Ergo Raffle

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Ergo Foundation

2 September, 2021

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Ergo Raffle Beta version is live! Ergo Raffle is an incentivized crowdfunding platform for the community to gather funding for their ideas. You can now create fundraising campaigns using beta.ergoraffle.com with the support of Ergo smart contracts. 

Ergo Raffle is a prototype for decentralized crowdfunding applications on Ergo. Applications can include the collection of funds for doing academic research to fund blockchain improvements as well as creating sophisticated initial coin offering contracts. At this stage, Ergo Raffle Beta is in its testing phase but it is available for use by the Ergo community.

Terms Of Use

Before creating or participating in a raffle, users should agree to the following terms:

  • Creating or participating in raffles and receiving donations is not illegal in your country.
  • You are over the legal age required to use financial services such as raffles and are not creating a raffle on behalf of an underage person or anyone who is not legally allowed to create raffles.
  • You are solely responsible for all legal and/or moral obligations and liabilities - the service you create does not have any obligations or liabilities.
  • You are participating in a raffle for the described purpose. You are making donations solely for supporting the project without any intent to win the prize.
  • The raised funds will be used solely for the described purpose of the raffle.
  • You are solely responsible for reporting earnings and paying the appropriate taxes.

 

Using Ergo Raffle

There are two ways for a user to participate in the platform: creating or joining a crowdfunding raffle. 

When creating a raffle, the following parameters must be indicated:

- Name and Description: Information about crowdfunding proposal

- Ticket Price: The price of each ticket

- Deadline: The end time of the crowdfunding (in Blocks)

- Donation Goal: Total amount of ERG to be raised. This amount, if met, will be shared between charity, winner, and service.

- Shares: What percentage goes to the raffle winner and what percentage goes to charity. There is a 5% fee that goes to the application.

When you are creating a raffle, you should define your funding goal and the deadline. If the funding target is not reached before the deadline, the raffle gets canceled and participants get their donations back.

The share ratios define how much of the funding will go to charity and how much will go to the winner of the raffle. In the end, it is an incentivized crowdfunding application. Participants may choose to join the raffle for the chance to win while also supporting an idea that they like. 

Team Raffle

This system was created to build decentralized crowdfunding for a variety of purposes. The project is open source and its documentation provides an example for creating a decentralized funding application on Ergo. It combines randomized selection with deadlines. Applications that utilize Ergo Raffle’s properties can implement several of its features, such as “refunds” for an ICO, “time-released buys” for a DEX, and “randomized selection” for a decentralized choosing mechanism.

Ergo Raffle is a project initiated by community developers. They are the winners from the first ErgoHack and they did a lot of work to improve UTXO based Multi-Stage Contracts. They garnered a lot of attention from the Ergo core developers and continued to improve their hackathon project to complete their dApp’s smart contract application. We applaud their efforts and creativity, and look forward to seeing how their work continues to evolve.

GET READY FOR ERGOHACK II

The next ErgoHack event will be held from October 8-10 and the application form will be available soon. If you are interested in contributing to the Ergo ecosystem, meet with like-minded people, learn from Ergo developers and win prizes, we invite you to apply. You can enter with a team or apply individually and join a team with other solo developers. Stay tuned for further announcements!

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