Blockchain technology has the power to revolutionize many aspects of our everyday lives. As the first working blockchain lottery in existence, the True Flip platform is another delightful confirmation of this fact. If the promise of the largest jackpot in the world is not enough for you, take a look at this True Flip review and discover more details about this interesting platform and its ICO.
The creation of a lottery may not seem like something that requires a lot of expertise and many hands on deck, but just wait until you see the True Flip team, or better said – teams. The management team includes Nikita Parhomenko, the COO, Konstantin Katsev, the marketing director, Daniil Andriyanov, the CFO, Alex Gorlo, the marketing manager, Vasili Polynov, the PR director, Renato Almeida, the legal advisor, and Dmitry Machikhin, the crypto lawyer.
Core developers Felix Sidokhin, Nikita Ivanov, and Vladimir Feoktistov are in charge of platform development. Other key members include Oleh Skorbatiuk, IT infrastructure architect, and Zerion, token smart-contract developer. The members of the True Flip community team are Ruslan Nurtdinov, Natalia Lukina, Kalyta Bohdan, Lip Kiam, and Ojin Shimizu, all acting as community managers.
True Flip has several influential advisors who provide invaluable guidance to the creators and developers of the platform, including Eric Benz, the CEO of Cryptopay, George Basiladze, the founder of Cryptopay, Richard Kastelein, the co-founder of ICO company CryptoAsset Design Group, Jason Cassidy, vice chairman of the board at Blockchain Association of Canada, Pavel Kinchikov, group strategy director at Media Instinct Group, and Jon Matonis, founding director at Bitcoin Foundation and the CEO of Hushmail.
About The Project
True Flip is an international blockchain lottery platform that is already working. The goal of the creators is to offer users a completely transparent, independent, and fair lottery and turn it into the most popular one around. Unlike most lotteries available so far, which are centralized or held by governments, True Flip is designed to become a 100% autonomous entity not controlled by anyone.
The currently available Bitcoin-based True Flip lottery 6/49 has already achieved modest popularity with 100,000 tickets played during the beta stage that took place prior to the presale. The team plans to develop at least 3 more lotteries and use a large portion of the funds collected during the ICO to offer huge jackpots to its users. The lottery games that will be developed include instant lottery, hourly lottery, and premium lottery with big prizes.
The essential idea of True Flip is to make use of the benefits of both the blockchain technology and cryptocurrencies as a means of payment. That is why the advantages of this platform are similar to the advantages of the advanced technology it employs. Learn more about them in the following section of this True Flip review.
Why Choose True Flip
As we suggested before in this True Flip review, True Flip is superior to classic lotteries in numerous ways. Moreover, it offers great perks for both users and investors. To begin with, it allows users to participate without disclosing personal information at any point. Also, there is no interference of third parties as the draw is operated by open-source software. Finally, the payouts are instant and all the transactions are visible on the blockchain.
The future development of True Flip is directed toward total and utter independence. At the final point of development, the lottery will not be in the hands of anyone, including the True Flip team. We must say that we are not too certain about the possibility of complete decentralization, although it would definitely be a warmly welcomed innovation.
As far as the token holders are concerned, they have much to look forward to, with bonuses in Bitcoins accrued on a daily basis. The plan is to distribute 10-15% from every sold ticket among token holders as dividends. The dividends are to be accrued after every daily draw and paid at the end of each quarter. In order to receive a dividend, the token holders must have their tokens parked on the True Flip lottery server. The amount of accrued dividends will be available for all holders to view via Token Holder Panel.
The True Flip ICO was launched on June 28, 2017, and is set to last for 30 days. The goal is to raise 6,125 Bitcoins. If the goal is reached earlier, the ICO will be terminated. The total number of True Flip tokens (TFL) to be released is 21 million, with 14,700,000 (70%) put on sale during the ICO. The remaining 30% of tokens will be distributed to the team (20%), advisers (3%), escrow (2%), and bounty (5%).
Once the crowdsale ends, the remaining unsold tokens will be burned. Consequently, the shares of all token holders will be increased proportionally.
The distribution of the funds raised during the crowdsale is as follows:
- 23% will go into further development of the platform,
- 20% will be used for marketing purposes,
- 12% for operations,
- 5% for legal purposes,
- 40% will go into the funds for the jackpot.
The entirety of the funds invested during the token sale will be fully escrowed. They will be transferred to a 2/3 multisignature address with two of the keys held by True Flip escrows Richard Kestelein, George Basiladze, and Nikita Parhomenko. The funds are to be released only under clearly defined circumstances, including prize payouts, once all the conditions are met and with the consent of at least two out of three signees.
How To Contribute
Investors can purchase True Flip tokens at the price of 0.0005 Bitcoins. The supported cryptocurrencies are Bitcoin, Litecoin, Ether, and Dash.
In order to incentivize the investors, True Flip offers great bonuses for early contributors. Until the first 1000 Bitcoins are raised, the contributors will receive 30% bonuses. Once this mark is passed, the investors will receive 20% bonuses until 2000 Bitcoins are raised in total. Contributors will receive 10% bonuses until 3000 Bitcoins are raised and 5% until 5000 Bitcoins are raised, with no bonuses planned for the rest of the crowdsale.
For all lottery aficionados, True Flip is the perfect open source option with a modern twist based on BTC and blockchain. The lottery is international and fully anonymous, offering a transparent prize fund and instant payouts. Check out these additional resources for extra information about their idea of a more open, convenient, valuable, and fair lottery:
- In this ICOAlert Report, you can read about True Flip’s team, find out how the platform works, how you can join, and whether it will achieve success. There’s also a list of ICO details that can provide you with the most important information about its crowdsale.
- This True Flip YouTube Review explains how the platform functions and offers information about its ICO, crowdsale bonus, and token distribution.
- True Flip’s official YouTube channel features several videos dealing with True Flip’s inner workings, most important features, and token sale.
- True Flip wrote a blog post where they share their story with the public, revealing where the idea came from, what the three basic principles of their business are, and how they made it work.
- Picolo Research’s concise ICO analysis of the True Flip project deals with its reliability and potential, as well as its major strengths and weaknesses.
- Instant payouts
- Open-source code
- Full transparency
- Daily bonuses for token holders