One of the lesser-known features on Ruby.Exchange is raffles: Competitions that allow users to buy tickets and pick a winner, powered by SKALE's provably-random BLS signatures.
Raffles are the default way that gemstone NFTs are allocated to users, and can also be used to distribute cash prizes. Now, as part of Ruby's commitment to decentralized the protocol, any user will be able to start a prize draw, setting the parameters for the amount of the total pot that winners will receive.
Read more about how Ruby's raffles work.
To begin with, several of the key parameters for prize draws will be fixed, to simplify the process.
- While any user can now create a draw, only one draw can be active at a time.
- RUBY will be the default currency for ticket purchases.
- 15% of the total pot goes to the creator of the draw.
- 15% is burned.
- The remaining 70% can be allocated between winners in whatever way the creator wants.
- There is currently no facility to distribute NFTs as prizes.
Starting A New Prize Draw
To start a new raffle, head to the Profile menu on Ruby.Exchange, select the NFT Raffle submenu, and click "Create New" (this will only be displayed if there is not an ongoing draw). You'll see a screen that allows you to enter parameters for your draw.
Fill in the different fields:
- Ticket price (RUBY), whole numbers only
- Duration, in days and hours, minimum 1 day, maximum 7 days
- Raffle size: 100 or 1,000 tickets
Finally, fill in the prize boxes for the three winners, making sure the total is 70%.
Click "Create Now", confirm in the dialog box, and then confirm the transaction with MetaMask. That's it!
After you've launched the prize draw, there's nothing more to do (other than ensure that other users know it's running, so make sure you let people know on Twitter and in Discord!).
Once the interval for the raffle has elapsed, the winning numbers will automatically be drawn and winners will be able to claim their prizes. There's no expiry date, so prizes can be claimed at any point in the future.