Blockchain is growing in popularity, and in recent times we have seen it being used in recording sales of the most expensive artworks. However, the latest development in the space is a cryptoart charity auction that is employing blockchain technology to choose the winner.
Cryptoart charity auction using blockchain to pick winners
Three firms are heading the initiative of using blockchain to identify the charity auction winners. The firms include CryptoBantam, which is a crypto-fashion store, cryptoartist Trevor Jones, and crypto swap exchange platform ChangeAngel. The auction, which is a lottery style event, is auctioning Trevor Jones’ artwork that is inspired by Bitcoin, dubbed “The Ecstasy.”
The cryptoart lottery is taking payment in fiat currency and Bitcoin as well as using the blockchain to draw winners. Customers will have to purchase entry tickets first before being entered into a drawing. Once they have bought their raffle tickets they are then logged and included on a list that can be accessed through the CryptoBantam site under the “Lottery History” tab.
Lottery to close on August 4th
According to a CryptoBantam spokesperson, the competition will close on August 4th, and after that, each ticket will be allocated a hexadecimal number beginning from zero. For transparency, the list will be available online. It will be timestamped on an archive on the internet such as the Wayback Machine.
The blockchain comes in once all this has been done. After the list is compiled, CryptoBantam will then announce the deciding block. Currently, it has already selected the block that shall be mined on August 4th, 2019, at around 9 PM UTC.
Winner to be determined by matching the last two or three digits with Bitcoin block
The spokesperson indicated that they have chosen the Bitcoin block number 588,524 for the provisional winning entry. For one to win they will have to match their ticket number with the last two or three digits of the selected block. Since the hash is quite hard to predict, it will not be easy to beat the system. This is one way of using the inherent randomness of the bitcoin blockchain.
The number of digits that CryptoBantam will decide to use at the end of the hash will depend on how many tickets they sell. They will use two digits for up to 256 tickets and three if more are sold but they don’t exceed 1,024 tickets.
The lottery commenced on July 6, 2019, and will run up to August 4 around 7 PM UTC. The artwork “The Ecstasy” displays two angel-like figures in front of a shining bitcoin. One of the figures seems to be helping the other seemingly exhausted and distressed figure, and in the backdrop, the symbol of bitcoin is omnipresent.