Please describe your proposed solution.
Our solution aims to address the lack of open-source Plutus smart contracts for conducting raffles on the Cardano blockchain. Other projects will also be able to take the code and offer raffles on their website.
By developing these open-source Plutus smart contracts, we aim to empower a wide range of users, including event organizers, fundraisers, and community groups, to leverage the benefits of the Cardano blockchain for conducting transparent and secure raffle events.
How it works?
A protocol will be created to regulate all raffle contracts. This protocol will be implemented through a smart contract that will store data with values to regulate the lotteries. These values will include the commissions that must be paid to the protocol and the maximum commission limits that lottery organizers can charge, among other aspects.
For each new raffle, a smart contract will be created containing its specifications. These specifications will include information such as the creators and administrators of the lottery, the ticket price or if they are free, the start and end dates, the percentages of how the accumulated funds will be distributed.
Regarding the validation of the raffle and the determination of the winner, the hash of the last block before the closing date will be used. This information is publicly known and completely unpredictable. The hash depends on all the transactions in the block.
As for the price of the tickets, it can be specified in different tokens, allowing users to purchase them with the tokens of their choice. It will also be possible to offer the option of free tickets, in which case a deposit in the form of non-fungible tokens or specific amounts of fungible tokens will be required to validate participation in the lottery. In this case, the deposits can be retrieved by the participants once the lottery is finished. This option is useful for communities or DAOs that want to hold free lotteries, requiring their members to make a deposit as proof of participation, which they can then recover once the prizes are awarded.
In addition to the purchase of tickets, there will be a commission payment in ADA to acquire the tickets. These commissions will be allocated to the protocol to maintain the servers, provide assistance to users and communities implementing the lotteries, as well as to make improvements and maintenance to the contracts. Also a percentage of the tickets sale will go to the protocol in order to pay servers, devs and operations.
Transparent and decentralized solution
What sets our solution apart is its focus on transparency, fairness, and decentralization. By leveraging the Cardano blockchain's immutable and auditable nature, we will ensure that raffle outcomes are verifiable and cannot be tampered with. Moreover, the open-source nature of our smart contracts will foster community collaboration and innovation, allowing developers to contribute and improve upon the contracts.
The beneficiaries of our solution include both raffle organizers and participants. Organizers will benefit from a trustless and efficient platform, reducing administrative burdens and increasing transparency. Participants will have confidence in the fairness of the raffles, knowing that the outcomes are determined by secure and auditable smart contracts.
Demonstrating the impact of our solution will involve deploying and testing the smart contracts on the Cardano testnet, gathering feedback from the community, and ensuring that the contracts adhere to best practices and security standards. Additionally, we will encourage developers to engage with the project, contribute improvements, and provide real-world use cases that showcase the effectiveness of our raffle smart contracts.
By filling this gap in the Cardano ecosystem and enabling the seamless execution of raffles, our solution contributes to the broader adoption and utility of the Cardano blockchain. It aligns with Cardano's vision of providing a secure, transparent, and decentralized platform for various applications, fostering innovation and empowering individuals and organizations to leverage the benefits of blockchain technology.
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
Our proposed solution directly addresses the challenge of the lack of open-source Plutus smart contracts for conducting raffles on the Cardano blockchain. By developing and providing these smart contracts to the Cardano ecosystem, we bring several significant benefits:
- Increased Adoption: The availability of open-source Plutus smart contracts for raffles will attract individuals and organizations looking to host fair and transparent events on the Cardano blockchain.
- Trust and Transparency: Raffle organizers and participants will benefit from the inherent trust and transparency offered by blockchain technology.
- Community Engagement: By providing open-source smart contracts, we encourage collaboration and engagement within the Cardano community.
- Real-World Use Cases: Our solution enables the realization of real-world use cases for raffles on Cardano.
This project serves as a stepping stone for broader adoption and utilization of Cardano's capabilities, attracting new individuals and organizations to the ecosystem.
How do you intend to measure the success of your project?
To measure the success of our project and its impact on the Cardano ecosystem, we will utilize both quantitative and qualitative metrics. Here are some potential measures we will consider:
Adoption Metrics: We will track the number of raffle events conducted using our open-source Plutus smart contracts on the Cardano blockchain.
Community Engagement: We will assess the level of community engagement by monitoring the contributions, feedback, and collaborations from developers and users within the Cardano community.
User Feedback: We will actively gather qualitative feedback from raffle organizers and participants to understand their experience and satisfaction with our smart contract solution.
Ecosystem Growth: We will assess the impact of our solution on Cardano's productivity and growth by monitoring the overall increase in smart contract activity and usage on the blockchain.
In the short term, our project will contribute to the immediate growth of raffle events on the Cardano blockchain. We anticipate an increase in the number of users leveraging our smart contracts, resulting in a more active and engaged community.
In the long term, the availability of open-source Plutus smart contracts for raffles will drive broader adoption of Cardano's smart contract platform. It will attract new users and developers interested in conducting various decentralized applications, not limited to raffles. This increased productivity and growth will enhance the overall value proposition of Cardano and solidify its position as a leading blockchain platform.
While it is challenging to provide specific numerical targets, we believe these measures are realistic as they align with the goals of our project and can be tracked and evaluated through community feedback, on-chain data, and engagement metrics. The combination of quantitative and qualitative measures will provide a comprehensive assessment of the project's impact on the Cardano ecosystem.
Please describe your plans to share the outputs and results of your project?
We have a comprehensive plan to share the outputs and results of our project to maximize their reach and impact. Here are our key strategies:
Documentation and Guides: We will create detailed documentation and user guides that explain the implementation and usage of our open-source Plutus smart contracts for raffles.
Open-Source Repositories: We will publish the source code of our smart contracts on public repositories like GitHub under an open-source license.
Demonstrations and Video: We plan to organize workshops, publish videos and demonstrations to showcase the capabilities and benefits of our smart contract solution for decentralized raffles.
Research and Development: The results generated from our project will serve as a foundation for further research and development activities.
By sharing our outputs and results through these channels, we aim to reach a wide range of stakeholders within the Cardano ecosystem. This includes developers, raffle organizers, community groups, and individuals interested in leveraging blockchain technology for fair and transparent events. We believe that by disseminating our work effectively, we can create opportunities for collaboration, foster innovation, and contribute to the growth and adoption of Cardano's smart contract platform.