RAFL is the first of its kind “raffle market” where you get a product at a fraction of its original price.
How It Works
The raffle platform is a distributed application that runs on the Ethereum blockchain and allows its users win a bid on a product of their choice for a fraction of its real cost. It also allows the sellers on the platform make maximum profit on the product they wish to sell.
The RAFL team are pacesetters in their field, and they aim to change the conventional way of buying and selling goods on the Internet through the help of a secured, and friendly user interface smart contracts which users use to quickly sell their products, building a reputation for the platform.
A car worth $20,000 placed on the platform can sell tickets out for a hundred dollars ($100) each to 200 people. Then a raffle is drawn, and the winner gets the car that’s worth $20,000 for just $100.
Any item on the platform is allowed to be raffled (excluding prohibited / harmful products) for any price at all and the cost of the goods can be broken down into any number of tickets. For items to be listed, users need to have a few funds in their wallets for gas to create a smart contract for proposed items.
Contracts created are meant to manage ticket funds using an escrow system and also to retrieve a random winning number which qualifies to get the item purchased.
As a decentralized application, participants hold their money in their wallet until they request to buy a ticket for any item chosen. After that will the funds be locked in the smart contract.
Funds in the escrow system are then held until confirmation by the winner of the item that he has received the product. If within ten days after specified delivery, there is no confirmation, the escrow system automatically releases funds to the seller.
Why Should You Trust The Results?
In cases of service misuse, a dispute is made by winners if eventually items are not delivered or do not meet expectations. The RAFL team steps in and a refund are made to all participants of the raffle.
RAFL also guarantees a Provably fair system as an open source blockchain random number generator is used for the draws to ensure a manipulation-free and trusted environment.
Since the essence of blockchain technology is anonymity, the system doesn’t require any personal data from participants. Instead, each user is identified by his/her Etherium’s wallet address. For the delivery purpose, a secured peer-to-peer messaging system is built to enable communication between the vendor and winner.
RAFL ICO – Token Sale
The RAFL token sale is scheduled to start on the 15th November 2017 and would run for 21 days. Tokens purchased are paid back to token holders in ETH. Being a part of RAFL token holders also gives you the opportunity to make decisions on proposals on the platform.
The RAFL Network combines a bidding system and an online marketplace unusually. Though there is a chance side to it, chosen winners are getting products they probably won’t be able to afford ordinarily at super cool prices. Sellers, on the other hand, are of an advantage as prices are do not look exorbitant to buyers/bidders. They only get to pay little fractions which is much easier to let go than having to pay the real cost for that particular product.
To increase liquidity, RAFL will be listing initial items such as exotic vehicles and jewelry. Some percentage of money raised during the ICO (Initial Coin Offering) will go into implementing the proposed plan.
Participants should have it in mind that though results are provably fair, being a winner still depends on luck, and it is advised that participants should not commit more than they can afford to lose on every item sale.