in reply to veleten:
The site itself took around a day but the system behind it all took much longer, probably a couple months since we went through various changes in the game until we landed on the current system. Its currently at around 1400 lines of PHP. This is everything from Getting the Transactions, Processing each Transaction and putting them in a DB, Generating the ticket/ or tickets for each transaction and Finally processing the Payouts.
in reply to CryptoGamblingSites:
This is and never will be part of an ICO, were not trying to create a Lotto coin or something. It is meant to operate solely on Bitcoin for now. We may expand it in the future to work on other coins such as Ethereum, Bitcoin Cash, Litecoin etc.. but for now it only uses Bitcoin.
We think it may help if we explain a little more how our exact payment system works. Each Ticket has a percentage of it alotted to each prize lvl. To get the total money alotted to a prize lvl, just take the total money in the Address multiplied by the Percentage for that prize lvl.
If there happens to be more winners then prize money available for that lvl, they will be paid out evenly over multiple drawings, so the first payout to each winner = Alotted Prize lvl funds / Winners(including past winners not yet paid in full). Then every drawing after, that same formula is used until each winner is paid in full.
Explanation of below information:
prize lvl, PB + Num of WB's , Odds to win , Prize in USD , Prize in BTC , How much of each ticket is alotted to this Prize LVL
Prize PB+WB's Odds Prize Prize in BTC Percent of ticket price
1 1 + 0 26.0000 5.0000 0.00075000 0.0980
2 1 + 1 91.9800 10.0000 0.00150000 0.0550
3 1 + 2 701.3300 40.0000 0.00600000 0.0290
4 0 + 3 579.7600 40.0000 0.00600000 0.0350
5 1 + 3 14494.1100 500.0000 0.07500000 0.0180
6 0 + 4 36525.1700 1000.000 0.15000000 0.0140
7 1 + 4 913129.1800 200000.0000 30.00000000 0.1100
8 0 + 5 11688053.5200 2000000.0000 300.00000000 0.0860
9 1 + 5 292201338.0000 Jackpot 750 Minimum 0.0550
TOTAL 0.5000
The Last 45% is retained for future drawings.
Finally 5% is the amount we retain
The reason the percentage to the jackpot is so low is simply due to the fact it is so extremely rare. By the time someone wins, their is almost guaranteedto be enough to pay the jackpot winner out the 750 BTC, and in the event someone wins before that, It is statistically pretty much guaranteed we could pay out a substantial amount of BTC as a 1st payment.
OR
What would you guys think about us changing the Payouts. Below is our current idea for payouts where we currently hold enough USD to pay every single payout up to the Jackpot. If we decide to go ahead with these changes, we will transfer to the Lotto Address and provide a signed message proving we own it and have the funds.
Keep in mind the Jackpot will still be variable, just the minimum will now be $5000. If we eventually gain enough users to support a higher minimum, we then change it at that time.
Prize PB+WB's Odds Prize Prize in BTC Percent of ticket price
1 1 + 0 26.0000 5.0000 0.00075000 0.1100
2 1 + 1 91.9800 10.0000 0.00150000 0.0700
3 1 + 2 701.3300 40.0000 0.00600000 0.0400
4 0 + 3 579.7600 40.0000 0.00600000 0.0500
5 1 + 3 14494.1100 500.0000 0.07500000 0.0400
6 0 + 4 36525.1700 1000.000 0.15000000 0.0400
7 1 + 4 913129.1800 Jackpot $5000 Minimum 0.1500
TOTAL 0.5000
So we hope this helps and are looking forward to input on these proposed changes or if we should keep it the way it is.
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