Thank you all for your advice!

I am going to look for angel investors to help me out.

A few colleagues and I have actually developed two completely original products.

Both use blockchains and one also utilizes software.

What I would like to know is the proper way to patent these processes despite being as poor as I am.

Any advice is heavily appreciated, thank you.

Bump!

Come on guys? No comments, or advice?

It is taking forever to get a video explanation going, so sorry about that!

Please check us out at ---> bitcoin-fortune.com/openocean/#/

In a nutshell: a gambling site that lets you be an investor in a raffle, as opposed to a coin toss!

A brief explanation:

Open Ocean – Lottery Dividends!

Our product is a combination of a raffle and a dividend-accruing stock certificate!

There are two accounts when you register/login: A Ticket Account, and an Equity Account.

If you fund your Ticket Account, Open Ocean will automatically place the bitcoin (BTC) from that account into an online raffle

-   Each dollar’s worth of Bitcoin will represent one ticket!
•   If for example 1 BTC = $100USD and you fund your Ticket Account with 1 BTC, you have effectively entered 100 tickets into the next available draw
•   You cannot buy fractions of a raffle ticket

-   The draw will happen once every day at 12:00PM Central European Time!

-   The winning ticket will win the BTC used to purchase all the other entered tickets, minus 15%
•   3% will be paid out to Raffle Stockholders
•   3% will be paid out to the operators of the site
•   9% will be accrued to be made available for the Mega Jackpot!

If you fund the Equity Account, Open Ocean will be using the bitcoin in your Equity Account to send you a fraction of each raffle’s winnings!

-   The total dividend each raffle draw pays out will be 3%

-   Each $100 dollar’s worth of Bitcoin will represent one Raffle Stock!
•   If, for example, 1 BTC = $100USD and you fund your Equity Account with 1 BTC, you have effectively bought 1.0 Raffle Stock
•   Dividends accrue indefinitely until you withdraw your Raffle Stock!
•   You can purchase fractions of a Raffle Stock (i.e. 0.1 Stock for $10 USD worth of BTC)

-   Your portion of the Raffle Stockholder payout (3%) will be determined by how much Stock your Equity Account is funded with, relative to the total Stock in all Equity Accounts
•   If you and another party each own 1 Stock, and these 2 Stock represent all the Stock in all Equity Accounts, you will each receive 1.5% (half) of the daily raffle dividend (= 3%/2)
•   If you and two other parties own 1 Stock each, and these 3 stock make up all the Stock in all Equity Accounts, you will receive 1.0% (one third) of the daily raffle (= 3%/3)
•   The number of parties owning Stock, and the number of each account’s Stock will vary!
Cashing out Stock from an Equity Account will charge the individual account holder 3%

-   This 3% fee will go back into the draw for the next day’s raffle as consideration for the 3% subtracted from daily raffles which were originally divided among Stockholders

The Mega-Jackpot takes 9% of each draw and accumulates it in a secondary account

-   It is activated (won) when the users selects a randomly generated number between 1 and 31 which is prompted to them upon winning the daily draw
•   If the wrong number is selected, the Mega Jackpot further accumulates!
•   This way there should be a Mega Jackpot winner roughly once every month!

The owners of the site take 3% of each draw to maintain service and expand the business

-   Ideally we want to make people wealthier every day!
•   Whether that be by rewarding a risk taker (in what we dream becomes a global raffle), or by paying out dividends 365 times a year (in what we dream becomes the greatest stock ever issued!)

This system of reward-to-risk is vastly superior to those of existing lotteries!

-   In many state-issued lotteries, the reward-to-risk ratio is based on a formula of 49 choose 7
•   Your chances of winning are literally (7/49) * (6/48) * (5/47) * (4/46) * (3/45) * (2/43) * (1/42)
•   This is equivalent to 1 in 81,996,012

-   If your prize is $50,000,000, assuming each ticket is $1, your reward-risk-ratio would still be 61 cents on each dollar
•   Most tickets are $2 to $3, which makes your reward-to-risk two to three times smaller (30 to 20 cents on the dollar!)

-   Furthermore, Open Ocean guarantees a winner EVERY DAY @ 12:00PM CET!
•   This is because our lottery is a global RAFFLE, someone HAS TO WIN!

-   Because Bitcoin is a global affair, the only thing restricting daily jackpots of immense proportion is the number of users!

-   Imagine what a GLOBAL LOTTERY that paid out winners EVERY DAY would be like!

--------------------------------------------------------------------------------------------------------------------------
PS - I am an unemployed entrepreneur right now. The minute we get some more funding the look of the site will drastically improve, I promise. I have literally spent everything I have on this (with no regrets!). The concept though is what really counts. I would love for it to help as many people accrue wealth, or hit it big, as possible!

Thank you for your feedback!

