Callisto Lottery ( No loosers needed)

[ghost]

Creation of a smart contract where people send a fixed amount before each round (27 days) for each lottery ticket..

The total amount sent to the contract gets staked in the Callisto Coldstaking smart contract,
One winner gets all the staking rewards from the total amount staked.
The "losers" get their initial amount back.

Example:

Amount to take part of the lottery 1000 CLO per lottery ticket

Round nr 1:

100 tickets are sold for 1000 CLO each
(How ever each user could buy as many tickets as they want, using 100 in the example for simplicity)

This would result in:

100* 1000 = 100 000 CLO in the smart contract.

These 100 000 CLO gets staked for 27 days giving 1% staking rewards resulting in 101 000 CLO after staking. ( Using 1% staking reward as in example for simplicity)

1 of the tickets gets picked as a winner and retrieves 2000CLO
All other 99 tickets will get back all funds initially invested ( 1000CLO).

And round 2 can after this begin:
Imagine if 1000 tickets where bought (instead of 100 as in the example). One user with one ticket could 10x with out any risk of loosing anything. But simply by holding CLO and entering the lottery.

This could be used as a monthly opportunity to promote Callisto Network for new users teaching them the benefits of Cold staking, bringing more activity in the community as well as making 1 person extra happy each month :)

[KryptoSoulKing]

Very good idea 🍻

[shivneja]

Can you integrate this with tip bot? We have our registered tip wallets, let’s stake that with a lottery bot and instead of cold staking rewards, periodically the lottery bot randomly picks one winner who receives the entire wallet. Like a regular lottery.
The downside of using cold staking funds is that you have to wait 27 days and lottery draws create more excitement if the results are soon (like weekly).

[ghost]

Can you integrate this with tip bot? We have our registered tip wallets, let’s stake that with a lottery bot and instead of cold staking rewards, periodically the lottery bot randomly picks one winner who receives the entire wallet. Like a regular lottery.
The downside of using cold staking funds is that you have to wait 27 days and lottery draws create more excitement if the results are soon (like weekly).

Thank you for your comment!
The problem that i see with this suggestion is that this would have to be more like a normal lottery,
Everyone bets, and winner takes it all

Because:
As the rewards from Cold staking are only given every 27days, we can not use these rewards in a weekly lottery( We can not know how much rewards are going to be given in advance)

A traditional weekly lottery function can probably be set up in the tip-bot though! ( You can add a suggestion for this in the proposals or talk to @Kutuk on https://t.me/CallistoNet regarding this!

But a lottery where you can not loose any funds must be done trough the Cold staking, and there for also must be done every 27 days at earliest

I'm thinking that especially small investors much rather would join this lottery for a chance to win a bigger staking reward then staking solo for a guaranteed, but much smaller reward.

Also, a lottery where you can not lose any of your invested funds is in my mind in the spirit of Callisto Network:
Not really gambling, Just HODL with a nice touch of smart contract wizardry

[shivneja]

I'm thinking that especially small investors much rather would join this lottery for a chance to win a bigger staking reward then staking solo for a guaranteed, but much smaller reward.

I understand where you’re coming from, but I am trying to get you to see the bigger picture. The crypto market has changed rapidly and if we are moving to EOS to play with the big boys then we need to up our game. Here’s something for you and @Exzender.. check ICONbet, it’s been a big success.

Also, a lottery where you can not lose any of your invested funds is in my mind in the spirit of Callisto Network:
Not really gambling, Just HODL with a nice touch of smart contract wizardry

Why not “gambling”? If you entered crypto you already gambled away a safe secure career. If you are serious about entering the Asian market, gambling has to be on the table. Lottery is everywhere.

[ghost]

I'm thinking that especially small investors much rather would join this lottery for a chance to win a bigger staking reward then staking solo for a guaranteed, but much smaller reward.

I understand where you’re coming from, but I am trying to get you to see the bigger picture. The crypto market has changed rapidly and if we are moving to EOS to play with the big boys then we need to up our game. Here’s something for you and @Exzender.. check ICONbet, it’s been a big success.

Also, a lottery where you can not lose any of your invested funds is in my mind in the spirit of Callisto Network:
Not really gambling, Just HODL with a nice touch of smart contract wizardry

Why not “gambling”? If you entered crypto you already gambled away a safe secure career. If you are serious about entering the Asian market, gambling has to be on the table. Lottery is everywhere.

We could do both of course, i do not know how big the interest for a betting/ traditional gambling project within the community is though. This is not in my personal interest honestly.

But a lottery where you can not lose the initial bet is not everywhere, and we have the possibility to create one as we have a working cold staking smart contract that is active and heavily used.
I'm pretty sure that it is quite easy to implement as well.
And the opportunity's for promotion and spreading knowledge about Callisto from this could be big

[zlodey2312]

Great!👍

[KryptoSoulKing]

I would be great if the winner received 90% of the staking rewards and 10% goes to all who participated so that the incentive is there ;)

for me personally it would be more than awesome if the winner gets 80%, 10% goes to everyone who participated and 10% of it will be donated to an association selected by the stakers or the community

the association to which donations could be made could be re-elected on a quarterly basis

[ghost]

I would be great if the winner received 90% of the staking rewards and 10% goes to all who participated so that the incentive is there ;)

for me personally it would be more than awesome if the winner gets 80%, 10% goes to everyone who participated and 10% of it will be donated to an association selected by the stakers or the community

the association to which donations could be made could be re-elected on a quarterly basis

Definitely!
The distribution of the winnings need to be talked about! 100% to the winner is probably not needed!

