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WHITEPAPER
Perpetual Raffle Smart Contract - Enhanced Overview
- Introduction
Operating on the PulseChain blockchain, the Perpetual Raffle smart contract offers a decentralized raffle system that accepts multiple cryptocurrencies. This document delves into the sophisticated design of the contract, highlighting its robust participation mechanisms, comprehensive security measures, detailed prize distributions, and unique multi-phase draw process, all of which enhance the raffle’s integrity and appeal.
2. Contract Specifications
2.1 Design Principles
Decentralization: The raffle operates in a fully decentralized manner without any owner-specific functions, ensuring trustless interactions and complete transparency for all participants.
User Engagement: Encourages sustained participation with bonus entries up to a predetermined cap.
Incentives: Provides incentives for all participants and blockchain users with a unique prize structure.
Security and Fairness: Guarantees a secure and fair raffle process through the inherent transparency and immutability of blockchain technology.
2.2 Key Features
Multi-Token Support: Supports multiple tokens to enhance participation opportunities.
Rewards for Participation: Includes a super draw and bonus entries incentives from previous participations to encourage ongoing user interaction.
Be The House: Guaranteed to win 9% of the entire pool by being the largest contributor to the pool per cycle. Excess funds from runner-ups contributors are refunded to encourage further participation in future cycles.
Incentive for Drawing The Winners: Allocates funds to reward those who pay the gas fees to draw winners at the end of each participation phase.
Dynamic Pricing: Dynamically adjusts entry costs (at US$5) before each participation cycle to reflect current market values relative to DAI.
Perpetual Operation: The raffle continuously cycles as long as participants keep drawing winners, allowing for perpetual operation and engagement.
3. Raffle Mechanics
- Raffle Cycles: Each cycle includes a participation phase and a draw phase. Upon completion, a new cycle automatically begins.
- Participation Cap: Limits the maximum number of raffles per participation to 20, to manage gas costs effectively, but multiple participations per address are allowed.
- Loyalty Bonus: If a user never misses a participation cycle, their previous participations will be carried forward and added as a bonus to their current entries. This bonus is capped at 3 times the number of entries that were bought in the current cycle. This means that, for example, if a user bought 20 raffles, they can be awarded up to 60 instead. This bonus is reset if the user misses a participation cycle or wins one of the prizes.
- Participation Window: Restricts the participation phase to a 6-day period in each cycle.
- Four-Step Drawing Process: Requires the draw function to be called four times, spaced out by varying lengths of time, to successfully select all winners, enhancing security and minimizing predictability. This phase lasts a minimum of 1 day or until all steps are completed.
4. Operational Flow
4.1 Participation
During the participation phase, users send tokens corresponding to the calculated raffle costs to the contract. The Permit function streamlines participation with PRC-20 tokens by combining token approval and transfer into a single transaction, reducing gas costs.
4.2 Be The House
The House is form of public contribution to the prize pool that guarantees a reward of 9% of the entire pool. The contributions are only available during the first 3 days of the participation phase. A minimum of 40 entries(US$200) is required to qualify. Else funds will be refunded available to be withdrawn. ONLY the wallet with the highest entries will qualify winning the prize. The rest be refunded back to users available to be withdrawn.
4.3 Drawing Winners
After the participation phase ends, anyone can draw the winners by calling the draw function four times. This function becomes available only after a minimum required time has elapsed.
4.4 Prize Distribution
- PLS, PLSX, and INC:
- 45% of the pot is awarded to the first place, 25% to the second, and 10% to the third.
- An additional 7% is reserved for the Super Draw, which accumulates across cycles if there are no eHEX participants.
- 1% rewards the callers of the draw function,
- 9% goes to The House and the remaining 3% go to the genesis address to support hosting and development costs.
- eHEX:
- 45% of the pot is allocated to the first place, 25% to the second, and 10% to the third.
- 1% directly rewards the draw function callers, 9% goes to The House and the remaining balance goes to the genesis address.
- The accumulated Super Draw funds are added to the winners’ rewards, with 55% going to the first place, 30% to the second, and 15% to the third.
4.5 Prize Withdrawal
Winning participants and incentivized users can claim their prizes at any time through specific withdrawal functions, securely transferring the rewards to their addresses. Tokens can be withdrawn individually or all at once.
4.6 PLS Contributions
At any time, individuals can enhance the PLS prize pool by sending PLS directly to the contract. This contribution increases the total PLS pot without necessitating direct raffle participation or affecting the number of raffles.
Future Developments
5.1 Token Expansion
Based on community requests and user adoption, additional tokens may be integrated to diversify participation and expand the prize pools.
5.2 Contract Upgrades
Ongoing enhancements will be implemented in response to user feedback and evolving security standards.
Conclusion
The Perpetual Raffle smart contract marks a ground-breaking approach to decentralized raffles, characterized by stringent security measures, transparent operations, and innovative prize distribution methods. This white paper has elaborated on its features and strategic benefits, affirming its potential to transform blockchain-based gaming and decentralized finance activities.
The world’s first fully decentralised raffle!
Designed to reward loyal participants.
Your Prizes: 0 PLS | 0 PLSX | 0 INC | 0 eHEX
Congratulations to our latest winners!
| PLS | PLSX | INC | eHEX | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1st Winner | 2nd Winner | 3rd Winner | 1st Winner | 2nd Winner | 3rd Winner | 1st Winner | 2nd Winner | 3rd Winner | 1st Winner | 2nd Winner | 3rd Winner |
| 0x0000...0000 | 0x0000...0000 | 0x0000...0000 | 0x0000...0000 | 0x0000...0000 | 0x0000...0000 | 0x0000...0000 | 0x0000...0000 | 0x0000...0000 | 0x0000...0000 | 0x0000...0000 | 0x0000...0000 |
Your Prizes: 0 PLS | 0 PLSX | 0 INC | 0 eHEX