Quote from: ynvinay on February 15, 2018, 12:46:00 PM

I am thinking of an Ethereum smart contract, which works mostly like Chit Fund
Indians are familiar with chit fund, but not others.
Read wiki if you need to know more about Chit funds - https://en.wikipedia.org/wiki/Chit_fund

My idea is more or less like a lottery, but executed in the form of chit fund.

A smart contract, which will collect Ethers/Cryptos from contributors and randomly select a winner to whom the entire
collected money will go to. There is no roll over and every draw will have an winner for sure.

There can be a public chit fund OR a private chit fund. Public is something which anyone can participate.
Private is something which is played in small groups, say within friends circle, Collegues etc.

The web-end will have all the facility to create and manage new groups Public / Private etc., Number of winners, Prize %, Display pool money and contributors details,draw details etc. At the back end it works on block chain / Smart contract.

The smart contract will automatically decide the winner and send the pool money to the winner.
During the start of the group, you can decide if u want 1 winner or multiple winners.

If it is public chit fund, Better to put a cap on the limit; If the maximum limit is reached, then automatically new
game will start. Say eg., one draw for every 100 ethers. If cap is not reached, then the contract will execute and decide the winner for
whatever money is pooled. Web end will allow users to Launch new draws and set the limits.

One person can buy any number of tickets. The contributors id / Sl no, pool money collected, and other details will be constantly updated and displayed on the website.

A small % of money from each draw is kept by the promoters for admin related expenses.

Not sure if any app is already there which works on this model.

I welcome any comments / suggestions on improvement, legal issues, technical issues, suitable platform etc to make this workable.

A lottery and chit fund are completely different options. Your idea seems to be a lottery for which there are already several options.