Oh! Coming from a promotional perspective i like the donation thoughts as well! This can create good chatter about Callisto Network and we can introduce new organisations to crypto and Callisto Network

We just need to keep in mind that those funds most probably will be sold for BTC and then for FIAT depending on how much the organisation needs cash.

[KryptoSoulKing]

I would be great if the winner received 90% of the staking rewards and 10% goes to all who participated so that the incentive is there ;)
for me personally it would be more than awesome if the winner gets 80%, 10% goes to everyone who participated and 10% of it will be donated to an association selected by the stakers or the community
the association to which donations could be made could be re-elected on a quarterly basis

Definitely!
The distribution of the winnings need to be talked about! 100% to the winner is probably not needed!

Oh! Coming from a promotional perspective i like the donation thoughts as well! This can create good chatter about Callisto Network and we can introduce new organisations to crypto and Callisto Network

We just need to keep in mind that those funds most probably will be sold for BTC and then for FIAT depending on how much the organisation needs cash.

Yeah thats true, those funds would be sold but from here we only can go up if we keep up the good work and the 10% would not be that huge at the beginning and if the interest increases and more people take part, the price will no longer be the same as today

[RideSolo]

@Spigfish I think that it is a great idea, plus there is no need to modify the cold-staking contract.
From a technical point of view, a smart contract can be implemented to make weekly lottery with the result that will be announced 27 days after, so we can get a weekly lottery winner even if the staking period is 27 days.
I can make the contract for free, but the dapp management will require some fees since it will need a VPS and a bot that will make the interaction with the staking contract.

[Dexaran]

@RideSolo

I can make the contract for free, but the dapp management will require some fees since it will need a VPS and a bot that will make the interaction with the staking contract.

What budget do you expect here?

[RideSolo]

@Dexaran, there is two scenario :

• Callisto Network will handle all the Dapp fees providing (RPC nodes, servers fees (100USD monthly), and UI development cost and bot (1400USD) + monthly transactions cost in CLO(should not be too much)).
• Or it can be handled as a third party Dapp (a fee will be collected from the staking reward to manage the dapp) here @Spigfish will decide.

A non-fungible token can be used to handle the ticket, of course the token will be minted only when their is a deposit of x CLO, and all the amount will be kept for staking once a user wants to withdraw he can get it back.

[ghost]

@Dexaran, there is two scenario :

• Callisto Network will handle all the Dapp fees providing (RPC nodes, servers fees (100USD monthly), and UI development cost and bot (1400USD) + monthly transactions cost in CLO(should not be too much)).
• Or it can be handled as a third party Dapp (a fee will be collected from the staking reward to manage the dapp) here @Spigfish will decide.

A non-fungible token can be used to handle the ticket, of course the token will be minted only when their is a deposit of x CLO, and all the amount will be kept for staking once a user wants to withdraw he can get it back.

Thank you for the response and willingness to implement this proposal @RideSolo!

With my lack in technical knowledge i do not feel comfortable in deciding these things.
I just would like to make a vote for the implementation that would be cost effective for Callisto Network when talking about monthly costs.

The possibility of a weekly scheme using a fungible token and a bot handling it is awesome!

Only thing i'm wondering about is a name change for this now that we have a weekly traditional lottery in the Telegram group already.

Maybe
*Weekly Cold Staking Jackpot
*Savings contract with Jackpot
*No loss weekly stake

or something ;P

[RideSolo]

@Spigfish the whole thing looks like solo mining vs pool mining. The actual staking contract looks like pool mining since everyone will get a part of the reward but with this it looks like solo mining since you might not get a reward even if you stake so how about "Solo Staking Jackpot" just to make an analogy with mining

[RideSolo]

Also what I meant by you deciding it that it is your idea, and since it can be implemented independently from callisto team you can just say if you want to mange it yourself or the team, for the technical part I will help if you want in both cases.

[ghost]

@Spigfish the whole thing looks like solo mining vs pool mining. The actual staking contract looks like pool mining since everyone will get a part of the reward but with this it looks like solo mining since you might not get a reward even if you stake so how about "Solo Staking Jackpot" just to make an analogy with mining

Ah yeah! People basically bet their monthly staking reward for a chance to take home the "jackpot" or total reward from the pool of staking. I like "Solo staking jackpot"!

Also we need to talk about the distribution, maybe it does not have to be only 100% for 1 winner as @KryptoSoulKing mentioned in above comment.
Maybe 90% to winner and 10% split among all who take part might insentivice people to join in.
And the donation idea he had might be interesting as well. ( i suppose this could be added in a later stage as well)

Also what I meant by you deciding it that it is your idea, and since it can be implemented independently from callisto team you can just say if you want to mange it yourself or the team, for the technical part I will help if you want in both cases.