This is the link to the site, guys: http://bitcoin-fortune.com/openocean/#/

Explainer video is still on the way!

Guys, thank you so much for the additional commentary!

Does anyone know a great video illustrator we can hire (we have tried Fiverr and Occulus to no avail).

Any recommendation would be critical as we can explain the industry we are trying to create!

Thank you so much for your time and efforts,
Open Ocean

Oh guys Thank you so much for responding! I thought this topic was dead and that's why I let it go.

I was literally looking for video illustrators. A pictorial might be great too though!

Thank you for your thoughts and time, it literally means so much to me that you are considering the practicality and novelty of this idea!

Hello Dear Community,

Would anyone be kind and willing to link me with a video illustrator capable of commissioning a project for our company.

I have the points I want illustrated ready, I would just like a recommendation for an artist.

I have tried Fiverr and Occulus, with unsatisfactory results.

Thank you guys!

Dear Community,

We at Open Ocean are currently seeking out a video explainor service than can provide us with a video explanation similar to the one recorded for Maidsafe's product: http://maidsafe.net/

Our product is even more simple, and this we want to explain it in finer detail.

We are seeking the best quality/price ratio available.

Thank you for your time!

I am glad you like the premise!

You guys are right. My colleague and I will be working on a video (probably from fiverr or another similar site) to quickly and efficiently explain this idea. Nobody wants to read this much, I would not either.

I appreciate the support very much.

Thank you!

The gambling thread is now located at: https://bitcointalk.org/index.php?topic=1026771.0

Hello dear community,

Thank you for your responses from our other thread: https://bitcointalk.org/index.php?topic=1023530.0

We at Open Ocean have decided to make our product known now for any interested parties (the coding is done, it will be on servers within a month and we are now working on the mobile app).

Before I list the details I must clear up that by what we meant with regards to no house edge. No house edge means we will not adversely affect any parties changes at winning using our code. We will however rake on action to pay our fees.

With no further ado, Open Ocean would like to present:

Lottery Bonds

What are Lottery Bonds?

Lottery Bonds are an online Bitcoin draw that pays out two groups of users (Ticket Holders and Bond Holders) depending on how many users in the first category (Tickets) are active on the site.

How to use Open Ocean Lottery Bonds:

To play, first deposit funds to one of your two Personal Deposit Addresses.
 
-   The first address funds your Bond account

-   The second address funds your Ticket account

You need to wait until the transaction gets a confirmation before the balance becomes available

How does the System work?

Whenever you deposit Bitcoin into your Bond Account, our database will register the time and price of the account update

The price of a Bond is $100USD
•   If the price of Bitcoin is $100/BTC and you fund your account with 0.5BTC you will have 0.5 Lottery Bonds
    If the price of Bitcoin is $200/BTC and you fund your account with 0.5BTC you will have 1.0 Lottery Bonds
•   The entire community’s collective Bonds collect 2% from the total of sum of Tickets entered into the draw pool
   This 2% is distributed amongst Bondholders by the weight of their holdings
o   A bondholder with 1.0 Bonds will received twice as much as a Bondholder with 0.5 Bonds
   Therefore the more Ticketholders there are, the bigger becomes the 2% return divided among the Bondholding community

When a Bondholder withdraws their Bond, a 2% fee will be removed and put forward into the following Ticket draw

The price of a Ticket is $1USD
•   If the price of Bitcoin is $100/BTC and you fund your account with 0.5BTC you will have 50 Lottery Tickets
   If the price of Bitcoin is $200/BTC and you fund your account with 0.5BTC you will have 100 Lottery Tickets
•   Tickets are entered into a draw pool against each other
   Each Ticket is assigned a random number which at the time of the draw (12:00PM CET) will determine a winner
o   The ticket with the highest number wins the entire draw pool minus 15%
   2% is divided by weight among Bondholders, 3% goes to the services providers, and 10% is forwarded towards the Mega Jackpot

What is the Mega Jackpot?

The Mega Jackpot is a side prize that will cumulate with each additional draw and will be awarded on a roughly monthly basis to any winning ticket

If your ticket wins, you will have a chance to choose a number out of 30, choosing the right one unlocks the Mega Jackpot
•   Choosing the wrong number cumulates the Mega Jackpot available for the next winner

Membership

Though the minimal statistics will be available to all (i.e. total of Daily and Mega Jack Pots) for a small membership (very cheap, optional) we will provide additional statistics on how many bondholders and ticketholders there are and how the holdings are separated with regards to who is most likely to win the next pot and who will receive the most returns on pot coupon payments
•   Hopefully this will allow users to optimize on their investment/gambling choices

