How is RaffleDAO Going to Revolutionise the Raffle and Lottery System?

Modern lottery style raffles focus on a promising their customers a massive one time reward with infinitesimally small odds of winning. Our raffle system guarantees access to an exclusive social club with prolonged benefits of membership into our community DAO which will conduct periodical raffles for its members. Furthermore, the long term scope of our unique raffle system is supported by a self-sustainable cycle of replenishment of our allotted pool with investments into Web 3.0 technologies. Our passion and belief in the long term success and mainstream adoption of blockchain technologies as part of our transition to Web 3.0 includes the passion and love for the community making such things possible. We want to create a group that has access to exclusive drops, giveaways, prizes, and benefits through RaffleDAO. The token holders in the DAO would not only enjoy the asset-backed token’s inter-exchangeability value of the DAO token, but access to suffrage on multiple parameters of importance in relation to the community investments and giveaways. Similar to the functioning of private raffles of luxury items and fine arts, imagine a DAO that conducts private raffles of blockchain assets as well as conventional goods and services for its members. Such a DAO would benefit from the decentralised nature of the blockchain as well as the chain’s utility for the deployment of smart contracts that can govern this process in order to assure a certain level of transparency to the members of the DAO due to the public nature of the source code and the wallet addresses.

Similar to governance in our current modern political paradigms, governance in a DAO is the interaction of the members of a community in the process of decision-making amongst the stakeholders of the relevant organisation. The process of creating rules, deliberating upon decisions to execute, and settling intra-community disputes are all included in the governance of a DAO. As of our initial intent, the governance in the DAO will be based on democratic voting. Each token will bear 1 vote and depending on the tokens held by a member, the decision will be based on a 51% majority. However, not all decision will be up to general vote. Certain decisions may be voted upon the core team in matters of serious concern to the aims and future sanctity of the DAO. In such a scenario, the team would use their member tokens to vote and the decision would be drawn based on a 2/3rd majority. The DAO contract will be protected by safe implementation and the wallets with access to ownership will be visible to the public in furtherance of transparency. Access to membership of a DAO, especially one such as ours makes the skills and resources of the members of the DAO a commodity tradable on goodwill. An expert on marketing who is a part of the DAO may lend their expertise to a technically proficient developer at discounted rate or on goodwill in exchange for an expectation of reciprocation from the developer. Similarly, access to a network of crypto whales, celebrities, business professionals, developers, and enthusiasts and exchange of expertise and skills based on goodwill among them would be extremely beneficial and lucrative. The collective corporate power of RaffleDAO in the NFT space would be extremely beneficial for the members in the future due to the collaborative schemes that would be launched by the DAO. A pool of investing funds for development of upcoming and existing projects would entail benefits such as free whitelist spots and NFT air drops for the members.

In phase of 1 of the project development (as mentioned in the Project Roadmap), RaffleDAO genesis holders will be allotted a Native Token which will be usable in the community DAO. Native Token will be a free floating reserve currency backed by the assets in which the DAO invests. Certain assets have been mapped out for investment and others will be decided in future stages with varying degrees of community involvement. Unlike fiat currency, Native Token will be backed by a diverse portfolio of investments in the future of Web 3.0. The purpose of the investments is not only to provide value to the native token, but to finance future benefits for genesis holders. The Native Token community reserve will be managed by the core team of RaffleDAO in order to provide for Native Token to serve as an intra-community exchange currency and usable for exclusive shop items available to DAO members. This currency would be eventually redeemable in exchange for Ethereum through the central treasury reserve and would be bought back by the DAO to be available for redistribution to the community through contributions. RaffleDAO would follow the principles of fractional reserve banking to mitigate bank runs. To prevent the percentage of investments made by the DAO from dropping below a critical threshold limit, time exhaustive transaction limits would be set within the mechanisms of the central treasury reserve. Furthermore, the token Native Token would be backed by the staked value of the assets, and not the actual value, thus disincentivising members from withdrawing their stake from the reserves of the DAO.

Follow us on Twitter and Join our Discord server to keep up to date with the project.