Introducing BTC LOTTO-KING, the worlds' first global, provably fair and profit sharing blockchain lottery!!
Launching June 16th, 2015Lotto-king is a "less-trust" (rather than purely "trustless") lottery system which uses the bitcoin blockchain
to take entries, decide winners and make payouts. The trust factor comes in from us holding funds for a relatively short
period of time, but beyond that, the entire game is provably fair and auditable via the blockchain.
Here is how it works:There are multiple lotteries running on different schedules (currently daily, weekly and monthly draws).
Each of these lotteries has a single bitcoin address associated with it, for example "1DaiLYiodHFtxebJwbggoFfUnBdwHaWLbR" for the daily lottery.
Over each time interval/lottery schedule, any payments received to the lotto address are gathered up, and a list of unique addresses
is built according to all of the inputs received. This has a side effect of allowing you to combine many UTXOs from different addresses
into a single transaction to increase your odds of winning (and also helping the network out by helping to keep the UTXO set in check, yay!).
A lottery schedule is basically defined as "when X amount of blocks have occurred", starting from a "genesis block" (to be announced).
For instance, the daily lottery runs every 144 blocks (roughly 24 hours).
When enough blocks are found, it triggers a lottery to choose a winner. First, it calculates a "lucky number" using the block hash
for the block which triggered the lotto. Then, it takes all inputs received between now and the last time it chose a winner, builds a
list of unique addresses, and then uses a similar formula to calculate a lucky number for each address. The address which has a lucky number
closest to the lucky block hash number without going over is considered the winner of this round, and receives an immediate payout.
Each lotto can have more than one winner, depending on the game (see further below for details). For example, weekly and monthly
draws have 3 winners, so the top three closest lucky numbers are chosen. If there is ever less winners chosen than there normally would be,
the extra winnings are split evenly between the actual winners.
This is the formula for calculating lucky numbers:Take the block hash (or bitcoin address), turn it into an MD5 hash. Take the first 5 characters of that resulting string,
then convert it into its raw hexidecimal format to produce an integer value.
Example code:$lucky_number = hexdec(substr(md5($block_hash), 0, 5))
Example lucky number:Block hash: 000000000000000013027f92e5a9accaad71e26c576d05c71459cf395a282f84
Lucky number = 957832
Lotto GamesThere are three lottos which will be operational on launch. Details below:
Daily LottoWinners: 2
Payout %: 1st place = 70%, 2nd place = 25%
House profit: 5%
Block interval: 144 blocks
Weekly LottoWinners: 3
Payout %: 1st place = 60%, 2nd place = 25%, 3rd place = 12.5%
House profit: 2.5%
Block interval: 1008 blocks
Monthly Lotto:Winners: 3
Payout %: 1st place = 60%, 2nd place = 25%, 3rd place = 12.5%
House profit: 2.5%
Block interval: 4032 blocks
The numbers above are subject to change in this pre-launch period.
LaunchLotto-King will be officially launching June 16th, 2015.
The back end lottery system is already functional, and is in the testing and refinement process right now.
The official website is still in the process of being built, and when that is complete and further testing
has been finished, then we will be ready to launch V1.0.
Profit Sharing & Investment!A unique aspect of Lotto-King is that we share
100% of our profits with our shareholders,
and we also have a blockchain based asset (using Counterparty) to represent those shares.
Starting today, and continuing on until all tokens are sold, we will be running a crowd sale which allows YOU
to purchase direct shares in Lotto-King and receive bi-weekly dividends!
Introducing the
LOTTOKING token, built on Counterparty.
There are a total of 10 million LOTTOKING tokens in existence, and the asset issuance is locked so there will always only be a max of 10 million tokens. 1 million shares are held personally by our private investors and owners, so the operation itself receives at least 10% of the overall profit (unless we decide to sell off our remaining shares).
Each LOTTOKING token represents 0.1 millionth share of the lottery profit...forever!
Payouts are made bi-weekly and paid out as a dividend to all token holders. Payouts sent to un-sold shares
are simply re-invested in to the operation.
The first BTC dividend will occur on June 30th, 2015 and will be paid out every 2 weeks following.
All funds received are used primarily for marketing (bring in more players, which will increase everyones payouts), as well as further project development.
PURCHASE YOUR LOTTOKING TOKENS NOW!Investment details overview (will keep up to date):
- Asset name: LOTTOKING
- Total Supply: 10,000,000
- Available Tokens: 8,999,798.457
- Crowdsale price per unit: 0.0001 BTC
- Tokens sold: 201.543
- BTC raised: 0.0201543
- Crowdsale vending address: 1KingQsu28BnqSQ3AHggq9fdKLYAQjE8jz
How to purchase LOTTOKING tokens:
LOTTOKING is a token built on Counterparty, so you need to use a wallet which can read counterparty assets. You can read more about counterparty here:
http://counterparty.io/Step 1) Create your Counterparty wallet. The best wallets to use are here:
https://counterwallet.io/ and
https://chrome.google.com/webstore/detail/ltb-companion-wallet/jmjmgcgkbndiepapjbcabhdbbhmmkhmjStep 2) In your newly created wallet, send your funds to one of your addresses
Step 3) Once those funds are confirmed on your new address, send them to the crowdsale vending address shown below.
Step 4) When your transaction is confirmed, the appropriate amount of LOTTOKING tokens will automatically be sent back to your address, within a few blocks. Post here if there is any unusual delays.
Step 5) Automatically receive profit payments every 2 weeks after launch!
CROWDSALE VENDING ADDRESS:
1KingQsu28BnqSQ3AHggq9fdKLYAQjE8jzInvest and help us become the first GLOBAL, multi-billion dollar lottery! Feedback and questions are welcome. I will try and keep this thread as up to date as possible and answer any questions.
