Steem + True Flip = Easy Lottery?

in #idea7 years ago (edited)

TrueFlip_win.png

First introduced by @ash a couple of months ago, the simple idea of a fair blockchain-based lottery stood out to me like a sore thumb. Just like STEEM's simplicity, @trueflip could work well together with this platform. To reinforce that, I've also noticed that the team behind @trueflip has chosen Steemit instead of Medium as their blogging and community engagement platform. And they're even running a contest just for Steemit users - check it out here. Seems like there's a good case to be made. Let me explain why, after this video of their ongoing ICO:-

It's a working product.

Just like STEEM, True Flip is something that is already functioning in the blockchain space. Scalable or not, a good enough community and a simple, universal idea will make it easier for any modifications and upgrades in the future.

Full transparency and fairness.

All lottery ticket sales, results, reward distribution, and organisation's financial health are on the blockchain. I'm not an expert here, but seeing that I'm taking the team's word for it, I hope more people do check their stuff out. Seems fine to me with my limited experience. Again, it's such a simple idea that it's easy to trust as much as it is relatively easier to audit.

Anyone can play.

It doesn't matter who you are, or where you come from. Well, this will only be doubly true if the network is decentralised and matured enough over time to render any state influence useless. Anyone should be able to participate in lotteries if they want to, as long as they can pay for the ticket.

Automated simplicity.

As far as I know, lottery purchases and participation can be automated on True Flip. This is perfect. In any case, if you enjoy the game-like part of the lottery, you can even guess your numbers without having that part of the decision-making process automated. Number guessing is pure luck so I'd just choose to have full automation. But if you think you're great at number guessing, by all means, make your guesses and have fun!

Symbiotic relationship.

I think Steem is a great place to house and fuel any other blockchain communities for added external value streams. Well, it could be a total waste of Steem resources if chances somehow favour non-Steemit users most of the time. Maybe a better kind of blockchain community to fuel an online retail business, but that's added complexity for community participation that requires more deliberation. For a no-brainer, I think every blockchain community should dedicate small portions of their budget in fair blockchain lotteries like @trueflip. A lottery is simply a background process in society that funnels wealth from voluntary contributions into large amounts enough to change somebody's life (hopefully for the better). A wildcard, black swan. @trueflip seems built for massive adoption, and Steem seems very suitable for reasons more than one. Add to the fact that the Steem platform is one of the most widely used blockchains on the planet at the moment, and still growing.

Also, I've always thought that blockchain projects should use Steem as their platform of choice. As someone who owns multiple tokens, the aligned incentives for contributing and sharing relevant stuff when it comes to tokenised projects could in turn improve his stakes. However, this may be better tested when Steemit rolls out its sub-communities feature as it could better encourage active engagement / contribution / participation.

Steem for lottery access (or in general, access-to-services).

The beauty of Steem is that as a community, we get to determine the network's value allocation on the fly through upvotes and downvotes, around the clock. There are a couple of angles to this:-

  • Steemit users can easily transfer Steem / Steem Dollar to @trueflip (don't do this yet!) to purchase their lottery tickets. Maybe Steem memo could even work as a way to "circle out" the numbers for @trueflip's powerball-type lottery. There may be other types, and I'm not too sure what the plans are in detail.

or better..

  • @trueflip can put up a post each day for community contribution through upvotes, and in turn, the payout will be used for lottery ticket purchase through the @trueflip account with some unique identifiers. Total rewards for every lottery cycle can be distributed according to our voting shares. @trueflip doesn't have the be the only gateway for its lottery, but it's a good start. Not much of a lottery player, but I think it's a decent use of Steem Power, at least as a gaming option.

or maybe way better..

  • Any Steem accounts can automate and dedicate a portion % of their earnings into lottery purchase on True Flip, whenever there's enough to buy the ticket. Not sure how this can be done technically, but you get the picture. A simple 1% for an everyman's jackpot is something worth considering, in my opinion. Thinking about it, it would seem that this feature can also be applied to any other miner rewards in other cryptocurrencies, so I guess this is not a special case for Steem. It remains that Steem's specialty is in its posting and voting mechanism as a convenient approach for access to valuable services. I'm sure there are some other creative ways that are more beneficial for the ecosystem. Fill in the blanks..

Steem community co-ownership with True Flip tokens

Not sure if we're any near yet, but ICO / token purchase using Steem transfer, especially community voting - presents a convenient way to have a stake in any other blockchain projects. It would be ideal then if Steem wallets could somehow be part of a decentralised exchange as well. Pretty sure there are many different ways to go about this. The main point is to utilise Steem's capabilities to improve relations with any other blockchain projects in very tangible ways.

But that's just a suggestion, anyone can participate in the ongoing ICO at the moment if they wish to do so. There's just no easy way to do it directly from Steem at the moment, which may be especially important if you're an active user around here. It just makes life easier if Steem supports easy purchase and storage of other tokens.

Conclusion

Steem enables easy participation and its symbiosis with True Flip will enable anyone to get into lotteries conveniently. Steem could have its own lottery game as well without the various management fees, but True Flip represents a way larger rewards pool with its own community of developers / marketers that it may represent a value-added stream that goes both ways. Applied more universally, one can begin to understand how Steem can bridge itself with any other valuable services / tokens / communities with similar activity and reward mechanisms that extend out of the game of pure luck that we find in lotteries. Value exchange across many tokenised communities with external value streams is one of the keys for Steem's growth. I just happen to think that True Flip is worth considering due to its simplicity and potential upside.

