Providing trust and efficiency for non-profit Raffles and enabling efficient distribution of awards
via Non-Fungible Tokens.
Lotteries and raffles are a very serious business, with a large amount of money at stake. The Washington Post reported that Americans spent $77.7 billion on various lotteries in 2018, up about $5 billion from 2017. That is more than total spending on music, books, sports teams, movies and video games for that year. State Lotteries payout typically 50-70% of each bet back to players. The rest goes to administration, advertising, and revenue for the state government. Aside from problems with revenue distribution, lotteries and raffles face a set of challenges: ● Fairness of the game - can we trust a selection process; ● Availability - many more people can participate from all over the world if lottery or raffle is hold online; ● Flexibility in currency of purchase - participants are bound to single currency; ● Distribution of funds - lack of trust and transparency in pay off funds; ● Time - elapsed time between winning and receiving goods.
Why to use blockchain
Blockchain can provide trust for lotteries and raffles. Blockchain can also reduce the high transaction costs of traditional lotteries and raffles, returning higher rewards to the winners as well as increased revenue for the lottery and raffle organizers, including non-profits and the companies that produce the lotteries and raffles.
What it does
Our focus is on building a platform for charity raffles for Non-Fungible Tokens (NFTs). Since NFTs are digital goods, they are very appropriate for a blockchain raffle/lottery and can be quickly distributed to lucky winners. Our platform will serve NGOs or any other organization that runs fund-raising events. Participants will buy entry tickets and wait for the “drawing” time. After a drawing is completed, the winnings are all paid out within minutes. Since we’re focusing on charity fundraising raffles, we should avoid most of the regulation and prohibitions on gambling.
How we built it
- Receive ETH, AXC, MANA or XDB from ticket purchasers.
- Obtain Link funds to utilize Chainlink VRF.
- Contract Chainlink VRF for random selection of a winner.
- Receive winning number from Chainlink.
- Send NFT to the winner's Metamask wallet.
Log in or sign up for Devpost to join the conversation.