TheCryptoUpdates
Cryptocurrency News

Mega Dash Raffle Venturing to Use a New Fundraising Method

Mega-Dash-Raffle

DashBoost, a micro treasury ecosystem that allows lower budget projects to access the Dash DAO will now be funding Mega Dash Raffle (MDR) for the August cycle to design a platform for raising funds for Dash proposals. This new fundraising method will use a lottery/raffle based system, as stated by a recent announcement on the company’s news portal.

The purpose of Mega Dash Raffle has been outlined to support and diversify the sources that can help Dash Community Projects in raising funds. This raffle system has been launched to meet the rising demand for funds as the primary Dash Treasury is often unable to do so, given the low fiat-exchange prices of Dash.

The team does not want such hiccups to stop the Dash community from “growing and reaching its goals of being the first really digital cash and the most successful DAO in the crypto sphere,” shared @jesccs of Mega Dash Raffle. Further, the core code of MDR has already been developed and is live for testing with a node on the Dash testnet.

Under the current system, users buy ‘raffle tickets’ for entering into a raffle for a specific beneficiary. Out of the total amount of Dash that’s collected, 40 percent is given to the lottery winner, 50 percent goes out to the beneficiary project, and the remaining 10 percent is for operations. The team is further experimenting with more operational structures for choosing a process that the community likes the best, added @jesccs.

To know more about the community choices, a survey is being conducted to find out if the Dash users think that some other distribution channel might perform better. The survey also seeks to collect information regarding the community’s preferences regarding the fee to be paid for creating a raffle.

The team also highlighted that it “was incredible how the community (that is not MNO) takes its vote very seriously when it comes to supporting a project, which speaks of the maturity that is reaching the Dash ecosystem.

Related Articles

IBM to track Cobalt Supplies in Congo with its Blockchain Platform

Saurabh Singla

Tron Transaction Hits 800 Million; Surpasses Ethereum & Bitcoin

Astha Singla

China makes the right call on the Cryptocurrency