Blockchain-based lottery TrueFlip has scheduled the start of its crowdsale for June 28th. The company is planning to issue the total amount of 21,000,000 TFL tokens. 80% of tokens will be offered during the crowdsale while the remaining 20% will be released as rewards for the team in batches of 20%, 40% and 40% once the token sale is completed, in 6 months after its final, and in one year respectively to keep the team motivated.
TrueFlip targets to raise 1,000 BTC intended for technical and marketing purposes, as well as to fund the lottery’s jackpot.
Token holders will be able to influence the platform’s further development and receive shares of its profits from raffles. Every three months, they will receive 10 to 15 percent of all tickets sold over the accountable period. Once tokens are parked at the project’s server, they become eligible. The developers intend to guarantee complete decentralization of the project’s governance.
The project is incorporated under the laws of Costa Rica which permit online gambling.
TrueFlip is the international anonymous blockchain lottery with instant payouts, open source code, and transparent prize fund. It may look like an ordinary lottery but with one huge advantage – it is fully based on bitcoin and blockchain. The TrueFlip team has done its best to apply these advanced IT technologies to completely revolutionize the gambling industry.
Traditionally, lotteries are centralized or held by governments and therefore lack transparency. Meanwhile, there are a large number of issues involving prize distribution and fairness of raffles that are frequently observed in this industry.
“The history of lotteries has not known any solution that could guarantee absence of any meddling. TrueFlip intends to revolutionize lotteries with transparency and fairness brought about by blockchain technology,” the project’s COO Nikita Parkhomenko stated.
The announcement of crowdsale comes just about two weeks after TrueFlip was blocked by Roskomnadzor in the Russian Federation. The federal entity supervising and overseeing media in Russia had previously banned several cryptocurrency-related websites including news outlet Bitnovosti, cryptocurrency-related forum bitcoininfo.ru, bitcoin-purchasing service LocalBitcoins, and such crypto-exchanges as EXMO and BitStamp. Besides, the government body is known for banning adult content websites, torrent trackers, and even Wikipedia and LinkedIn.
TrueFlip, just as most of the resources banned in Russia, is planning to fight for its rights. Dmitry Machikhin, a well-known lawyer specializing in cryptocurrency-related proceedings, will represent the company in the court. He states that the ban of TrueFlip can be a part of a well-planned campaign aimed at monopolizing Russia’s online lottery market.