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Offline FreeTrade

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This information may be outdated - latest information here -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


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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 stake

How 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=1169.0

How 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.

Launch Date
Test network live.

Launch date July 15th

« Last Edit: July 14, 2014, 03:54:15 PM by FreeTrade »
“People should be more sophisticated? How are you gonna get that done?” - Jerry Seinfeld reply to Bill Maher

Offline ebit

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Re: LottoShares DAC - June 5th
« Reply #1 on: May 23, 2014, 02:47:10 PM »
Thanks  +5%

lzr1900

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Re: LottoShares DAC - June 5th
« Reply #2 on: May 23, 2014, 02:53:10 PM »
WOW....!

Offline Amazon

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Re: LottoShares DAC - June 5th
« Reply #3 on: May 23, 2014, 02:54:24 PM »
Thanks FreeTrade, the only two products honoring PTS till now are from you~
Forum Donation: PforumPLfVQXTi4QpQqKwoChXHkoHcxGuA

Offline JakeThePanda

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Re: LottoShares DAC - June 5th
« Reply #4 on: May 23, 2014, 03:06:10 PM »
First of all, thank you.

« Last Edit: May 23, 2014, 03:20:11 PM by JakeThePanda »

Offline Harvey

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Re: LottoShares DAC - June 5th
« Reply #5 on: May 23, 2014, 03:17:36 PM »
sounds great!
BTS       Witness:harvey-xts Seed:128.199.143.47:2015 API:wss://128.199.143.47:2016 
MUSE   Witness:harvey-xts Seed:128.199.143.47:2017 API:ws://128.199.143.47:2018

Offline HackFisher

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Re: LottoShares DAC - June 5th
« Reply #6 on: May 23, 2014, 03:19:46 PM »
Cool and congratulations, FreeTrade, I believe more gaming DACs will coming in next months, so let's competing  ;)
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline Amazon

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Re: LottoShares DAC - June 5th
« Reply #7 on: May 23, 2014, 03:29:29 PM »
Cool and congratulations, FreeTrade, I believe more gaming DACs will coming in next months, so let's competing  ;)

And another one:
http://countersports.com/
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Offline FreeTrade

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Re: LottoShares DAC - June 5th
« Reply #8 on: May 23, 2014, 04:25:24 PM »
For #2 I'm talking about our own Denny Wang aka HackFisher in the "charity" subforum. There are two Denny's lottos =P

Ah I see. I haven't seen any plans about the naming for that - is it to be BitSharesLotto? Hopefully we won't have a naming conflict.

Regarding the RNG, I'm hesitant to try to implement or adopt anything based on DPOS until it's more weathered. My approach to DAC's is an incremental one and that's especially true with a target as big as a lottery. The changes to the code and protocol are as limited as possible to reduce the potential attack surface of new code. I'm still looking for an improved way to generate randomness, but my instinct is that the solution will be a simple, brilliant idea rather than a convoluted complex one.
“People should be more sophisticated? How are you gonna get that done?” - Jerry Seinfeld reply to Bill Maher

Offline bitmeat

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Re: LottoShares DAC - June 5th
« Reply #9 on: May 23, 2014, 07:09:21 PM »
Can you be more clear on what date will the MMC snapshot be taken? If it is end of May that is not nearly enough time for people to consider cashing out of exchanges.

Offline testz

Re: LottoShares DAC - June 5th
« Reply #10 on: May 23, 2014, 07:22:43 PM »
Can you be more clear on what date will the MMC snapshot be taken? If it is end of May that is not nearly enough time for people to consider cashing out of exchanges.

Quote
last block before the end of May 2014 UTC

This means the last block at May in UTC time, same as AGS donation counts.

Offline bitmeat

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Re: LottoShares DAC - June 5th
« Reply #11 on: May 23, 2014, 07:31:47 PM »
That's a terrible setup for a pump and dump. It will spike MMC and then MMC will collapse. There is no whitepaper whatsoever either. Yeah let's all buy MMC so FreeTrade can unload. This is really short sighted.

Offline liondani

Re: LottoShares DAC - June 5th
« Reply #12 on: May 24, 2014, 08:56:32 AM »
obvius

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Offline FreeTrade

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Re: LottoShares DAC - June 5th
« Reply #13 on: May 24, 2014, 12:25:54 PM »
Updated to add AGS to shares distribution
“People should be more sophisticated? How are you gonna get that done?” - Jerry Seinfeld reply to Bill Maher

Offline toast

Re: LottoShares DAC - June 5th
« Reply #14 on: May 24, 2014, 01:01:54 PM »
Updated to add AGS to shares distribution

You are a baller and a scholar

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Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.

 

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