True Flip is a decentralized platform that aims to offer blockchain-based international lotteries that are honest, transparent, fair, and exciting.
The seeds of doubt have been planted among many individuals after fraudsters managed to manipulate the results of lotteries in the past decade. These high-profile cases have led some to lose trust in the validity of the supposedly random draws.
One project wants to bring back these people’s confidence in the hundred-billion euro lottery sector using blockchain technology.
True Flip is a decentralized platform built specifically for blockchain-based international lotteries. To achieve its goal, True Flip was developed to provide honest and transparent games with compelling prizes and jackpots.
Just around two years ago, Eddie Tipton was found guilty for figuring in the biggest lottery scam in the United States.
In 2010, the Iowa programmer configured the random drawing system of the state’s Hot Lotto to throw out only a hundred possible number combinations from the usual millions. Tipton’s US$16.5 million jackpot win alarmed authorities, and it led to his arrest and subsequent sentencing to up to 25 years behind bars.
This case is just the biggest among many lottery-related frauds that have hit the police records for the last 10 years. Together with the lack of transparency many centralized sweepstakes have in their drawing processes, reported and convicted frauds could be the major factors why people remain skeptical as to whether the lotto draws they play on are really random.
Thanks to the growth of the blockchain ever since it was introduced back in 2008, a truly “honest international lottery” could finally be introduced to the market. And with this technology—as explained further in the platform’s whitepaper—True Flip hopes that its product can flip customers of offline lotteries to crypto sweepstakes.
True Flip’s Lottery Solution
As of the moment, True Flip offers at least five blockchain games on its platform. However, only one—Rapid to the Moon—resembles a lottery game.
To play Rapid to the Moon, interested bettors simply need to fill out their tickets by choosing eight numbers from digits 1 to 20 and at least a single one from 1 to 4. Each ticket costs 0.0002 BTC, and players could pay for one using Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dash (DASH), and other cryptos.
For every 10 to 30 minutes, the game would draw a combination of numbers that, according to True Flip, “are determined by the algorithm based on the Bitcoin blockchain.” This means that the digits are free from external influence and are fairly drawn.
Apart from Rapid to the Moon, True Flip has the scratch game Pirate Bay, the slot titles Mining Factory and Chain’s Code, and the Magic Dice game.
Since all of these are built on top of the blockchain, winnings on True Flip’s games are instantly transferred onto the players’ crypto wallets.
Meanwhile, owners of the True Flip Token (TFL) can join the quarterly Master Flip game where they can win a jackpot filled up by portions of payments made on the other five games.
Because of instant payouts, transparent results, and exciting gameplay, many offline players have switched to crypto games. True Flip hopes that its platform could be the go-to avenue for companies, charities, and governments launching their own lotteries in the future.