills lie in the technical arena and, if there's one thing this has shown us, it's that we need to add people with marketing experience to the team before we launch the lottery website and begin advertising to the general public.

For now, you should take advantage because, rest assured, there will never be an easier time to get free Lottereth tokens again.  ;D

When will start of project?

I am reviewing the project documents for about 4 hours. It looks like a very comprehensive project, I will invest a little for ICO. Does Elon musk really support this project?

And this project closed also.