True Flip successfully finishes crowdsale with over 2000 BTC raised

3 months ago

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True Flip, the provably fair international lottery, has successfully closed the company’s TFL tokens sale at 10:00 am (UTC), July 29, with the mark of 2000 BTC exceeded.

The first blockchain-based lottery solution with a viable business model has attracted the promising 3000+ participants (including direct transactions to the smart contract), who now own over 6 200 000 TFL tokens sold for 0,0005 BTC per TFL.

According to the initial plan:

  • 20% (1,785 mm) of the general token amount is reserved for the project’s team: 20% of these unlock with the crowdsale end, 40% after achieving development KPI's and 40% in a year after the ICO.
  • 10% (0,89 mm) are allocated to finance Advisory (5% - 0,45 mm), Escrow (2% - 0,18 mm) and bounty campaign (3% - 0,27 mm).

The original emission plan included 21 000 000 TFLs. The remaining tokens won’t be produced which results in proportional increase of each token holder’s share. The finalized share sizes will be calculated within the next weeks regarding the amount of tokens sold.

Снимок экрана 2017-07-31 в 11.41.34.png

“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 of True Flip. The funding we've gained is more than enough to follow the roadmap effectively and in comfortable terms for the team. Now we finalize crafting the business strategy in regard with received 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”, - said CMO of True Flip Konstantin Katsev.

“First, i'd like to thank all token holders for their priceless support of this project. I'm sure there're 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. True Flip has all the prospects to set the industrial standard in provably fair gaming. This target motivates the team on it's 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”, - stated the company’s COO Nikita Parkhomenko.

The TFL token sale targets are:
o Boosting technical development and decentralization, extending gaming options;
o Forming a large Jackpot;
o Funding the marketing campaign;
o Scaling the business model.

TFL’s provide their holders with the following opportunities:
o 10-15% of daily ticket revenues participate in a regular closed draw only for token holders;
o TFL listing on exchanges within 2 weeks following the crowdsale end;
o The holders take part in key business decisions consideration;
o Special private lottery for the holders to be hold in September, 2017

True Flip resides in Costa Rica, where legislation allows online lotteries. The team is multinational. The lottery's Draw transparent code is released on Github.

You can learn more details about True Flip's business, its team and the White Paper on ico.trueflip.io. Also please visit trueflip.io to explore the lottery.

True Flip social networks accounts:
Bitcointalk
Telegram
Facebook
Twitter

Yours,
True Flip Team

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damn I missed it. Think i shall wait when it is available on the exchanges, I am excited to participate in all this!

I would like to know what has happened to dividend payouts. You have changed your white paper after the ICO so that TFL tokens no longer have dividends. Please explain!

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good point! Thank you for the hint. I compared the Whitepaper versions too. If that Whitepaper what i assume is newer, then i'm concerned too. The wording has changed and so the meaning. In the prior WP we'd read

Older Whitepaper BEFORE end of crowdsale

Once the ICO is completed, the TFL Token will be available for trading on cryptocurrency exchanges. At the moment, we negotiate the details with several exchanges and will announce the results as soon as the agreements are reached. TFL Token is the main investment asset of the True Flip platform. It guarantees the Token holders a daily bonus in BTC: 10-15% from each sold ticket will be distributed among all Token holders as dividends:

  • dividends are accrued daily after each draw;
  • dividends are paid 4 times a year according to the results of each quarter;
  • the amount of dividend (within 10-15% of income) is determined by the Token holders voting;
  • the owners of the Tokens are notified in advance of the date of payment;
  • to receive a dividend, the holders must park their Tokens on the lottery server;
  • dividends will be calculated only on the parked Tokens in proportion:

The scheme of paying dividends and determining the list of persons entitled to receive it is similar to the mechanism used in traditional corporate practice. Therefore, we assume that the dynamics of the TFL quotes will be affected by the calendar features in the same way as traditional stock assets - for example, there will be dividend gap in the shares. From our point of view, this will help to increase the speculative attractiveness of the TFL Token.

