With the advent of technology, there is now more gambling online than offline, and this is the market Ryfts is capitalizing on as an online decentralized raffle platform for gambling, making use of Ethereum smart contracts.
As a decentralized platform, Ryfts aims to become the leading platform in the international scene with a track record of transparency, and it hopes to achieve this using blockchain technology via the Ethereum smart contracts and a decentralized system that randomly generates numbers.
Ryfts, Cryptocurrencies, And Blockchain
Gambling online has been, for a long time characterized by hacks and cracks, compromised user identity, delayed withdrawals, high commissions, shaky transparency and many other malfunctions. All these are what Ryfts as a decentralized system seeks to check and rectify through the use of cryptocurrency, and the blockchain technology.
Ryfts tokens are utilized in the buying of tickets, and the acquisition of royalty status on the platform. Of the several cryptocurrencies in the ecosystem, Ryfts accepts bitcoin and Etherum as a payment method and trading platform. It has a maximum supply of about 33 million maximum supply of tokens, and 3 million number of sold tokens required. This means Ryfts still has about 30 million tokens still available for sale which is about 90% of its maximum supply. As it stands, 1 RFT = $0.5.
How Does Ryfts Operate?
The time-based raffle and the cap based raffle are two raffle systems of Ryfts. In the time-based raffle system, raffle here is based on timing and takes the form of a stopwatch. It could last for about 6 hours, 24 hours, or 168 hours depending on your choice, but you should have it in mind that the size of the participants, is highly dependent on the time length of the raffle. On the other hand, the cap based system has a maximum limit set and is determined when this maximum limit is reached. In this system, the size of the participants is dependent on the size of the cap.
Another thing to analyze about Ryfts is how it is being structured. The ryft is structured in three strategic ways. The first is the betting structure, which as earlier said, could be time-based or cap based. The second is the fee structure. The fee structure of Ryfts takes a 1% deduction on each bet made. The third structure is the prize distribution structure. This is done via generating random numbers, out of which the winners are being selected.
Aside from transparency and a well-structured decentralized system, making use of cryptocurrency and working on the blockchain, Ryfts keeps information confidential, and persons anonymous, and provides for instant payouts with the presence of third parties.
Find out more on the website: https://ryfts.io/.
Download the whitepaper here: https://ryfts.io/assets/pdf/whitepaper/Ryfts-WhitePaper-v1.1.pdf