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Offline emski

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Delegate concept: "Lotto Delegate"
« on: June 30, 2014, 05:22:46 PM »

As I got positive feedback for our previous delegate idea Angel Delegate described here https://bitsharestalk.org/index.php?topic=5331.0 I'd like to introduce you to another concept:
"Lotto Delegate" described here http://lotto.bitdelegate.org.

I'll just copy/paste the definition for those unwilling (or lazy) to open external sites:

All fees collected will be added to the JACKPOT. **
At the end of a period (eg 1 month, 3 months 1 year ) a random XTS address, who has received (and still holds) at least 10 XTS the same month, will be given the JACKPOT. (When keyhotee is released we will switch to keyhotee id)
The random function will be public so that anyone can verify the winner.
It will use as a random seed the nonce ( CBlockHeader::nNonce ) of a bitcoin block produced at the end of the month and unlimited number of secrets. The number of the block will be shared in advance. All secrets’ hashes* must be shared before block generation. Anyone can submit a secret’s hash*. A secret’s hash* is defined as:
1 S is the secret (should be long enough to discourage brute-forcing)
2 SALT is publicly announced (together with block number) string (should be long enough to discourage brute-forcing)
3 secret’s hash* = SHA256(S + SALT)
JACKPOT is given only if all the submitted secrets are known (a bond might be requested to submit a secret’s hash* if someone tries to exploit by not sharing the actual secret).

** Current hardware and bandwidth we have provided should be sufficient for running the delegate initially. If the requirements increase we might need to use small percentage of the income to cover operational costs. All the income/spendings will be publicly available.

Using the above mentioned method anyone interested can influence the random seed without being able to exploit that .

Again I'd like some feedback on this.

PS: LottoShares DAC Guys can consider this method for selecting winners as a suggestion. As a gambler I'd like to make sure I'm not lied to and I believe this method ensures that.

UPDATE:
I was thinking about the concept of the lotto delegate lately.
The result is that I have some doubts about the benefits of such activity in the proposed form.
Reasons:
1 Lotto is targeted to users who already use BitsharesX. A delegate spending should be focused on bringing new users instead (Or improving the quality of service tools etc).
2 Targeting only forum users based on activity (posts) might promote "useless" posts. Furthermore users that already contribute to the forum have other motivation to do so and the lottery will not change that.
3 Allocating most of the delegate's profits to a random lottery is not helping the network as this will neither attract significant amount of new users nor increase the quality of the service provided. (correct me if I'm wrong)

As a result I decided to discourage anyone from voting for lotto delegate. There is no way to shut it down or any other means of indicating that it should be no longer voted for (Bytemaster? ). I'll keep it updated and in proper working condition until needed.

And now for the fun part: All the funds collected will be distributed via (guess what...) lottery. How the lottery will exactly work will be announced in this thread.
« Last Edit: August 31, 2014, 10:17:51 PM by emski »

Offline xeroc

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Re: Delegate concept: "Lotto Delegate"
« Reply #1 on: July 01, 2014, 07:21:10 AM »
lol .. gambling by fees you have to pay anyways .. very nice idea!!
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Offline CLains

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Re: Delegate concept: "Lotto Delegate"
« Reply #2 on: July 01, 2014, 10:06:03 AM »
Looks awesome.  +5%
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Offline emski

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Re: Delegate concept: "Lotto Delegate"
« Reply #3 on: August 31, 2014, 07:57:25 PM »
I was thinking about the concept of the lotto delegate lately.
The result is that I have some doubts about the benefits of such activity in the proposed form.
Reasons:
1 Lotto is targeted to users who already use BitsharesX. A delegate spending should be focused on bringing new users instead (Or improving the quality of service tools etc).
2 Targeting only forum users based on activity (posts) might promote "useless" posts. Furthermore users that already contribute to the forum have other motivation to do so and the lottery will not change that.
3 Allocating most of the delegate's profits to a random lottery is not helping the network as this will neither attract significant amount of new users nor increase the quality of the service provided. (correct me if I'm wrong)

As a result I decided to discourage anyone from voting for lotto delegate. There is no way to shut it down or any other means of indicating that it should be no longer voted for (Bytemaster? ). I'll keep it updated and in proper working condition until needed.

And now for the fun part: All the funds collected will be distributed via (guess what...) lottery. How the lottery will exactly work will be announced in this thread.


 

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