Histogram of the TFL Token dividend yield, depending on the market share:
(diagram with legend: TFL Token dividend yield, in BTC)

New Whitepaper current version

Once the Token sale is completed, the TFL Token will be available for trading on cryptocurrency exchanges.
At the moment, we negotiate the details with several exchanges and will announce the results as soon as the
agreements are reached.
TFL Token allows its owners to participate in a special quarterly game held only among the TFL Token holders.
Its prize fund is formed by 10-15% payments from each sold ticket in the following manner:

  • payments are assigned to the fund daily after each draw;
  • the Token owners game is held 4 times a year;
  • the amount of funds assigned to the fund (within 10-15% of income) is determined by the Token holders
    voting;
  • the owners of the Tokens are notified in advance of the date of the game;
  • to participate in the game, TFL Token holders must verify their ownership through a smart contract;
  • TFL club prize fund will be formed in accordance with the following proportion:

Histogram of the potential Token holders game winnings relative to the value of the
purchased tokens, depending on the market share:
(diagramm with legend: Potential Token holders game winnings relative to the value of the purchased tokens, in BTC)

as screenshot with markup (left = old, right = new)




In the screenshots it's obvious that we are in the same section of the whitepaper, but wording and meaning have changed completely in the following manner, concerning examples:

dividends are paid 4 times a year ----> Token owners game is held 4 times a year
to receive a dividend -----> to participate in the game
dividends -----> TFL club prize
TFL Token dividend yield -----> potential Token holders game winnings

If i read that as an investor i think: "I'd invested in Trueflip because of a dividend based on revenue of ticket sales. Now i should get just the right to participate in a lottery and if i'm lucky then i may receive a prize. I hope that Trueflip had changed the wording because of legal reasons but intend still like written in the whitepaper (on which investors made their decision before and in the crowdsale!) to pay 10-15% from every sold ticket. Because every serious investor had invested because he gives his money to get a payment from revenue and not to gamble.

Another thing i'd noticed, you changed from ICO to Token Sale. From the legal side it makes a big difference. Julian Hosp from TenX explained that in detail, (just available in German). From the financial side a token sale is taxable, a ICO is a investment.

video by TenX
Please give us a explanation on that Trueflip-Team.
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Thanks!! very important bit of information.

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I have invested and also did due to an expected payout from revenue from ticket sales daily and also quarterly dividends on total profits according to quantity of tokens. Thanks for highlighting this.

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You deserve more Credit!!

You guys did such a great job. I am looking forward to 2.0 and the @TrueFlip future.

Hey!!! Could you please update on dividends...

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answer by Trueflip:

All token holders will receive everything we have promised before. We just changed the words

@coincravings
@atulesh-jha

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Thnx for the clarification... If you can ask on slack, since I'm not there... When do they plan on yielding dividends...

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Currently they have no exact schedule to offer. We can just wait and ask from time to time. A good sign is that Trueflip is constantly communicating in the channel but without a straight answer.

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I suppose they are just playing it safe after all.
They've already had a successful "Token Sale", so now is a great time to make sure there won't be any external unforeseen legal consequences that might very well hamper the operation down the road.

Of course, moves such as this have the potential to cause uncertainty and uproar amongst the investors, but overall, that is the lesser evil when compared to potential legal pitfalls that might be encountered.

I'd guess that what we have going on here is quite similar to the way the Japanese are handling their Pachinko parlor reward logistics. Convoluted and strange, but ultimately perfectly legal within Japanese borders.

This is after all what they are paying their legal advisors for.

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i'll go to slack and try to achieve some clarification. The big change in the whitepaper (s. above) was alarming for me, thanks to @coincravings who brought it to my attention. My decision to invest in Trueflip was in part because of the clearly described dividend which is now replaced with a participation in the token holder lottery. That's a entirely different situation now. Maybe i don't got it but clarification is necessary now.

do you have a wallet?

Congratulations guys. Well done on the sale. Looking forward to growing in the future and more investment opportunities.

Congratulations, Successful ICO!!!
I hope TrueFlip would be the world #1 lottery site!

Great news, guys! Keep working

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Great job @trueflip, keep it up the good work, I just resteemed your post.

Ansioso pelo sucesso da rede! Estou na torcida!

Congratulations...

congrats on the finalised ico,
i am happy to say i have bought a bit of coins in the token sale
cannot wait for the final details and to see how many coins i will receive on the proportional increase
and i will buy some tickets for the big jackpot just to support my own tokens :-)

STEEM ON

where is the contest reward please ?

Congratulations!
I'm glad to have the opportunity to be a small part of it because I think you guys will be successful.

Oh wow that's really cool news
Congratulations you deserve it lots of effort you have put.