Mega Dash Raffle launches raffle to raise funding for agribusiness project
Mega Dash Raffle (MDR) has just launched its first ever raffle, according to a report by the community-driven media house Dash Force News. MDR gives the community access to an alternative source of funding, which is particularly important since the Dash DAO has tightened its treasury budget owing to the persistent bear market.
The first raffle, which is an MDR, is for “AgroCognitive Dash Powered – Pre-release launch”. The report stated that as of Friday, five tickets had been sold, fetching 0.45 DASH in total after deducting the 10 percent MDR fee. AgroCognitive is a project that offers artificial intelligence and analytics for the diagnosis of crops to better equip farmers.
The MDR fundraising project is backed by Dash Boost, which is a sub-treasury that facilitates the submission of micro proposals to the DAO ecosystem.
There are three types of raffles that are part of the MDR project:
- Mini Dash Raffles, which are ideal for raising funds for Dash Boost, cost 0.01 DASH each. Ticket sales for these raffles last for a week.
- Dash Raffles, which are ideal for raising funds for Dash Treasury, cost 0.05 DASH each. Ticket sales for these raffles last for two weeks.
- Mega Dash Raffle, which is ideal for raising funds for an entire project, cost 0.1 DASH each. Ticket sales for these raffles last for a month.
According to the report, winners for the raffles will be selected randomly at the end of the sales period for each ticket. The beneficiary of the project will get 50 percent from the reward, 40 percent will be awarded to the winner while the remaining 10 percent will be paid to MDR as operational costs.
Users can register their raffles by paying 0.01 DASH as creation/spam-prevention fee. This fee will be refunded if the ticket sales exceed 20 tickets.
Since MDR runs a raffle business, it is considered as gambling in many jurisdictions. The team was well-aware of this issue and strove to address all legal hurdles. Javier Soto, commercial director at Smartbase Group, said that MDR had drafted its legal papers in such a way that there was enough protection for MDR, the developers, Non-Profit Organization Representative (NOPR) and the ticket buyers.
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