Introducing The First Steem Dollars Lottery - Only $0.01 SBD Per Ticket!

10 months ago
60 in steemloto

Most of my followers would probably expect me to post a SteemWhales update today, but it is not the case. Instead, I want to present a new project that @blueorgy and I have been working on for the past few days: an automated lottery for steem.

Introducing http://steemloto.com!

The story behind this project: A bit earlier this week, I was chilling on the steemit.chat, and updated to the new formula for reputation on steem whales. This didn't deserve a full update post, so I decided to just let people know about it in the general chat. Following the update user @drinkzya had reached out to me about his idea to make a true gambling website for steem. A gambling bot had already existed, @steemdice1 (you can see me playing once, winning, and quitting in the transfer history), but it's a simple dice game.... @drinkzya very quickly hyped me into making this more then just an idea, but into a reality. A few hours later, I had a simple concept bot that sold tickets, and picked a random unique winner after 5 minutes.

The next day I was on steemit.chat again, helping out @blueorgy with his reputation formula and calculations for http://steem.cool, and after a friendly chat I asked him his opinion about what I had coded earlier. He instantly fell in love with the idea and proposed to help. Who am I to refuse?

Two days later @blueorgy delivered one very smooth design for the website and insight into the project. We then continued to create a Beta version for some more serious testing alongside adding many features that we believe will make this steem lottery a great success.

This is what we ended up with: http://steemloto.com!


How To Play

Advanced

  • Transfer SBD (only) to @steembingo for the 10MIN Lottery
  • Transfer SBD (only) to @steemloto for the 24HOUR Lottery
  • 1 Ticket is .01 STEEM DOLLARS

Beginners

  • Navigate to your Wallet (found on any of your profile pages - ex: Blog)
  • Now next to your current STEEM DOLLAR account balance hit the little down arrow
  • Select Transfer
  • In the To field you will enter either @steembingo (for the 10MIN Lottery) or @steemloto (for the 24HOUR Lottery)
  • Now fill in the amount of tickets you would like to buy (1 Ticket is .01 STEEM DOLLARS)
  • No Memo is required but you can alwasy use one for reference
  • Hit Transfer and you're all set! You will see you tickets displayed on the public table and see the Jackpot rise
  • Don't gamble what you can't afford to lose

Lottery Features & Information

Remember: PLEASE DON'T GAMBLE WHAT YOU CAN'T AFFORD TO LOSE!

Automated Payouts and Posting

Our bot will pay out winners instanteneously after drawing the winning ticket. Additionally the daily lottery winner will be announced by the bot in a steemit post. The SBD rewards for these daily posts will be reinjected into the next day's lottery as a bonus!

1 Ticket = $0.01 SBD | Buy as many as you want

We wanted anyone to be able to play, and play as much as they want. You can enter the lottery for as little as 1 cent.

Two different lotteries

SteemLoto isn't only one lottery, it's two!

  • @steemloto pays out every 24 hours. This allows for users in all timezones to play & potentially much Bigger Payouts!*
  • @steembingo pays out every 10 minutes. A limited time quick lottery where timing is everything.

Listing of ticket holders on website

If you do end up purchasing tickets for either lottery, your username and total purchased tickets will display on http://steemloto.com after a few seconds. You can also see other competitors and how much they are waging.

See winners on the website

Previous lottery winners are displayed here on the website. You can see who won, when, and for how much.

Security of your funds

The bot processing the payouts and holding the players funds is running on a separate server than the website. Think of it a bit like a witness node.

Cryptographically secure pseudorandom number generator

A cryptographically secure number random generator, as you might use for generating encryption keys, works by gathering entropy - that is, unpredictable input - from a source which other people can't observe.

Payout Fee is set to 0.5%

Because there is currently no competition, this number was chosen randomly. As the lottery grows we will be lowering this rate in order to maximize winner payouts!


Enjoy!
And Again: PLEASE DON'T GAMBLE WHAT YOU CAN'T AFFORD TO LOSE!
To contact us, we have a #steemloto channel on steemit.chat.

P.S: BIG Thanks to @drinkzya for the idea, motivation, and to all private testers, @clement, @jamtaylor, @repholder, @french.fyde, @coldbolt, @repholder, @lukestokes for the feedback.

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73
  ·  10 months ago

May I suggest making this provably fair by using proof of work submissions as your random number source and then publishing the algorithm used by the bot so everyone can know who should win?

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60
  ·  10 months ago

Thanks a lot for your input. We have proof of fairness on our roadmap. Currently we are using a non-deterministic algorithm, where results cannot be reproduced. Hence no proof of fairness, yet.

However I am not sure if we will use the steem blockchain (or any other blockchain) to generate the random number. Wouldn't it be technically possible for someone with enough comp power to predict the proof of work submissions in the short future, at least just sometimes? It wouldn't need to be 100%, just a small edge would be enough to win on the long term.

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65
  ·  10 months ago

That sounds like a great idea. They should definitely go with provably fair! Using double T would also be a good option to decrease errors from people sending funds to incorrect accounts.

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50
  ·  10 months ago

May I suggest making this provably fair by using proof of work submissions as your random number source and then publishing the algorithm used by the bot so everyone can know who should win?

I for one would like to second the above suggestion.

However I am not sure if we will use the steem blockchain (or any other blockchain) to generate the random number. Wouldn't it be technically possible for someone with enough comp power to predict the proof of work submissions in the short future, at least just sometimes? It wouldn't need to be 100%, just a small edge would be enough to win on the long term.

