May I ask who is holding the funds? I guess the goal is to raise more money then is being given away, which is quite a lot for a new service.
Using a multisig wallet with an escrow that needs to sign off would give a lot more trust I guess.
Hey Norris,
Yes, you're right. Our goal is to raise more money than is being given away. The majority is paid out to prize winners; the rest goes into marketing (higher for round 1 because we are just gaining publicity), merchant fees, accounting, etc. to maintain the service and website. We also end up with a profit on which we pay income tax, and also allocate a portion of it to fund crypto related science (more info on this in the FAQ section). We are not currently using an escrow, but it does sound like a good idea and might consider it in the future. Thanks, and if you have any questions or feedback, don't hesitate to reach back.
Regards,
CryptoEbe