Tombola ICO Report – Standard of Blockchain Based Gambling
Standard ICO Report Structure:
- Part 1: ICO Analysis (What is it about? What is the ICO intending to do? Describes what the platform is.)
- Part 2: CROWDSALE ANALYSIS – DETAILS & TOKEN SUPPLY
- Part 3: Useful Links (Further Research)
Part 1: ICO Analysis
Tombola is a decentralized blockchain project that aims to tackle the lottery and gambling market. Players will be able to purchase lottery tickets and then when activating them they will be paid through smart contracts to guarantee payouts and transparency.
In 2016 the market was 294.3B and is expected to increase almost 10% each year. The lottery market is massive with limited competition, and so Tombola believes they will be able to gain a competitive advantage using blockchain technology.
Problems in the market – In today’s current market many problems exist in lottery fraud and drawing complications.
In 2004 China, a lottery drawing was executed improperly and four winners were chosen. This caused a lot of confusion for the winners, and one was even thrown in jail on the accusation of counterfeiting the winning ticket.
In 2005, 2007 and 2011 a security director hacked into the random number generator for the lottery which gave him the winning ticket in each lottery.
In these centralized drawings, some individuals have privileged information or access which allows it to be manipulated and held unfair. In most cases of lottery fraud the perpetrator goes unnoticed for many years and so the lotteries are unfair and participants are cheated.
The funds that are collected from the purchases into the lottery are not transparent, and the prize pool is often times far less than what was collected. These agencies that hold lotteries are receiving a large portion of the ticket sales.
Solutions to the problems –
Blockchain technology has a lot of advantages in this sort of market. With a distributed ledger that accurately keeps track of transactions, Tombola will be able to be transparent with its users. Users will know exactly how much money the lottery brought in, and the winning amounts with corresponding odds.
The use of smart contracts will ensure that users who won the lottery will be paid out and winners will be verifiable. This accuracy will ensure that users can not create fraudulent tickets, or exploit the system.
Tombola will take the ticket purchases and divide them into five different groups to keep the longevity of the project, and because the project is decentralized the fees can be extremely small. The personal prize pool will be the biggest denomination and then a small pool will be present for operational costs like marketing and advertising.
Part 2: Crowdsale Analysis – Details & Token Supply
Token holders will receive a dividend of the prize pools for an extra incentive to hold the token. A fair amount of fees will be collected for the Tombola project, and a small portion will be set aside for charities.
Token Utility –
The token will be used in order to participate in the lottery contents. The more users that join the network, the more demand there will be for the token which will increase the price of it. Token holders are incentivized to hold the native token, as they will receive dividends and will be able to profit from the lottery contents.
- Total token supply: 500,000,000
- Token type: ERC20
- Token Price: 1 ETH = 10,000 TBL
- 30% – Main ICO
- 20% – Pre ICO
- 20% – Reserve Bank Roll
- 17% – Strategic Partner & Marketing
- 10% – Team
- 2% – Airdrop
- 1% – Bounty
Team Overview –
- Peter Jung – CEO
- Carl Kim – COO
- Jeans Tang – CMO
- Alex wu – Blockchain Developer
- Full list available at https://www.tombola.io/
Part 3: Useful Links (Further Research)
- Site link: https://www.tombola.io/
- Whitepaper: https://www.tombola.io/whitepaper.html
- Twitter: https://twitter.com/TOMBOLA_COIN
- Telegram: https://t.me/TBL_tombola
- Medium: https://medium.com/@tombola
- Facebook: https://www.facebook.com/TOMBOLAofficial