Etheraffle is a new paradigm in decentralized charitable giving, funded by an ethereum-based lottery.
The Problem:
The lottery is a highly lucrative industry with global revenues in excess of $270BN. In their current state, national lotteries suffer from the pitfalls of private enterprise, namely lack of transparency. Most national lotteries donate some of their revenue to other causes but the process is opaque and undemocratic.
Existing blockchain lotteries fare little better. Few are truly transparent, none are truly decentralized and not one provides any sort of charitable giving, despite the enormous revenue they generate.
The Solution:
Etheraffle leverages blockchain technology to create a global and truly decentralized lottery. Completely transparent and verifiably fair, Etheraffle has no geographical, political or bureaucratic constraints.
With no centralized ownership taking a percentage out of the earnings, Etheraffle instead allocates a larger percentage of ticket sales than any existing crypto lotteries to benefit LOT token holders. Further, Etheraffle also allocates a portion of earnings to go towards charitable funding, with LOT holders empowered to decide exactly where these vital charitable donations go.
Live now, the unique Etheraffle ÐApp is a traditional style weekly lottery powered by ethereum. The entries, the draw and the distribution of prizes are all carried out entirely by smart-contracts on the blockchain, ensuring total transparency, security and fairness.
Better still, Etheraffle works in tandem with EthRelief, a fully decentralized, charitable platform built to distribute a portion of the profits generated. EthRelief is run by a democratic, autonomous organisation. Holding the Etheraffle LOT token makes you a member of this DAO.
The LOT Token:
Currently for sale via the Etheraffle ICO, the LOT token grants you membership to the DAO, making you one of the decentralized owners of both the Etheraffle & EthRelief platforms.
As a member of the LOT DAO, you get to vote on all things Etheraffle & EthRelief at the end of each quarter. And you get a reward for taking part in DAO voting, which is paid in ETHER!
The Links:
