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.
CryptoEbe - May I know why you ignored the above question to answer?
It is a valid question and it is quite a huge amount why can't you choose some trusted members as an escrow for the funds? If you do that then you may find many real ticket buyers otherwise you need to struggle even to sell free tickets because I don't want to waste my ticket to register an account and to claim that free ticket when I'm not confident about your system.
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