Dev fund. 500K coins
Mission StatementThe number one goal of Letitri.de is to become the most popular, trusted, proveably fair gambling site with the highest bankroll therefore allowing us to take the largest bets. We approach our designs and implementations in an innovative and creative manner. For this reason, we will be working with the community and our investors to help refine our concepts allowing people to experience the thrill of gambling in a refreshing way. Early, we will be focusing on dice based games as well as regular casino games. By taking this trip with us you’ll be exposing yourself to lots of upside potential. Our ultimate goal is complete decentralization of our platform to which we will look to heavily utilize Smart Contracts and DApps in the future. It is important to note, we don’t limit our vision to what technology we can develop ourselves, but how we can use existing technology and technology that is currently being developed to better our project.
TeamShogditeBlockchain Specialist
shogdite@letitri.deLead coin development, blockchain specialist and all around crypto nutball. Crypto enthusiast since January 2014. Interested in researching various applications of technology for decentralization such as smart contracts and DApps.
Phoenix1969Marketing Director, Media Management, Networking
phoenix1969@letitri.dePhoenix1969 was born in the USA and studied post-secondary at Ohio State University. He's a hard working entrepreneur who is a huge fan and supporter of the LISK project and hopes to work with Shogdite on finding applications of LISK relevant to the LetItRide project.
Frank W.Risk Management Officer
frank@letitri.deFrank has 4 years of experience in risk assessment and management at both online and real world casinos. Frank is looking forward to bringing his knowledge and skill set to the table to ensure the profitability of LetItRide.
Jigar S.Programmer / Platform Developer
jigar@letitri.deJigar is our core programmer born and raised in heart of India. He has a strong background in C, C++, Java, JavaScript and more recently C#. He will be seeking out additional teammates to form a team under him to lead the programming development aspect of our project including web development.
How will the Crowdfunding work?On our site, you will be able to sign up with an email address and deposit Bitcoin into our system. Once you’ve deposited Bitcoin into our system, you will be able to place orders for LIR similar to how you would place orders on an exchange website such as Poloniex. We want to be as transparent as possible when doing this, so all Bitcoin that is deposited will be included in a table which shows the BTC address, total amount deposited etc.
Please only deposit bitcoin that you intend to invest with. All bitcoin deposited should be on the order books before the end of the initial sale.
Withdrawals will be disabled until the end of the sale. You can edit your prices in the order books, however, you can only increase the price. This is to ensure that as the price moves upwards, people who put their orders first can move them upwards. The earlier (in terms of time) you place an order, the better as the order of priorities for when we release our coins into the book will be highest price then the earliest date/time. Editing the price of your order will not reset the time your order was placed at.
If in the future we decide it is in our best interest to utilize the power of another existing blockchain (i.e. WAVES / LISK) we will look to do a swap to migrate from our coin to an asset on said blockchain. For an example of why may happen in the future please read the section labeled “Fiat Gateway.”
Buy back clause and DividendsEach month, we will be dedicating 10% of profits towards buying back (the cheapest available) LIR on the open market / exchanges. This allows users to set the price at which they would like a return of interest at, as well as allows us to slowly reacquire the LIR sold as we become more profitable.
Dividends will be paid using a total of 25% profits on a monthly period. 10% of profits will go towards our top 10 investors in the initial sale, no strings attached. The remaining 15% will be split between those that choose to participate in dividends by opting in on our site. To participate you must first have your coins deposited on our site, and then opt in. Your coins will be moved to an address that we own (link to block explorer and signed message to come soon). Example: If Joe sends 1,000 coins into the dividend program, and Sam sends in 3,000 there is a total of 4,000 coins in the program therefore Joe will earn 25% (1000/4000) of 15% (total profits) which is 3.75% of total profits.
Coins will be withdrawable if you choose to discontinue receiving dividends. Deposited coins for dividends will also subject to pooled staking, however this feature (pooled staking) will not immediately be available. Please note, once you enroll coins in our dividend program they will not be considered “mature” (eligible for participation) until we have held them for at least 21 days. This is to ensure people do not abuse our system by moving coins in and out only when dividends will be paid.
