Blockchain Lottery
I'm putting together an idea for a decentralized lottery right here at Steem. This one would be a lot different than the one you can find at @fairlotto because it would be owned by the community. I'm looking to run a free lottery where no centralized agent profits off the service. Anyone will be allowed to host their own lotto.
The legality of such a project is quite questionable. I'm certainly free to program it, but who is legally permitted to use such a service? I used to think that gambling required a centralized agent to skim off the top to meet the legal definition. After further review, it looks these three aspects are what define a lottery:
- Consideration
- Chance
- Prize
Consideration is the buy-in. In this case let's say 1 SBD.
Chance is pretty self explanatory. My lottery would only have a single winner per round, so the chance of winning would be 1 / total_contestants. e.g. in a game of 100 people you'd have a 1% chance to win 100 SBD.
Prize is the 100 SBD. No friction; no rake. Everyone gets even odds so everyone should break even on average. A system like this would not exploit compulsive gamblers.
How to avoid regulation and legal ramification?
Obviously, the best way to avoid the man is to create the most decentralized system possible. Also, I'm working on a system that might circumvent 'consideration' by tying the lotto into my honor system. There is no guaranteed prize: We trust that the people who were allowed to enter that particular lotto will pay up. Anyone who doesn't pay up gets blacklisted.
Bitcoin
POW coins provide unhackable random number generators. I can use the security of Bitcoin and friends to create the 'chance' part of the equation. Whoever gets closest to guessing the next hash wins.
I have a lot more ideas for all this but I've got to go to work. I'll think about it more tonight and get back to you guys later on this project.
I didn't even read the post. Gambling = I'm in.
Hopefully I can target the Korean community as well.
I would have a go, though for now steem is the only currency a lot of smaller people hold, the larger players on here are the sbd hodl ers.
What you say rings true, but it means that a lot of users don't realize how easy/free it is to turn Steem into SBD on the market.
Also, with HF20 here, SBD is being printed again.
Yes I just noticed that, along with my vote power disappearing down the toilet with it.
Q - How do you make a fork hard? A - ask Ned!. :-)
Yeah, everyone lost their power for the next 4 days. This hardfork was massive and a lot of amazing changes have been made, but this transition is abysmal.
Abysmal indeed, and very costly for everyone, so Ned best get his thinking cap on and start giving "active" accounts some form of compensation, as some people have put fiat capital in here.
Wish I didn't just exchange all of my SBD in for Steem to power up. I have .09 SBD in my savings though to use lol