If you use a strong enough algorithm no one would be able to hash it out in 24 hours. No crypto is truly 100% unbreakable, but you would only need to secure it long enough to surpass the 24 hour mark before someone would have to start all over again from scratch.

67
  ·  10 months ago

YOU MUST TAKE THESE ACCOUNTS ALSO

@steemlotto (with double "t")
http://steemlotto.com/ (with double "t")

else you will have trouble with many users sending funds to wrong account !

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66
  ·  10 months ago

Sadly they were taken before we could. If the owners of either of these want to give them to us ;) or even sell them let me know.

So make sure when sending SDB to send it to either @steemloto or @steembingo !!

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57
  ·  10 months ago

I have reached out to steemlotto to try and acquire the account. If anybody has any information regarding this, please lmk, thanks

71
  ·  10 months ago

I know this is going to be a huge success, and I hope people will have healthy fun with it. That said, please keep this mind:

A lottery is a tax on those who are bad at math.
(At least when the State does it)

I was honored to be included in the beta testing and, again, I know this will be fun for a lot of people. I also hope no one hurts themselves due to gambling tendencies. Thus ends my play responsibly PSA. :)

70
  ·  10 months ago

great work, really awesome. Hats off, only compliments here. Works smooth!

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66
  ·  10 months ago

Thanks! We worked hard on getting it to a place were we could feel confident for its release. Wanted to make sure everything was perfect so that users could trust the lottery with their hard earned SBD. Good Luck Everyone!

67
  ·  10 months ago

Very impressive guys !!!

Additionally the daily lottery winner will be announced by the bot in a steemit post. The SBD rewards for these daily posts will be reinjected into the next day's lottery as a bonus!

That is the ultimate reason it will succeed and it is not needed from your part to take a fee since the SP you will earn each day will be enough...

PS My only concern is that it will suck out value from steem SP holders(?)... NO? But it will attract many new users as well I assume!

77
  ·  10 months ago

Hey guys.

this project is awesome. I was lucky to be the first ever Jackpot winner at the 24H Lotto ;)

of course i will use most of the winning to support others for my giveback cause.

You guys have showed me with this application, that not the steemit website is the best we could get, but that it was only the beginning, and apps like yours will be the real deal in the future for steem.

Thanks for your work! You guys are the best!

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58
  ·  10 months ago

Too easy to criticize and throw your poison :
Go done better, after we will be there to judge you too!

74
  ·  10 months ago

This is very cool. It is a great way to get people using SBD to do something different.

60
  ·  10 months ago

it works perfectly bro, smooth, nice job !

58
  ·  10 months ago

Trying it out, sounds like fun!

55
  ·  10 months ago

When I will have money I will try

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66
  ·  10 months ago

All you need is .01 SBD to play!

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55
  ·  10 months ago

yeah, that's the problem :) I have 0.00

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67
  ·  10 months ago

now you can play! Hurry up!

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38
  ·  10 months ago

So is this a raffle style drawing where someone is guaranteed to win or is it a lotto style drawing where the funds are added to the next jackpot if nobody wins?

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60
  ·  10 months ago

It's a raffle style drawing. As long as there is at least 1 ticket sold, the bot will draw a winner and send the jackpot. Guaranteed UNIQUE winner.

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38
  ·  10 months ago

I was hoping that'd be the case!

62
  ·  10 months ago

I don't like to gamble but this sounds fun :)

61
  ·  10 months ago

Yup this is going to be really really fun!! just won my first lotto bingo! to be exact. won .21 SD!! great work guys. finally a real lotto!

33
  ·  10 months ago

Great execution of a use case which seems to become some kind of standard for blockchain technology.

71
  ·  10 months ago

Brilliant work guys :) Injecting sbd rewards from posts into the lottery is genius.

35
  ·  10 months ago

Steem casino? ;)

62
  ·  10 months ago

And yes, I support @dantheman, you have to add a provably fair verification if you want this project to have credibility and transparency. //

@heimindanger - No one can guarantee that anyone linked to the development will not play. And that it's not possible and Even more at the beginning. They will play it using "clean" accounts, impossible to link to them, so this sentence does more harm than good.

Install a provably fair system and this will be solved.


either way, I've just bought some tickets to test this out and to have some fun with some steam dollars!

64
  ·  10 months ago

This is a wonderful project, played a few times today and loving the platform!

62
  ·  10 months ago

Provably fair

In online gambling provably fair describes an algorithm which can be analyzed and verified for fairness on the part of the service operator.[1] Provably fair algorithms are often used in the operation of an online casino.

In a provably fair gambling system, a player places bets on games offered by the service operator. The service operator will publish a method for verifying each transaction in the game. This is usually by using open source algorithms for random seed generation, hashing, and for the random number generator.[2] Once a game has been played, the player can use these algorithms to test the game's response to his in-game decisions and evaluate the outcome by only using the published algorithms, the seeds, hashes, and the events which transpired during the game.

The benefit of a provably fair system is that third-party verification and auditing is usually unnecessary. Its major flaw is that it is susceptible to unscrupulous players or competitors who can claim that the service operator cheats. It could also potentially expose the operator to hacking attempts if there are undisclosed security flaws in the open source software.

From Wikipedia, the free encyclopedia

In order to gain credibility and transparency, every game result must be verifiable or else no one really know what is happening behind doors and even more problematic is how the winner is picked? How do we know if the winner was picked in a fair way? it's very easy to create dummy accounts and guess what, those dummy accounts will win the lotto and everyone will lose money except the house!