The team behind the project intends to transform current lottery games by offering a platform for fair and trustless lotteries using the blockchain technology.
TrueFlip, the first anonymous blockchain lottery, has raised 1880 BTC in its ICO that was announced last month. The company has managed to achieve the initial target of 1,000 BTC during the crowdsale, which will end at 10:00 AM GMT on Saturday, July 29, 2017.
TrueFlip is the world’s first lottery platform in which the need for middlemen is eliminated. Unlike the majority of online lotteries, the service is not controlled by any authority, what provides the transparency of games.
The company has launched the platform earlier this year and has already attracted more than 100,000 registered users.
“First, I’d like to thank all token holders for their priceless support of this project. I’m sure there are no obstacles now to thwart our way ahead! With good efforts already made we’re ready to face the tough challenge of gaining the desired market share,” said TrueFlip COO, Nikita Parkhomenko.
“True Flip has all the prospects to set the industrial standard in provably fair gaming. This target motivates the team on its step-by-step track towards the desired product and business setup. In the nearest weeks we’ll provide more news on True Flip’s current workflow and further development.”
The owners of the tokens will be able to take part in decision-making process regarding the future development of the platform. Furthermore, they will receive 10-15% of profits generated from tickets sold during each three-month period.
In total, the company offered 14,700,000 TFLs at a price of 0.0005 BTC per coin. After the end of the sale all unsold tokens will be burned, thus raising the value of the sold tokens. 40% of the investments will go to the jackpot, and the rest will be used on further development of the platform, including advanced transparency and introduction of three new games.
“We are completely satisfied with the results of TFL token sale. Last month has brought us new experience and new partners and for sure this will result in major improvements for TrueFlip,” said Konstantin Katsev, TrueFlip’s CMO.
“The funds we’ve raised is more than enough to keep following the roadmap effectively and in comfortable terms for the team. Within the end of the token sale, we’ll finalize crafting the business strategy accordingly with the funding and then concentrate on the nearest milestones. These include listing TFL on exchanges, launching extra gaming options, bringing further decentralization to the system, and scaling True Flip promotion,” he added.
Almost a week ago, TrueFlip entered into a strategic partnership with decentralized gambling protocol DAO.Casino. TrueFlip is going to create a new quick lottery game on its platform using the DAO.Casino protocol.
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