Topic: [ANN] Lottereth - Masternodes and PoW moving to PoS after 12 months - page 3. (Read 1635 times)

We've just concluded another team meeting and the result is the following updates to our offering:

• Hashing algoritm changed to C11
• Mining time for interim token reduced from 1 year to 6 months
• Block reward increased to 100
• Reward structure updated resulting in more profitable masternodes

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For awareness, the above is a preliminary announcement and the detail is subject to change between now and publication of our whitepaper later this month.

For example, two items on our agenda for tomorrows team meeting are reward structures and algorithm choice for mining.

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Thanks for the feedback piratek. The reward structure was decided upon by our team this week. I admit it's a team made up primarily of developers as opposed to investors. I have just emailed the group with your input from an investor perspective and am awaiting their feedback with regards to an updated payout structure.

Evil pool, maybe

It's going to take 60,000 blocks before a masternode gets 50%?  Why would anyone want to invest in a MN that doesn't pay for 10,000 blocks?

The current plan, although it's subject to change based upon community feedback, is to allocate 1 Lottereth coin per 0.001 ETH mined to our pool. At today's ETH price, miners would be able to mine a Lottereth token for every $0.68 they can mine in ETH.  

In order to remove any confusion, I've revealed the twist a little earlier than intended after a query from a potential pool operator for our new coin, i.e. the ETH pre-mine to fund initial listings.

the intrigue "twist in the whitepaper"

There will be a temporary mining of ETH to our own donation pool to fund listing fees on the masternode listing sites and exchanges. Those that donate to the pool will receive an allocation of Lottereth tokens based upon how much ETH they mine to our pool. This will come from our pre-mined coins. The decision on which exchanges to list on will be based on the success of this donation program - which we expect to last from 1-2 weeks.

This is what we are referring to when we say 'Mining Starts (there’s an unusual twist here which will be detailed in the whitepaper)' in the above announcement.

how are you going to do both neoscrypt and ethash?
what im getting so far is that it's going to be mineable then switch to a TOKEN after a year?

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** Note: This is a rough draft of our announcement currently under development along with our website (lottereth.com). It will be updated in due course. The preliminary announcement is being made to allow bitcointalk readers to take part in our invites bounty available on Discord at https://discord.gg/h5bVXW4 - it'll be an easy 100 coin reward for this inviting people to the group at this early stage in our roadmap. **

BRIEF OVERVIEW

There are hundreds of billions of dollars spent annually on lottery tickets throughout the world. For the most part, these lotteries come with a slew of issues including, but not limited to:

•   Astronomical odds of winning;
•   Significant issues related to taxation;
•   Difficulty in generating enough revenue for significant prizes in smaller countries;

There are two primary tokens on the cryptocurrency market today that back projects designed to alleviate the issues inherent in traditional lotteries. They are TrueFlip with a market capitalization of $6,799,963 and FireLotto – which, at the time of writing, is going through the ICO process.

Firelotto is likely to raise well in excess of the TrueFlip market capitalization. It resolves a number of the issues inherent with the TrueFlip model – increasing the odds of winning and the available jackpots whilst still maintaining significant expectations of profitability.

The inspiration for the Lottereth project came when our project founder analyzed the FireLotto with a view to potential investment. There was no investment in the project due to a number of reasons – of these, two were significant enough on their own to render FireLotto, in the opinion of our team, un-investable.

Those that research the FireLotto whitepaper are likely to realize the issues to which we refer. However, it’s in the interest of the Lottereth project that we do not reveal them at this stage in our roadmap. This decision was came to in an attempt to make it more difficult for someone to steal our idea and attempt to run with it themselves.

HIGH LEVEL DETAIL

•   Algorithm: C11/Ethash
•   Block Time: 120 seconds
•   Block Reward: 20 Lottereth (mineable for 12 months)   
•   Approximate Supply: 5.25 million
•   Pre-Mine: 5% of supply
•   Masternode Collateral: 2000

One of the main downsides to this token switch approach is two sets of exchange listing fees.

The intention is to list the coins as follows:

One Masternode Ranking Website (won’t be needed for the new token next year)
masternodes.online; or
masternodes.pro

At least two exchanges listings for each coin/token
CryptoBridge
CoinExchange
SouthXchange
TradeSatoshi
Kucoin
Cryptopia
Binance
Bitrexx

Whilst all will be considered, the higher-level exchanges above are almost certainly out for the initial token – but will be considered for the new token after token exchange in 2019. There will be pre-mined coins available to fund these listings but, in the ever-changing world of cryptocurrency, nothing can be committed to with regards to exact exchanges.

Finally, there will be a guaranteed prize-pool added to the lottery before the major marketing campaign later this year. Funding for this will also come from the pre-mined coins detailed above.

REWARDS – 20 LOTTERETH PER BLOCK

Blocks	Miner	Masternode
0-500	20	0
501 - 10,000	12.5	7.5
10,001+	10	10

 
ROADMAP

Q1 2018
•   Bounty Campaign
•   Wallet Release - Windows and Linux
•   Whitepaper Preview

Q2 2018
•   Mining Starts (there’s an unusual twist here which will be detailed in the whitepaper)
•   Website Launch - http://www.lottereth.com
•   Masternodes Ranking Website Listing
•   Exchange Listing
•   Consideration of community feedback for project improvements

Q3 2018
•   Major Website Update
•   Hiring Additional Team Members (If Needed)
•   Smart Contract Development and Testing
•   Fully Functional Lottery Running

Q4 2018
•   Major Marketing Campaign

Q1 2019
•   Exchange Listings for New Token

PROOF OF STAKE REWARDS

After the token switch next year, we will no longer have a mineable token/coin. Instead, total supply will be locked.

The intention is to have a fixed pool of funds in lockdown on the smart contract for payment of lottery winnings. On a weekly basis, the ETH profits that remain after payout of winnings will be distributed as follows:

•   Token Holders: 70%
•   Development Fund: 20%
•   Team: 10%
 
Masternode owners will have a say in how the development fund is spent.


Please visit us on discord today for your best chance at securing an easy 100 tokens via our bounty program: https://discord.gg/h5bVXW4