HashRaffle: A New Platform to Fund Growth of the Peer-to-Peer Cash Ecosystem
Introducing HashRaffle (beta), a self-sustaining platform to fund growth of the peer-to-peer cash ecosystem! We’re proud to fund Prompt.cash for our inaugural raffle!
HashRaffle uses provably-fair, accessible raffles on the Bitcoin Cash blockchain to direct funds where they are needed, whether they’re for protocol development, specific use cases, adoption efforts, or anything else that improves the utility of Bitcoin Cash.
With tickets that cost just a few cents, there’s a new raffle every week and each raffle benefits a specific individual or group that is working on Bitcoin Cash features or applications. Anyone can enter the raffle to not only increase the value of Bitcoin Cash but also to have a chance to split the raffle prize with the raffle beneficiary.
It’s a win-win!
Why a Raffle?
Greed is a powerful motivator.
If people have a chance to benefit financially, they are much more likely to contribute to causes that they already care about. Bitcoin Cash users want to see increased utility and more applications on their coin.
HashRaffle provides every user with a chance to pay it forward to those with good ideas that will benefit the entire ecosystem. The more a raffle player contributes, the more chances they have to win the raffle prize!
There is almost unlimited demand for potentially profitable games of chance. Those who would play raffles, regardless of who is running them and why, would benefit from playing a game that is provably fair.
If greed can be harnessed as a renewable source of funds to further the development of electronic cash for the world, it’s a no-brainer.
How Does the Raffle Work?
Every raffle uses a single Bitcoin Cash address to collect funds. Every raffle ticket costs 0.1 mBCH.
To enter, a player just needs to send a BCH amount corresponding to the number of tickets desired and that’s it! HashRaffle takes care of the rest.
At the end of the raffle, equal amounts of money are sent to the beneficiary and a randomly-chosen raffle winner. That could be you!
How Does the Raffle Really Work?
In the background, HashRaffle keeps track of all the tickets. Depending on how many tickets a specific transaction purchases, the transaction ID is multiplied by that amount and each one is concatenated with a nonce to become a specific raffle ticket.
When the last Bitcoin Cash block of the raffle round is mined, each ticket is concatenated with the blockhash (an unpredictable alphanumeric value) and then hashed using the SHA-256 function. Out of all the hashed strings, the lowest alphanumeric value is the raffle winner! (For more details on the exact process, please read our whitepaper.)
After the end of each raffle, HashRaffle will send the prize money to the raffle winner and an equal amount to the beneficiary. Some of the collected funds will be used to seed the next raffle and HashRaffle will collect a small administration fee.
HashRaffle will send the prize money to the raffle winner via the Bitcoin Cash address they used to purchase the winning ticket (note: Do not use an exchange address or any address you do not fully control to purchase raffle tickets!).
Today could be your lucky day!
How Are the Raffle Beneficiaries Chosen?
While initially HashRaffle will find beneficiaries to help launch and test the platform, eventually the HashRaffle users themselves will decide who benefits.
Everyone who purchases at least 100 tickets in a single transaction will be rewarded with our SLP token, RaffleCash (RAFL), at 1 RAFL per 1 mBCH spent on tickets.
These tokens can be donated to developers and organizations who want to be raffle beneficiaries on HashRaffle. Those Bitcoin Cash builders will be able to purchase open beneficiary spots on the platform using RAFL.
That way the community of HashRaffle players can take some ownership and provide direction on what projects should be funded. Each RAFL token is essentially a vote on who or what should benefit from a raffle.
Make your voice heard today!
How Can I Claim My RAFL Tokens?
Raffle players that don’t care about RAFL tokens don’t need to do anything. Raffle players can just be raffle players, after all.
Those that want the RAFL tokens simply need to purchase raffle tickets using a wallet that is SLP-aware (e.g. Bitcoin.com wallet, Electron Cash – SLP, Badger wallet). The RAFL tokens a player earns will be sent to the simpleledger version of the address used to purchase tickets (note: During the beta phase of HashRaffle please allow a day or two to receive your RAFL tokens).
Buy at least 100 tickets right now and be among the first to earn the latest essential token in the SLP ecosystem!
How Can I Trust HashRaffle?
To attract a wide customer base, HashRaffle has the incentive to choose beneficiaries that are working on important features and use cases for Bitcoin Cash. In addition to that, HashRaffle also wants beneficiaries who have an established reputation among the P2P cash community.
HashRaffle works hard to verify that all its beneficiaries are respectable and worthy of your contributions. That way, no one hostile to borderless, frictionless payments can leech off the community.
For beneficiary spots purchased with the RAFL token, the raffle addresses are generated using a multi-signature wallet with HashRaffle and the beneficiary acting as the two signers. Therefore no one can act unilaterally to move the funds and players can be assured that each raffle will run smoothly according to the stated rules (note: this may not apply to raffles where HashRaffle unilaterally chooses the beneficiary or to bounty raffles).
Who is the Inaugural Raffle Beneficiary?
HashRaffle is proud to benefit Prompt.cash in our inaugural raffle!
Prompt.cash provides merchants with out-of-the-box solutions for accepting Bitcoin Cash. The software facilitates instant payments in a trustless manner. Prompt.cash clients can sign up for the free tier with basic features and statistics or for paid tiers with embedded payment widgets, plugins, increased support, and more.
Prompt.cash just finished running a Flipstarter campaign that got 100% funded! The purpose of the campaign was to add SLP support, API compatibility with PayPal and Stripe, AnyHedge smart contract integration, and many other exciting features. At the end of this raffle round, the beneficiary funds will be forwarded to Prompt.cash.
HashRaffle is pleased to contribute to this work and urges you to purchase raffle tickets.
Your contributions will go far to further merchant adoption of Bitcoin Cash.
How Do I Enter the Raffle?
Go to our home page to learn more and enter the raffle at hashraffle.cash/raffle. There you will find options to purchase 1, 10, or 100 tickets in a single transaction. There is also an option to purchase a custom amount of tickets.
Of course, while we would love to have you visit the website (and don’t forget to subscribe!) you can simply purchase tickets by sending BCH to this address:
To enter, send 0.1 mBCH (0.0001 BCH) for every ticket you want to purchase. You can purchase up to 10,000 tickets in a single transaction. And of course you can purchase more tickets later.
This inaugural raffle ends when the last Bitcoin Cash block before Wednesday, April 21 12:00 (UTC) has been mined.