What Open Ocean Lottery Bonds hope to Accomplish

Lotteries are used to raise funds from the public to be invested in public goods

The bonds are a way of directly transferring the money from lottery ticket buyers to lottery ticket funders (who are Bondholder that submit a small percentage of their holdings towards the next pot whenever they withdraw funds from their account)
•   Taxes are inefficient, this method uses a gaming-backed security to pay out interest (it’s pretty novel and took us 2 years to develop, even though it’s not that sophisticated)
•   An investment mentality is rewarded, since you will not lose bitcoin by simply buying and holding onto bonds (unless you withdraw at a point where your 2% fee > than your 2% pot coupon, which is divided by weight)

The return on your bet (ticket) rises in proportion with the decreases in your chances of winning
•   Each additional ticket in the draw pool will give you an extra 85 cents on every dollar whilst decreasing your chances by one increment relative to the total amount of tickets in the pool already
   This is statistically superior to 49 choosing 6 or 7 which would require over 13983816  tickets to be sold before making a similar return in the case of choosing 6, or 85900584 tickets to be sold in the case of choosing 7
   The risk/profit ratio is clearly superior, the direct transfer of money to investors accounts is also superior to misappropriation through public spending (for the Bonds)

There are very few investments that provide returns on your bitcoin, we hope to add another to the fray

This could be a global lottery (in the very distant future)
•   Every day someone could win huge, whilst, though less frequently (once a month on average if we choose to use 30 choose 1) Mega Jackpots could be revolutionary
•   Draws could be sped up as we are now working on the mobile application for this
   There are many, many more possibilities.

You tell us if this idea is new, novel, and game-changing. It may not be, but my colleague and I tried our very, very best and earnest to be cavaliers.

Failure does not frighten us with regards to public opinion on the novelty of our idea. Failure, however, is not an option with regards to user experience, rest assured your interests are in our hearts via economic incentive.
•   Our next move is to have our site audited by a security expert we know to make sure we are in line with best practices.

Constructive criticism is welcomed and encouraged and you can be nevertheless, because we want honest-to-goodness advice on how to make this successful on a grand scale.

Despite the fact that there are more intellectually stimulating projects out there (which we support and admire), we believe that this lottery offers value in the return on equity purchased per unit of risk (relative to all other lottery systems out there), as well as means for conservative and patient bitcoin holders to create a small rake with their assets.

Lastly, we aim to outperforming governments in the redistribution of public funds through lottery operations by taking lottery systems and privatizing them (it's not a new concept, but we hope that using bitcoin and coupon-paying securities to do so makes it ingenious enough to stand apart).

Noted and will do so now!

Thank you. I got carried away.

Hello dear community,

Thank you for your responses. We at Open Ocean have decided to make our product known now (it will be up and running within a month) for any interested parties.

Before I list the details I must clear up that by what we mean with regards to no house edge. No house edge means we will not adversely affect any parties changes at winning using our code. We will however rake on action to pay our fees.

With no further ado, Open Ocean would like to present:

Lottery Bonds

What are Lottery Bonds?

Lottery Bonds are an online Bitcoin draw that pays out two groups of users (Ticket Holders and Bond Holders) depending on how many users in the first category (Tickets) are active on the site.

How to use Open Ocean Lottery Bonds:

To play, first deposit funds to one of your two Personal Deposit Addresses.
 
-   The first address funds your Bond account

-   The second address funds your Ticket account

You need to wait until the transaction gets a confirmation before the balance becomes available

How does the System work?

Whenever you deposit Bitcoin into your Bond Account, our database will register the time and price of the account update

The price of a Bond is $100USD
•   If the price of Bitcoin is $100/BTC and you fund your account with 0.5BTC you will have 0.5 Lottery Bonds
    If the price of Bitcoin is $200/BTC and you fund your account with 0.5BTC you will have 1.0 Lottery Bonds
•   The entire community’s collective Bonds collect 2% from the total of sum of Tickets entered into the draw pool
   This 2% is distributed amongst Bondholders by the weight of their holdings
o   A bondholder with 1.0 Bonds will received twice as much as a Bondholder with 0.5 Bonds
   Therefore the more Ticketholders there are, the bigger becomes the 2% return divided among the Bondholding community

When a Bondholder withdraws their Bond, a 2% fee will be removed and put forward into the following Ticket draw

The price of a Ticket is $1USD
•   If the price of Bitcoin is $100/BTC and you fund your account with 0.5BTC you will have 50 Lottery Tickets
   If the price of Bitcoin is $200/BTC and you fund your account with 0.5BTC you will have 100 Lottery Tickets
•   Tickets are entered into a draw pool against each other
   Each Ticket is assigned a random number which at the time of the draw (12:00PM CET) will determine a winner
o   The ticket with the highest number wins the entire draw pool minus 15%
   2% is divided by weight among Bondholders, 3% goes to the services providers, and 10% is forwarded towards the Mega Jackpot

What is the Mega Jackpot?

