RaffleCoin is a new Bitcoin raffle site.
Players enter the address they would like to receive possible winnings at and a secret key which will be used to determine the winner. The website will generate a unique deposit address and any payments it receives will give the user the appropriate amount of tickets. Each ticket costs 1 mBTC (.001 BTC). Each user can buy as many tickets as they want to increase their chances of winnings.
The drawings will occur every first of the month, choosing one winner randomly and fairly who will be given the entire pot.
The drawing is provably fair. A hash is generated from a secret key and all of the ticket data. This hash is used to determine the ID number of the winning ticket. The hash of the current round's secret key is displayed on the website prior to the drawing and the round's secret key will be displayed at the end of the drawing. This provides a perfectly random number generated from all the data from ticket purchases (address and key) and the server's secret key, which means the entire process is recreatable by anyone after the drawing and proves without a doubt that the drawing has not in any way been rigged.
We would love any comments, suggestions, criticism, or question posted here from the community.
Thanks, the developers.
