SmartBillions got into the media limelight when it launched a hackathon and invited everyone to hack their smart contract with 1500 ETH, in the spirit to validate their smart contract. And if anyone is successful, they can withdraw the funds. They told the world to “Break the smart contract and get rich”. The 1500 ETH is worth 0.5 million USD. The hackathon confirm the security of the smart contract and ensure that all the tokens on SmartBillions smart contract is protected.
What is SmartBillions?
SmartBillions is a Ethereum smart contract lottery which is fully decdntralized and transparent. All the bets are recorded on the blockchain and the lottery results are taken from the hash of the third subsequent Ethereum block (6 last digits). It is not from third party Oracle which still requires some element of trust on the Oracle. Getting the results from the hash of the third ensuing block. So how it works Is that the players place a bet with any value he likes and choose 6 digits between 0 and 15. On the third ensuing Ethereum block, the last 6 digits from the block hash will be converted from the hexadecimal to decimal numbers as follows:
If the player’s numbers match at least 2 digits from the draw results, he wins a prize. The player’s numbers must match both the numbers and sequence, meaning that if he chose 1,5,15,6,9,0 and the winning draw is 0,5,13,6,10,0 then he wins with 3 matches: 5, 6, 0. If he had betted 0.01 ETH, he would have won 0.25 ETH. The smart contract will automatically executes the lottery and there will not be any 3rd party to interfere with the draw. The winnings and the odds are as follows:
Where does the Jackpot comes from?
90% of the raised ETH from the ICO will become the initial value of the jackpot and only 10% of the raised value will be allocated for platform development and marketing. This is interesting as it shows that this is not a cash grab by the ICO team and a commitment by the team to make this project a success. As an investor, this is very attractive as we know that the SmartBillions lottery is a viable project. Where will all the SMART Token go to? ICO backers like us will receive 79.37% of the tokens issued while the development team will receive 20.63% of the tokens. This is illustrated as follows:
The aim for the SmartBillions ICO is to create 252 000 000 SMART tokens with 200 000 000 allocatd to ICO backers and 52 000 000 to the development team.
Whats so interesting about this ICO?
This ICO will see token holders receive a dividend from the smart contract, a fixed 5% of all lottery income is allocated to SMART token holders directly from the smart contract. Transparency is guaranteed as everyone can see the payout directly on the smart contract and no third party can manipulate the dividend payout. The annual dividend value is shown below:
What's important in this structure is that the interests of the development team is in line with the ICO backers as the rewards for the development team will be from the dividends and if the lottery is successful, it will mean a greater reward for both the backers as well as the development team. This demonstrates that the team truly believe in their product and the future of this project.
Relevant Links:
https://smartbillions.com/
https://smartbillions.com/docs/SmartBillions_Smartpaper.pdf
Bitcointalk Profile:
https://bitcointalk.org/index.php?action=profile;u=1118743
Ethereum Address:
0xD79d45e37dca430712FaaD409B5377AA8d5D0Dd6