Only accounts that participated in the the initial sale will be able to participate in the dividend program that way early investors are able to reap the most out of the rewards. Please note, we’re sure that people will try to sell their accounts so others can use it to invest with but we highly discourage this. If we suspect an account to have been sold, we will initially look to freeze the account and conduct an investigation. If sufficient evidence is found to show that the account was sold this may result in the account being suspended.
If at any point it is decided it is within the team’s best interest to sell the site/project we will be issuing a buy back using 35% of valuation it is sold for.
What makes us different?From the start, we are giving investors a chance to join us in our journey into the dice and gambling world and share in large percent of profits along with us. Early investors will not only benefit from their eventual return of interest, but also receive the following incentives:
-Priority in ICO order book based on time.
-Innovative games.
-Dedicated team with years of experience in crypto.
-Special styling in our on site chat.
-Win of the day multiplier.
-Special bonuses.
Late investors (post-ICO) to the party will only be able to invest by buying from the original early investors and only be eligible to partake in the buy-back program.
After the sale, you can choose to continue to hold your coins to stake, move them around on exchanges to participate in trading / the buy-back program, gamble directly on the site with them, or even let us hold them for you so you can partake in our profit share.
Our site will include various features rewarding both winners, and losers so even if you end up in a losing streak, you still feel like a winner! Some of the features we will look to incorporate include, “Loss Streak Bonus”, a weekly/monthly leader board for which the top 3 will receive a special prize, “Lucky Roll of the Day”, achievements which will earn you a spot in our hall of fame, chat features which will make for an engaging social experience, varying house edges with twists and amazing referral opportunities.
Decentralization / Provably FairOne of our number one priorities in the project is eventually to move all our games over to a model that allows our users to feel confident that they have not been cheated. To do this, we will look to create games in a provably fair way, that is the client can verify that they have not been cheated and values have not been manipulated. The concept of provably fair games can be applied to card games (deck shuffling), dice games (random number generation), slots (random number generation) and other games.
We may encounter games as our ideas grow in the future where it may not be possible to play the game in a way that is provably fair. In the scenario, we will look to utilize what much of the crypto world has been in craze about better part of 2 years - Smart Contracts and DApps. When we reach this point in our project, we may look to utilize existing platforms such as ETH, LISK or WAVES to aide us in decentralizing games or if this is not feasible we will seek to develop the technology ourselves. If the technology however is available, there is no reason for us to reinvent the wheel. Optimizing our development schedule is a key part in success.
Fiat GatewayWhile currently contingent on the WAVES platform, we may be able to attract users who are not as familiar with cryptocurrencies through utilizing the technology that WAVES is working on developing for fiat-backed tokens (USD, EUR, CNY).
How will fund allocation work?A large portion of the funds raised (70%) will go towards the bankroll. This is to ensure that we can process large wagers from very early on. There is a direct correlation between the profitability of a casino and it’s bankroll since higher bet amounts implies a higher gross for the casino itself. For marketing, we will be utilizing 10% of the bankroll. We believe that given the potential of our profitability, if more is required for marketing we can look to allocate our profits towards this. For development, we will be using 10% of the funds as estimated by Jigar. Once we have finished raising the funds and have a budget to work off of, he will be able to provide a more comprehensive breakdown of how the development budget will be used. Lastly, 10% of the total raised will be used in a contingency fund. As you know, there are potential unseen costs so we need to be prepared for those and have a buffer ready.
Early investment bonus:As an early investor you’ll be receiving an extra deposit bonus in BTC to use to place orders in the LIR buy book. All BTC associated with that deposit and bonus must be used by the end of the crowdfunding. No bonus BTC will be able to be withdrawn at any point. At the end of the crowdfund BTC balances on the site will be set to zero so please make sure all your BTC is in the order book by then.
Launch - 24h 30% extra on deposit
24h - 48h 15% extra on deposit
48h - 72h 10% extra on deposit
72h - 240h 5% extra on deposit
After this there will be no deposit bonus.
