The hard economic times push people to participate in different activities to at least meet their needs. Some people don’t mind losing a little in the process as the end price seems huge than risks. It’s so in the lottery industry that seems to expand globally on a daily basis. However, it’s the centralized regulations in place that make thing a little difficult thus the need for a decentralized solution such as Etheraffle.
Etheraffle is a DApp Ethereum blockchain enabled lottery platform that works to provide its users with a unique user-friendly and seamless experience. The platform aims to make the use of blockchain easier for non-ethereum users by ensuring they don’t experience any forms of confusion, hence luring them into the Cryptocurrency ecosystem.
Features Of Etheraffle
The Etheraffle DApp innovators seek to make use of various tools to enhance the blockchain use of their users;
- A DApp to connect different browser users to the blockchain for communication.
- Ether for better ticket pricing and prize payouts transactions
- A Wallet to accommodate prize payouts
- LOT token for secure transactions
- Anonymity in playing without personal details requirements.
- Single weekly lottery via smart contract technology for fairness
- Random and oraclize for decentralized draws
- Affiliate Scheme for discounted entry rates.
- The DApp eliminates a lot of complexity that often locks players out of the game.
How Does Etheraffle Work?
The platform works by detecting the ethereum connections of the users upon which it gives other options if no connection is found. Once there is an active connection, users get to buy a ticket via their Ethereum address. They then receive time countdown timer to the close of the raffle and the entry form. Users then purchase the ticket number from their list of six chosen numbers and sign the transaction. Here the mining of the transaction automatically enters the user to the pending draw, with a smart contract ticket purchase detection display on the result tab.
Users can only buy tickets to 19:00 UTC Saturdays after which the system closes down for the oraclize draws at 20:00 UTC. Players get to review the outcome of their result tab from which winners claim their prices. The Etheraffle smart-contract tracks the prize pool using unique variables for each purchase, with a specific time stamp. The timestamp is used as the raffle ID that one can access via mapping.
Users can also participate through exchanging ether for Lot tokens that guarantees membership and dividends. The amount of bonus one gets depends on the tier they enter during the ICO. Owning LOT makes one an automatic democratic organization member that would participate in decision making and control EthRelief platforms.
The sales event would take place in two stages Pre-ICO and ICO. The ICO has three tiers that increase with the ether cap.
- Token Symbol: LOT
- Token Sale Starts: February 19, 2018
- Token Sale Ends: May 30, 2018
- Total Supply: 3.4 Billion
- Token Standard: ERC 223
- Tier one-9.78%
- Tier two-24.64%
- Tier three-62.57%
Also, 20% of the minted LOT would be held in reserve. The bonus structure would entirely depend on the number of participating individuals.
There is no denying that the lottery industry is on a constant increase and with the anticipation of more individuals joining the sector, the Etheraffle DApp seems like an excellent investment opportunity. Overall, we find the platform user-friendly with all necessary information in place. And with the flexible membership tiers, we see no reason as to why you shouldn’t invest.