I see! If the team and you would like to take this responsibility of implementing the idea i would be honored!

[RideSolo]

I'm fine with all cases, it will be up to the team to decide. And for the percentages, what ever is decided it can be implemented following my understanding.

[ghost]

@Spigfish I think that it is a great idea, plus there is no need to modify the cold-staking contract.
From a technical point of view, a smart contract can be implemented to make weekly lottery with the result that will be announced 27 days after, so we can get a weekly lottery winner even if the staking period is 27 days.
I can make the contract for free, but the dapp management will require some fees since it will need a VPS and a bot that will make the interaction with the staking contract.

Sitting here brainstorming marketing /promotional ideas around this implementation.

I was thinking about the bot for communicating with the contract. I'm not sure how you where thinking that this would work.
How would users buy tickets to the "lottery"?

1: Similar to the telegram tip-bot, where we communicate with the bot on Telegram, a new address for each user is made with the bot and the user add funds to that address before he can join the lottery?

2: Third party website/Callisto website with a custom bot for this implementation?

3: Similar to today's Cold staking where we join via our wallets using hardware wallets and so on?

Why i'm wondering:

In case of 1: (Similar to the telegram tip-bot)
I would like to put this out there: I think that from a promotional / marketing perspective we would get a lot for free if this was done via twitter instead of Telegram!
The possibility for showing this implementation for a bigger crowd before they even knew about Callisto is so much larger.
So if this would be possible i think it would be a great strategy for making more people find their way to Callisto Network

One problem i see with this though is the possibility of twitter banning the bot. so it cant be the only way of reaching the funds.

In case of 2: Custom bot on Website / Callisto website
This would work quite nice as well in a marketing perspective. We could screenshot the weekly winners from the website congratulating them on twitter and link to the URL for joining the lottery and so on.

In case 3 Similar as to how we cold stake today.
Well there is 58% staked In the CS, this one we know how to communicate to the world at this point.

[RideSolo]

well the bot is more related with handling weekly draw and weekly staking, meaning that it is just for backend management of administration transactions nothing like a telegram bot, and the app will be used from a website using metamask or other. so similar to case three but with a dedicated interface which will be more user friendly.

[ghost]

well the bot is more related with handling weekly draw and weekly staking, meaning that it is just for backend management of administration transactions nothing like a telegram bot, and the app will be used from a website using metamask or other. so similar to case three but with a dedicated interface which will be more user friendly.

I see! Thank you for clarifying! That will bring great possibility! Thank you!

[Dexaran]

Callisto Network will handle all the Dapp fees providing (RPC nodes, servers fees (100USD monthly), and UI development cost and bot (1400USD) + monthly transactions cost in CLO(should not be too much)).

I'd like to accept the proposal but I'm not in favor of increasing our current operative expenses right now.

Liquidity is still an issue. Let's delay it until we have more funds available for ecosystem proposals OR resolve our highest priority tasks.

[shivneja]

Callisto Network will handle all the Dapp fees providing (RPC nodes, servers fees (100USD monthly), and UI development cost and bot (1400USD) + monthly transactions cost in CLO(should not be too much)).

I'd like to accept the proposal but I'm not in favor of increasing our current operative expenses right now.

Liquidity is still an issue. Let's delay it until we have more funds available for ecosystem proposals OR resolve our highest priority tasks.

@Dexaran

Some of these proposals are useful for attracting more interest to the project so that you can pursue other interesting ideas that you have detailed in your AMA.
Do you want to consider a proposal to raise funding from the community for specific projects with a profit share or kicker element once they start generating a return? If you are agreeable to this then I am sure that the pipeline of projects can quickly be cleared up and fresh proposals can also be brought in.

[r4ndomar]

Do we have an update on the project ? It seems so perfect with 80% for the first and 20% for all the other participants . Also you should create an eternal lottery site with many all winner lotteries to cut down waiting times

[Dexaran]

@r4ndomar

1 of the tickets gets picked as a winner and retrieves 2000CLO
All other 99 tickets will get back all funds initially invested ( 1000CLO).

There is a problem - we can't pick a random winner via the smart-contract. It would involve a more complicated system or an off-chain solution which is not described in this proposal

[RideSolo]

@Dexaran, you are stating something that sounds incorrect to me; it is possible to make a random pick on-chain using a future block hash (just as info, I'm not planning to work on it since I left Callisto a long time ago).

[RideSolo]

it can also be implemented without a bot, a user transaction can be used to execute the logic and if there is no transaction it means that the project idea has failed since it didn't bring enough attention.

[Dexaran]

it is possible to make a random pick on-chain using a future block hash

Future block hash is not a secure source of entropy since miners can manipulate it to some degree. So when we are dealing with money and rewards - its not the best approach

[r4ndomar]

@Dexaran I'm also wondering like @Spigfish will we ever get weekly staking?