Blockchain-Based Lottery TrueFlip Starts ICO, Raised More than $1.3 in One Hour

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by Polina Chernykh · 2 min read

The funds raised during the initial coin offering will be used for further technical improvement, marketing, as well as the lottery’s jackpot.

TrueFlip has launched a crowdsale to distribute 14,7 million of its digital tokens. First announced a week ago, the ICO campaign has brought the platform more than $1.3 million in the first hour. At the moment of writing, TrueFlip has already sold 2,573,428 TFL, what is equal to more than $3 million.

The company has also added a bonus of 30% for the purchase of tokens. In general, the team aims to raise at least 1,000 BTC, which will be kept in a cold wallet with multisignature inaccessible to the developers.

Since the launch of its beta version in April 2017, TrueFlip has sold more than 110,000 lottery tickets to 40,000 unique users. At the moment, the total sum of winnings amounts to 21 BTC.

40% of the funds gained during the ICO will form bigger jackpot, 23% will be used for further development of the system, 20% will be spent on marketing, 12% on operations, and the remaining 5% will be reserved for legal purposes. The token sale will continue for 30 days.

Every token holder will receive a daily bonus in BTC: about 10-15% of the cost of each ticket sold will be distributed among all TFL holders. The tokens will be tradable across altcoin exchanges.

The development of the solution, including MVP testing and the launch of the alpha version have been conducted with the use of the developers’ own money. The team is committed to turn TrueFlip into the most popular and transparent blockchain lottery service.

With the use of the blockchain technology, the platform is believed to solve the main issues of the current lottery services. In addition to being completely intransparent, lotteries are heavily regulated by governments which impose many restrictions on the gamers.

Earlier this month, TrueFlip was banned in Russia after Roskomnadzor, the country’s federal entity supervising media in Russia, claimed that the platform is promoting gambling. However, the company didn’t agree with the decision and is going to take this case to the court.

TrueFlip is not the first cryptocurrency system that was prohibited in Russia. Previously, Roskomnadzor banned such websites as Bitstamp, LocalBitcoins, and EXMO.

The industry of blockchain lotteries is rapidly growing and is one of the most promising sectors of the cryptoeconomy. The digital currency casino vDice raised $1.7 million in 2016, while Edgeless Casino gained more than $2.5 million in an ICO this year.

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Polina Chernykh

Polina is an undergraduate student at Belarusian State Economic University (BSEU) where she is studying at the faculty of International Business Communication for a degree specializing in Intercultural Communication. In her spare time she enjoys drawing, music and travelling.