Captain Bitcoin — Draw mechanic

Captain Bitcoin distributes Bitcoin to his followers and this is how we work out who gets the Bitcoin —

When we launch, users of the Captain Bitcoin platform will be rewarded for their participation in the Captain’s network. In the Bitcoin network, miners across the world carry out work to find blocks, crunching trillions of numbers a second. When they find a block, they get a reward. This is called Proof of Work and it is the key to making Bitcoin the world changing technology that it is.

When we launch, the ‘work’ on the Captain Bitcoin platform will be watching videos and answering questions. Just like the Bitcoin miners, the more work you do, the more chances you have of winning!

To do this, we have devised a unique way of increasing your probability of winning by the amount of work you do on the platform. In our pre-launch phase, we’ll be testing this out. Instead of watching videos, the work is spreading the word of Captain Bitcoin.

If you are looking to learn more about what Captain Bitcoin is, follow the link here.

The Draw

The Captain Bitcoin draw is like a raffle, only you get thousands of tickets determined by the percentage of the work that you did compared to everyone else. Let’s use an example of a small number of users to see how it will work.

Imagine the first four users of the platform Alice, Bob, Clive and Diane invite, 10 friends, 5 friends, 3 friends and 2 friends respectively, who all sign up to the platform.

We can see that our first four users have contributed different amounts to the total work done on the platform. Alice has done 50%, Bob 20%, Clive 15% and Diane 10%. It’s only fair that Alice has the biggest chance of winning. In order to do that we need to distribute tickets proportionally.

In the above table we have taken numbers between 1 and 10,000 but in reality we take the numbers between 1 and 1,000,000,000 and share them between our Captain Bitcoin participants.

Now we draw a random number, using random.org but in the future we’ll use a decentralised oracle to do this in the future, but for now let’s say our random number is 2,251. That means Alice wins. In fact, if we do this draw lots and lots of times (and we will!), Alice will eventually win 50% of the time. Exactly the amount of work she has done on the platform.

As you know, we will be giving away Bitcoin daily and as our product scales and grows, we will continue to increase the amount of Bitcoin we giveaway.

If you have any questions, feel free to join our Telegram channel.