Or you know, any Steemit users can just head over to their website to purchase the lottery tickets there, but some kind of bridge like what I've mentioned in this post is just way more awesome for the community around here. I may be off about a lot of things here, but I just felt like throwing this idea out there.

Resources

  1. True Flip: https://trueflip.io/

  2. ICO and token functionality: https://ico.trueflip.io/

  3. ICOrating report: http://icorating.com/project/102/True-Flip

  4. True Flip's Steemit Challenge: https://steemit.com/blockchain/@trueflip/the-challenge


Not to be taken as financial advice.

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Isn't most crypto-mining a form of lottery too? Well, maybe not if you said the miners have to "work" for it. But Burstcoin mining certainly is a lottery!

Is that how Burstcoin works? Yea mining is lottery-like just that its not the distribution of resource through a pool of contributions (edit: oh wait, it's about the same, just different type of distribution / contribution.. my bad)

I see that steemit is slowing developing into a platform that encompasses various types of services: money lending, and of course gaming. Revolutionizing the game industry is a small step towards the right direction even though i don't particularly approve gaming in general. I look forward to the day where we can actually purchase real goods and services such as food, a hair cut, etc. There's a high chance that steem maybe compared to bitcoin as the money used for illicit activities. Nonethless, having some development in creating awareness of steemit is always better none.

My 2 cents worth!

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I've only been on Steemit less than two weeks and everything here is very new to me. I am so amazed at all of the unusual ways that money is played with in this economy.

I came here to post my weight loss and health information but in the last days I have been trying to read posts that explain the concepts about the crypto scene. I have never dipped my toe in here before.

The lottery idea is way off my radar normally since it fails so bad in the "real" economy. In that case, the government gets most of the funds and the little people are paying a tax they do not understand. But here? The rules seem different even as I do not yet understand them.

I will take a look at these links and soon get back on track to posting my work (maybe). Thanks for the explanation :)

Yeah I've only played lottery once (or twice?), just because everything about it is behind closed doors pretty much, and it's not so convenient to buy and keep track if i'm getting a reward. What true flip has made can be automated in every sense and shown to be fair and transparent with the blockchain (I'm taking their word for it since I'm not an audit expert). The same goes for the profit-sharing part of the token holders.

I think shifting our time from other social platforms to steemit may help out with understanding the crypto scene. Good to know you're finding it all interesting :)

Yes, I'm trying to drag my son in here to help me. I know he understands it from friends who are in it. I had the blinders on until now. But the money and the google visibility make my very glad I tried this. I'm absolutely amazed by all the technicality and the fact that it is so open. I did accounting for years and this is light years away different.

I really like the @trueflip platform.

It would be genuis to implement a massive lottery idea, could be very viral for a random steemit member to win like 10k every week

Haha as mentioned, definitely beneficial to the community here if chances are, we tend to win the lottery. Or else the ticket fees are just going to external accounts. Well that's assuming if people aren't already using the platform in the near future if steem ends up being the social currency layer on the internet :)

Very informative post. Thanks so much for sharing it. I think what I like most about it is how transparent this type of lottery can be. Unlike most lotteries, you have a somewhat of good idea who the participants are and how much money is being contributed.

Maybe the steem part is a bad idea since lottery winners should stay anonymous (which is what true flip is doing on their side). But i guess there can be implementations that make it possible.

That's actually a good point. I think there should be option to disclose your true identity or keep it hidden. That would be a significant benefit over traditional lotteries where the winners are normally publicly revealed.

Will true flip be issuing it own tokens during the ICO or it will use steem token for the lottery payout? And also is true flip built on steem blockchain? Am just confused and would like to know if this is an investment advice

Haha the steem part is just an idea im putting forth. True flip has nothing to do with steem other than having their blog on steemit. Well maybe theyll consider steem and its use cases after coming across this post :)

Oh really!! Decentralizing the lottery industry will be a huge standoff considering government involvement with lotteries, they make fortune (tax payers money) from lottery and will do everything to keep it centralized. Blockchain is symbol of liberty and freedom given to the world by Nakamoto Satoshi.
God bless that gentleman

thanks @kevinwong for sharing this. i have been lurking their website as a friend told me about their ico, i couldn't get their coin through the ico, it makes me feel relaxed that you shared this.

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Sounds like a good idea and definitely interesting concept to hear, but in what way you think they should be transparent? Should they use a jurist to see if the lottery itself will go in the right way? Or a live stream of the lottery? It's hard to show people it's a trust able company to buy tickets from.

That being said it's very interesting that a lot less of the money will get in the owners pockets.

Yeah you have a point there about getting users to trust what they claim to be a trustworthy and fair lottery. Its on the blockchain and its open sourced so people would have to rely on the words of those who can audit the whole thing. Which is why i think a simple lottery like that would have a lower barrier when it comes to consumer trust

That's right also, of course all can be checked how much money comes in and how much the people get when they win. But on the other hand they got a lot of budget to make it big (by the ICO) and when it earns good money pull the plug (for the fact it's hard to track people down). But on the other hand u have to believe in the best of people