Seeing the Fiat lottery system grow to hundreds of millions and even billions sometimes, it would make more sense to get paid directly. I’ve been envisioning an open sourced lottery system that operates autonomously. You can buy tickets either with lightning, or on chain and depending on the size of the payout get paid directly to your wallet of choosing. Whats stopping us from creating a decentralized lottery like this. Also, payout 90% to the winner, 5% to miners, and 5% to devs. I would much rather play a lottery like this than the scam fiat one.
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31 sats \ 1 reply \ @chairman_pretense 2 Oct 2023
There's a Bitcoin lottery every ten minutes. One hash one ticket.
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0 sats \ 0 replies \ @Paulysats OP 3 Oct 2023
Haha that is very true, but I’m talking one just like the fiat scam but with programmatic wins and auto send to the winners address on chain
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20 sats \ 0 replies \ @lightning_roulette 3 Oct 2023
We also have a code base for this too. Interested to see your product @aftermath .
The main issue is the custodial nature of the product but there are ways that this can be solved. Lightning also always for auto payment depending how you construct the tickets too which is pretty cool
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110 sats \ 5 replies \ @aftermath 3 Oct 2023
I'm working on something like this, it is not decentralized and it is custodial (sadly I couldn't figure out a way to avoid this) but it offers many features that the fiat system lacks:
- Open source, fully auditable
- Private (tor hidden service). It does not require an account, just an ed25519 key pair. The private key never leaves the client.
- Globally available and permissionless
- Uses lightning payments to bet/withdraw (with plans to support on chain)
- Users participate for the 99.609375% of the prize pool
I'm actually pretty close to getting everything ready. I'll be posting all the details about it in the next few weeks, hopefully.
I also want to mention that the next iteration of the project includes developing non-custodial real time events betting by using HODL contracts, which would allow users to bet against each other (1v1) with the service never taking custody of the funds.
I've seen a lot of demand for a service like this, I hope I can deliver.
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1 sat \ 4 replies \ @Paulysats OP 3 Oct 2023
Where are you going to promote?
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0 sats \ 3 replies \ @aftermath 3 Oct 2023
I'm going to publish a post here, perhaps a note in nostr and a telegram message in some Bitcoin group, not much more really. I expect it to grow organically if there's enough demand.
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10 sats \ 2 replies \ @Paulysats OP 3 Oct 2023
Looking forward to seeing the release! Hopefully I don’t miss it
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0 sats \ 1 reply \ @aftermath 3 Oct 2023
I could mention you in the comments if you wish
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1 sat \ 0 replies \ @Paulysats OP 5 Oct 2023
Yes please!
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0 sats \ 0 replies \ @grayruby 3 Oct 2023
I like it.
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