True Flip is an international blockchain lottery. Their goal is to become the most transparent blockchain lottery with the largest Jackpot in the world. In the contrary to many other projects, True Flip already has a working product and a huge customer base. So far, the company has sold over 120.000 lottery tickets.
I had the honor of doing a brief interview with Konstantin Katsev, Chief Marketing Officer of True Flip. You’ll find his insights before the conclusion of this article.
Online gambling industry
Before I proceed with a more detailed analysis of the project, it is important to understand what industry True Flip is operating in. And why.
In 2016, the offline gambling industry accounted for $359.3 billion, while the online gambling market was only worth around one-eighth with $44 billion. These figures alone show the MASSIVE growth potential the industry has in which True Flip is operating in.
It is important to note that for now, True Flip is focusing only on the lottery segment. But as the team has mentioned in the company’s white paper, more games will be developed in the future.
True Flip is holding a crowdsale aka ICO from the 28th of June until the 28th of July, or until the target cap is reached. Early investors have enjoyed a bonus of up to 30% on their investment. At the time I am writing this post, the bonus is at 20% and will keep shrinking until all tokens are issued.
Now you are probably asking yourself: Why does a company need funding if they already have clientele and a working product?
Simple. First of all, a lottery is more attractive if there is a huge jackpot. Right now, the average daily jackpot is of around 40 BTC. However, the goal of the crowdsale is to recollect 6125 BTC. Half of that, around 3000 BTC, will be put into a massive jackpot.
And secondly, the company has prepared an ambitious marketing plan. If the target cap is reached, an 18% of the funds will go into several marketing channels. Some of these channels are:
- Referral programs
- Partnership networks (combined reach of +450 million views per month)
- World’s best bloggers
- Several offline partners
The company expects to sell 14.7 Million tokens in its crowdsale. This means that if the ICO goes as planned, True Flip will be valued at around $22 Million. In contrast to monster ICO’s like Bancor and Status that raised over $100 Million, True Flip is valued really low. This is great news for investors because their invested capital will have a lot more growth potential.
Current state of the project
True Flip was launched back in 2016 and has since then established a massive customer base. The company already has a working product and has sold over 120.000 lottery tickets so far. This is the main reason I am so positive on this project. The team has been able to prove that there is an actual demand for their product.
The company has a talented development team, a motivated community team, a highly experienced management team and 6 reputable advisors. So far I have had the pleasure of talking with Konstantin Katsev, Vasily Polynov and Natalia Lukina. I am looking forward to having a brief chat with the rest of the team members too in the near future.
True Flip has built a beautiful “token rewards calculator”. You can find it by visiting ico.trueflip.io and scrolling down to the bottom of the page. It is easy to see that the more tokens you own, the higher your reward will be…
But where does that reward come from?
In the whitepaper, the company states that between 10 and 15 percent of the lottery ticket price is paid as dividends to investors.
If an investor participates with 0.5 BTC in the crowdsale, he will get 1000 TFL tokens. Apart from the appreciation in value of the token, he’ll also earn around 0.22 BTC in dividends every single year. That’s a ROI of around 40%!
Succeed where others failed
There have been many other projects that tried exactly the same as True Flip. Two of the most famous examples are the Kibo Platform and Lotto Shares. While the first has actually had a successful ICO, it disappointed investors after pocketing over 70% of the funds raised. The second has already shut down operations.
It seems though that True Flip won’t end up in the same way. The company already has a working product and a loyal customer base. Additionally, holders of the TFL token have voting rights inside of the company.
Early adopters are even rewarded with a secret lottery.
The community of True Flip investors is still relatively small; 807 individuals at the time I’m writing this. However, due to increased media attention and successful marketing efforts of the team, It is expected to grow considerably in the coming months.
On the other hand, the community of actual users of the platform is huge. At the time I am writing this post, there are over 115.000 players registered at the website. In comparison to other companies like Status that until now only have empty promises for investors, True Flip has actual users.
And a lot of them.
The road map for True Flip looks as follows:
- Development of the concept
- Beta release
- Token sale
- Token on exchanges
- Development of 3 more lotteries, and improvement of the current one
- Fully decentralized platform
Right now the company is structured in a very centralized way. But the plan is to completely decentralize operations by 2018.
Interview with Konstantin Katsev, CMO of True Flip
Q: “How did you and your team come up with the idea for True Flip?”
Konstantin: “The general idea to launch a lottery project came to us in September 2016. While analyzing current projects and their ICO stories, we clearly saw that the niche was crowded with many small or relatively weak projects with unclear future. Our experience turned out to be fully relevant for launching a product of higher quality and level – our team members have 12 years of experience in creating and managing Internet-based projects, including Blockchain-specific businesses. We realized what key features the product should have to make it worth people’ s interest, including indisputable transparency, community-base, and last but not least – to launch a working product and only then go for crowdsale (and not vice versa).”
Q: “How do you think True Flip will impact the lottery world?”
Konstantin: “The impact is already observable, as our ongoing crowdsale looks quite successful these days. People from literally all corners of the globe have shown their interest and belief that this is a working solution for centuries-old problems. For us, that means the right to call True Flip something one of it’s kind. And usually, you need just this – a proven story of a new approach being successful – to improve any industry’s standards. We hope one day there will be no lottery-related businesses which can not instantly prove their fairness and transparency. So the team targets to make True Flip the industry’s trailblazer, which will definitely force us to additional efforts in keeping the business as prominent as we can.”
Q: “What is the biggest obstacle you have overcome so far?”
Konstantin: “We wouldn’ t distinguish any particular obstacle among the others. Except probably the fact that there are just 24 hours in a day and you need to sleep from time to time. Frankly, at this stage, we don’t see any irresistible obstacles that don’t have a solution. Yes, we do have limited resources, which is always related to rapid growth, and we do realize the future risks as they lay just beneath the surface of today’s situation in both blockchain and lottery industries. But the main challenge here is to keep on working according to the plan, and at the same time, be ready for any kind of unexpected scripts concerning the whole industry, or True Flip in separate.”
Q: “Any long-term visions?”
Konstantin: “What we estimate to become a paradigm in the future lies a bit beyond of today’s agenda. As stated above, we’re interested in becoming the industry standard for what you call a fair game. Practically this has resulted in our plan to develop a white label product which would become a universal solution for any kind of lotteries – would it be a state one or a private-owned – to prove their transparency and thus attract a significantly bigger audience. Moreover, True Flip, of course, is aimed to attract the huge part of so-called “traditional players” – even facing the fact that the blockchain-related crowd is enough itself to keep this business growing organically.
I strongly believe that True Flip is one of the most undervalued projects out there. One of the biggest real-life applications the blockchain has is to make online gambling transparent and safe; True Flip has achieved that.
True Flip has managed to build an excellent product and been able to show that there is a large demand for it. The long-term success of the company now only depends on how well the team rolls out their marketing strategies.
I will definitely update this post in the future. This is going to be an exciting year for True Flip and its investors. Learn more about the company’s token sale here.
Special thanks to Konstantin Katsev, Vasily Polynov, and Natalia Lukina for making this in-depth article possible.
True Flip has a truly amazing team.
That’s all for today!