This information may be outdated - latest information here -http://forum.lottoshares.org/topic/4/lottoshares-you-probably-wouldn-t-be-interested-in-this-launch-july-8th
I'll shortly be launching an experimental Distributed Autonomous Corporation - LottoShares DAC.
LottoShares allows shareholders to use their shares to play a lottery style game, choosing 6 numbers from 42.
Players can choose the size of their stake and prizes are fixed-odds -
6 numbers = 1,000,000 X stake
5 numbers = 5,000 X stake
4 numbers = 100 X stake
3 numbers = 10 X stakeHow will the DAC turn a profit?
When a lottery ticket is played, the shares used as a stake are destroyed. Prizes are paid from the coinbase and provide an 85% average return. Thus as the lottery is played 15% of the total stake is destroyed, giving non-playing shareholders a greater stake in the DAC.
See Dividends 2.0 for more explanation - https://bitsharestalk.org/index.php?topic=1169.0How will the DAC protect its blockchain?
LottoShares is merge-mined with Scrypt based coins. Thus anyone mining Litecoin, Dogecoin etc can process LottoShares tickets and transactions with little additional cost. The processor retains a small percentage of the ticket stakes, and a small percentage subsidy for processing prizes. LottoShares allows for a small subsidy while blockchain difficulty is low to ensure bootstrapping and continuity. How will the numbers be drawn and prizes awarded?
As soon as a new block is seen on the network, its timestamp will be signed and broadcast to the network. The next set of NY state lottery quick pick numbers drawn will be used as a seed. This seed will be broadcast as a transaction and a block including the transaction must also deterministically generate the pseudo random numbers and award the prizes in the same block.Isn't that a bit centralized?
Yes. The problem of provably fair distributed random numbers has not been solved yet, so block hashes together with NY lottery numbers will be used. Where the problem of provably fair distributed random numbers is solved, LottoShares DAC will incorporate it. Who will own the shares?
10% will be proportionally distributed to MemoryCoin (MMC) holders (Block #39,983)
10% will be proportionally distributed to ProtoShares (PTS) holders (Block #65,959)
10% will be proportionally distributed to AngelShares (AGS) holders
30% will be targeted at the public addresses of individuals who can be helpful to LottoShares DAC (devs, exchanges, service providers, marketeers etc - email [email protected]
to make a pitch, full list to be provided at launch)
This first 60% is vested and funds will not be valid for (90 + rand(365))days - where the pseudo-random component is seeded on the address. Distribution date for ProtoShares and MemoryCoin will be the last block before the end of May 2014 UTC. Where it is possible to identify exchange holdings for PTS/MMC, these will not be eligible for any distribution. AngelShares distribution will be undertaken the advisement of I3.
20% will be airdropped on the top 1,000,000 Bitcoin addresses (excluding coinbase transactions) (Block 302,000)
20% will be airdropped on the top 250,000 Dogecoin addresses (excluding coinbase transactions) (Block 232,000)
This 40% will be valid for use immediately, this will be non-proportional, providing a small amount to each BTC/DOGE holder regardless of the size of their holding.
Test network live.
Launch date July 15th