FUN EXPERIMENT TURNED INTO FIRST TRULY DECENTRALIZED RAFFLE SYSTEM?

14th February as anyone else knows is known to be the day for Love. And on that day, unsurprisingly, LOVE Token was born. LOVE Token is created upon Ethereum Platform which follows an ERC 20 Standard.

Though the founders of the platform named it as a “fun experiment” at start, they now claim that they have the “first truly decentralized raffle system”. Unlike other project, which give a roadmap for the future development and a promise, they have already build the Raffle system, which is indeed surprising.

LOVE Token though at start may seem to be a useless token, but giving a second look at the whitepaper and the things they have achieved in their last few days, it looks a bit promising. These are some of the things which turned our heads.

Raffle System

Generally, raffle is a campaign where a user buys in a ticket and those who are lucky or so wins the total amount. But in Cryptocurrency, or specifically in LOVE Token, any user who contributes to their smart contract with a minimum of just 0.005 ETH get’s an entry.

Not only will they get LOVE Tokens as soon as they contribute, they will also be receiving ETH once the raffle ends. And those who doubt the same, can see everything clearly in their smart contract. That’s the beauty of smart contract: Transparency!

And if they are able to reach their hard cap of just 1000 ETH, which looks doable, the top contributor can get upto 50 ETH! As well as a total of 300 ETH will be distributed to winners! And if you think it is only for those who contribute high enough, you are wrong! They are also giving upto 3 ETH to 10 Lucky Winners! And that’s not common, as normally company gives an equivalent of their own Tokens, while this project gives ETH!

Backing Fund

This is something which gets our interest even higher in this token. They not only have the best team of developers, they also have a backing fund for the Token, which according to their whitepaper will include top crypto currencies as well as tokens in their private sale/pre-ICO or ICO.

Backing fund is great, and many tokens before have used this model and turned out to be great. And with this model being used in LOVE Token, it seems a great fit for the token.

Charity

Money isn’t superior to Love. And Love Token would be supporting charity works every once in a while. Infact, 20% of the funds raised during the current raffle would be used purely for charity works. They claim that proofs of the charity will be available after they are executed in their website.

Entrepreneurship

A part of the cash flow in LOVE Token will also be used to fund budding entrepreneurs. This is alike backing fund, but just better. Not only will LOVE Token have more partnerships, but they will also have some stocks or shares along with all the new connections they can get for further reach!

So what do you think about this? Would you be trying their Raffle to have a chance to win upto 50 ETH! Let us know in the comments!

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