The Mega Jackpot is a side prize that will cumulate with each additional draw and will be awarded on a roughly monthly basis to any winning ticket

If your ticket wins, you will have a chance to choose a number out of 30, choosing the right one unlocks the Mega Jackpot
•   Choosing the wrong number cumulates the Mega Jackpot available for the next winner

Membership

Though the minimal statistics will be available to all (i.e. total of Daily and Mega Jack Pots) for a small membership (very cheap, optional) we will provide additional statistics on how many bondholders and ticketholders there are and how the holdings are separated with regards to who is most likely to win the next pot and who will receive the most returns on pot coupon payments
•   Hopefully this will allow users to optimize on their investment/gambling choices

What Open Ocean Lottery Bonds hope to Accomplish

Lotteries are used to raise funds from the public to be invested in public goods

The bonds are a way of directly transferring the money from lottery ticket buyers to lottery ticket funders (who are Bondholder that submit a small percentage of their holdings towards the next pot whenever they withdraw funds from their account)
•   Taxes are inefficient, this method uses a gaming-backed security to pay out interest (it’s pretty novel and took us 2 years to develop, even though it’s not that sophisticated)
•   An investment mentality is rewarded, since you will not lose bitcoin by simply buying and holding onto bonds (unless you withdraw at a point where your 2% fee > than your 2% pot coupon, which is divided by weight)

The return on your bet (ticket) rises in proportion with the decreases in your chances of winning
•   Each additional ticket in the draw pool will give you an extra 85 cents on every dollar whilst decreasing your chances by one increment relative to the total amount of tickets in the pool already
   This is statistically superior to 49 choosing 6 or 7 which would require over 13983816  tickets to be sold before making a similar return in the case of choosing 6, or 85900584 tickets to be sold in the case of choosing 7
   The risk/profit ratio is clearly superior, the direct transfer of money to investors accounts is also superior to misappropriation through public spending (for the Bonds)

There are very few investments that provide returns on your bitcoin, we hope to add another to the fray

This could be a global lottery (in the very distant future)
•   Every day someone could win huge, whilst, though less frequently (once a month on average if we choose to use 30 choose 1) Mega Jackpots could be revolutionary
•   Draws could be sped up as we are now working on the mobile application for this
   There are many, many more possibilities.

You tell us if this idea is new, novel, and game-changing. It may not be, but my colleague and I tried our very, very best and earnest to be cavaliers.

Failure does not frighten us with regards to public opinion on the novelty of our idea. Failure, however, is not an option with regards to user experience, rest assured your interests are in our hearts via economic incentive.
•   Our next move is to have our site audited by a security expert we know to make sure we are in line with best practices.

Constructive criticism is welcomed and encouraged and you can be nevertheless, because we want honest-to-goodness advice on how to make this successful on a grand scale.

Despite the fact that there are more intellectually stimulating projects out there (which we support and admire), we believe that this lottery offers value in the return on equity purchased per unit of risk (relative to all other lottery systems out there), as well as means for conservative and patient bitcoin holders to create a small rake with their assets.

Lastly, we aim to outperforming governments in the redistribution of public funds through lottery operations by taking lottery systems and privatizing them (it's not a new concept, but we hope that using bitcoin to do so makes it ingenious enough to overcome the chasm).

This post is the perfect one for me to launch my next point on. However before I do, I want to earnestly and sincerely thank everyone for the precise, practical, and polite input. It really has been some of the best forum discussion I have ever seen.

I will answer in full detail our product offering once my colleague is informed of the great feedback that you have graciously provided us. We believe our system to be novel. We hope you think so, too. The only reason my colleague does not know about this at the moment is because he lives in a different time zone and is not awake as of yet. The second we agree how much to post, AND of way to reward any parties interested in promoting, we will get back to you with full details.

Honestly guys, it's hard to describe how much we appreciate this. Thank you.

Hello Everyone,

I am a young entrepreneur and I want my niche to be online P2P gambling, with no house edge. I believe this is a system where by provably fair sites can remove some of the stigmas associated with skill-based and chance games, as well as provide educated people (statisticians for example) and long-run method by which to make real returns from their knowledge despite an economy that undervalues their skills (even though they're paid more than the poultry that goes for average these days).

Anyhow, I understand that there are many counterpoints and draw backs from what I have said. We are aware that gambling has ruined lives before. Yet, recently governments (UK, Canada, Italy, etc.) has begun to offer online gaming as a way to generate taxes. Does government ownership of gambling make it more legitimate? Are the government's imposed limits a big difference in when it comes to the application of these devices? Are some governments/regions/jurisdictions more progressive than others?

This conversation is of particular interest to me so thank you for any and all input.

Open Ocean

BTC-X(triangle) is my suggestion.