Title: Royse777's Covid-19 project follow-up: Lottery With Good Faith Post by: aliashraf on April 28, 2020, 10:06:30 PM Hello everybody,
This is a follow-up for Royse's excellent topic about helping forum members with financial problems due to the novice coronavirus pandemic (https://bitcointalk.org/index.php?topic=5243099.0). Royse is working hard for establishing a trusted group of community members in charge of overseeing the fundraising process. Meantime I'm trying to contribute by initiating a lottery with good faith here, please refer to the main thread for more discussions of any type, about the main idea which belongs to @Royse777 and stay focused on the lottery mechanism I'm proposing and avoid discussing anything other than this lottery proposal here, thank you all. :) Before proceeding any more you need to understand that the financial transactions both for buying the tickets and paying to winners will be managed by the same project board that Royce is working on. I won't engage in transactions just helping out the main project as a volunteer! Big picture 1- This is going to be a weekly lottery drawing and by weekly we mean every 1008 bitcoin blocks. 2- Bitcoin blockchain is used both as the source of randomness for drawing this lottery and as a sorting mechanism (with a minor twist) for assigning the ticket numbers. 3- It is not a fair lottery. The total income coming from ticket sale in each drawing is split among four pools:
How does it work? A) Almost 24 hours before the bitcoin blockchain is expected to reach #Head block:
C) Once #Tail is reached and six more blocks are piled-up we go to the drawing event as follows:
The bitcoin blockchain is used both as the source for random number generation and sorting lottery ticket numbers sold with an additional entropy designed to prevent very unlikely collision between pools/miners and players (a totally fictional situation for a lottery of this scale and a blockchain of bitcoin's scale :D). Half of the money is re-distributed by luck to the buyers in each round, after deducting a 30% lion share for donating to the Royse's Covid-19 Aid Project under development, another 20% part goes to the jackpot which lasts until a 1/10,000,000 chance of a full match is hit by a lucky ticket buyer. Title: Re: Royse777's Covid-19 project follow-up: Lottery With Good Faith Post by: Grizman25 on April 28, 2020, 10:17:58 PM How complicated it is ....
Title: Re: Royse777's Covid-19 project follow-up: Lottery With Good Faith Post by: Mbitr on April 29, 2020, 08:11:51 AM How complicated it is .... It is complicated ! The reason for this is to have complete transparency ! OP has done a fantastic job and I can tell has put a lot of thought into the process. Unfortunately on the forum there has been a history of scams and charities that have not fulfilled their obligations - intentionally or accidentally. This system although complicated maintains as much trust as possible and kudos to the OP. I’m in anyway and hopefully this will come to fruition . Well done :) Title: Re: Royse777's Covid-19 project follow-up: Lottery With Good Faith Post by: aliashraf on April 29, 2020, 01:24:23 PM How complicated it is .... It is complicated ! The reason for this is to have complete transparency ! OP has done a fantastic job and I can tell has put a lot of thought into the process. Unfortunately on the forum there has been a history of scams and charities that have not fulfilled their obligations - intentionally or accidentally. This system although complicated maintains as much trust as possible and kudos to the OP. I’m in anyway and hopefully this will come to fruition . Well done :) You are welcome to examine the proposal in details and help me with improving it. Title: Re: Royse777's Covid-19 project follow-up: Lottery With Good Faith Post by: Mbitr on April 30, 2020, 08:24:41 AM How complicated it is .... It is complicated ! The reason for this is to have complete transparency ! OP has done a fantastic job and I can tell has put a lot of thought into the process. Unfortunately on the forum there has been a history of scams and charities that have not fulfilled their obligations - intentionally or accidentally. This system although complicated maintains as much trust as possible and kudos to the OP. I’m in anyway and hopefully this will come to fruition . Well done :) You are welcome to examine the proposal in details and help me with improving it. To be honest you’ve done a great job :) It does sound complicated when trying to explain the process , but once the process starts it will be super easy for the user. I can’t really improve on what you’ve done , but if it can be implemented I can promote it in as many parts of the forum as possible. And as I said before - I’m in :) Title: Re: Royse777's Covid-19 project follow-up: Lottery With Good Faith Post by: AB de Royse777 on April 30, 2020, 09:18:30 AM aliashraf, I am so greatful to see your interest in here and the idea you laid out. I can not ask for more. Let's just hope that I can form a team or the least is to find an escrow (if forming a teams fails) for the funds and start it from this Monday.
My initial idea was to start collecting money or initiatives once there will be any application but lately I am thinking it won't be bad to have a reserved fund so if anyone needs then we can immediately aid them after verifying the legitimacy. @Mbitr, for the buyers I do not see any complications there. All they have to do is to send the right amount from a wallet that they control. PS: we have am awesome signature ready to be posted by the designer. Wait or it :-D Title: Re: Royse777's Covid-19 project follow-up: Lottery With Good Faith Post by: chirag6313 on May 01, 2020, 03:56:47 AM Hello,
I think it is great thinking on this stage. People need it. I really appreciate your thought. |