bitRaffle: A Trustless Blockchain-Based Raffle System
An innovative raffle system that leverages Bitcoin's blockchain infrastructure to ensure transparent, verifiable, and tamper-proof raffle drawings. By integrating blockchain technology with decentralized storage solutions, bitRaffle eliminates the need for trusted intermediaries in conducting fair raffles. This white paper outlines the technical approach, value proposition, security considerations, and future development roadmap for the bitRaffle platform.
### 3.1 Eliminating Trust Requirements
bitRaffle removes the need to trust a central authority by:
- Using immutable blockchain data as the source of randomness.
- Ensuring all participant data is publicly accessible but cryptographically secured.
- Making the winner selection algorithm transparent and deterministic.
### 3.2 Enhancing Fairness and Transparency
The system provides unprecedented levels of fairness:
- The selection process is immune to manipulation since it relies on Bitcoin's consensus mechanism.
- Blockchain miners have no incentive or practical way to influence the outcome.
- Every step of the process can be independently verified by anyone.