Those of you who are following the Bitshares platform certainly know about the recent event, that caused a lot of debate. During the BTS4.0 protocol upgrade, one of the hired core devs (abitmore) added a community unapproved backdoor to the code, which led to the change of the voting rights, and a major change of the consensus procedure. As a result multiple conflicts ensued with a significant portion of chinese community leaving Bitshares.
After thoroughly analysing the consensus changes, that were made without voting or any discussion by community members, we verified that the resulting system is unscalable and doomed to stagnate. As a result our team decided to launch a fork of stable and time tested Bitshares3.0 consensus code using Graphene — the original name of the technology.
Graphene is the industrial grade technology, adapted both for private and company use. For years it was a foundation for the unique ecosystem and market economy. Its open source code and MIT license allow for creation and maintenance of different decentralized blockchain applications with workers system, that allows core token holders to elect which development to support.
To avoid the mistakes that resulted in the current status quo in Bitshares, we’ve reduced the maximum supply of GPH tokens, and decided to hold the initial distribution of Graphene tokens via all win and provably fair lottery.
The lottery would distribute 40 out of 100 million tokens, with further 60 million used in the reserve fund. The distributed tokens will form the genesis block of the Graphene blockchain, and all undistributed tokens from the 40 million will be burned.
Final supply will be formed out of the resulting sum (reserve fund + distributed tokens); 6% of that supply will be vested to the launch team with the following ratio: 1% will become available to the team within the first week of the launch, and the remaining 5% will be vested over the next 10 years.
GPH token has a limited supply, which differs from the liquid circulating supply. 60 million tokens are set aside for financing projects and block producer rewards. These funds will be available to the worker system only from GPH token holders approval. This working budget is known as “reserve pool”.
It is worth mentioning that transaction fees are not distributed among the GPH token holders, but are returned to the worker budget to pay for further development. There is no reward for holding the GPH core token in your wallet.
The lottery starts on the RuDEX platform concurrently with the publication of this announcement and will last for 40 days. Every days only 100,000 lottery tickets will be available, and with the end of the lottery period all undistributed tokens will be burned, with the final supply and genesis block of the new blockchain being formed as the result.
Every registered ticket will allow you to win from 1 to 30 GPH tokens. For ease and transparency the lottery will be held on the Bitshares blockchain.
There are only 5 possible winning combinations with a fixed amount of tokens for each combination, as follows:
0 - 1
1 - 3
2 - 6
3 - 10
4 - 30
The combination number (0-4) will be calculated from the transaction hash on the ticket registration.
To demonstrate how the lottery works we will use RUDEX.LOTTERY token as an example.
As you can see in this block https://bts.ai/block/53159405 bot-1 account “registered” 1 RUDEX.LOTTERY and got a transaction number TXID of d60c7ce9467043cf81acd5fdb1c5bc851d20faed.
If this value is divided by modulo 5 (number of combinations), then the remainder of the division will be the combination number of this ticket. You can verify the division remainder using, for example, the following service: https://defuse.ca/big-number-calculator.htm
In our case you need to insert the following line into the calculator
0xd60c7ce9467043cf81acd5fdb1c5bc851d20faed % 5, which is equal to the value of 4, which is a combination for 30 GPH token win.
It is possible to register any number of tickets concurrently, which results in cycles of combinations (0-4) are counted from the division reminder value of the transaction hash until all tickets are given the result.
For your ease and convenience the lottery page display the transaction hashes and results for all of your registered tickets. Every lottery result is available for a public review.
Team RuDEX wishes you luck!