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Vultur Social

Vultur Social

Earn Ethereum and Tokens supporting campaigns on the blockchain.

Decentralized application that promotes, facilitates and solves the shortcomings of current methods of collective funding for social causes and projects (known in Latin America as ‘Rifas’), granting a reciprocal system (using Ether and Vultur Token) between organizers, beneficiaries and participants through the transfer of trust towards a smart contract that manages, raffles and distributes the resources of the aforementioned actors.

Functioning

Smart contract that interacts with a web app which allows the creation of social campaigns with parameters such as title, goal, end date, price, beneficiary, among others. The more Vultur tokens you own, the higher the goal may be.

Once the campaign is created, it is visible for the public to buy a ticket. The contract registers the purchase, enters it and it is ready for the subsequent tokens draw. If the winner owns Vultur tokens in his/her balance, he/she also obtains a percentage of the collected Ether. The more tokens, the higher this profit percentage will be.

Objectives

Replacing and being a reliable alternative to the current funding systems, charity raffles and draws, as well as collective funding in general.

Use of the Blockchain: Bring the community closer to the benefits of the block chain, smart contracts and Dapps by disseminating cases of practical use and easy access.

Social support promotion: Increasing and promoting, under the aegis of reliability, the solidarity contribution to independent causes.

Problems detected

Current of collective funding or crowdfunding systems, regardless of the nature or means by which they are carried out: mobile applications, web or the face-to-face system, set up a series of constraints that hinder the process both for the organizer and the participants who distrust the methods used to carry out the draw.

Problems of the current Social Crowdfunding system:

  1. Lack of Transparency

Uncertainty about the beneficiary and management of the funds before being granted, low or no monitoring of amounts collected and if said amounts are actually delivered to the beneficiary.

  • Who manages the proceeds?
  • How much was it collected?

2. Unclear draw systems.

Lack of clarity in random draws, dates and real execution of those draws being unknown.

  • Was the draw carried out?
  • Was it a random draw?
  • Who was the winner?

3. Failures in the compensation system.

Unclear information about characteristics and the actual value of prizes to be distributed, in addition to logistical distribution problems when delivering prizes (if it was nationwide

  • Will I win what I was promised?
  • Is there any guarantee the prize will not be changed?
  • If I cannot go to get the prize, will it be sent to me, will I assume delivery costs?

Proposal

Faced with the detected problems, it is proposed to create an application that carries out the crowdfunding campaigns through a smart contract that registers, retains, raffles and transfers the proceeds to both the beneficiary and the winner of said draw within of a blockchain in which any person will be able to consult the data of the campaigns, their participants, collected amounts, prizes and winners generating a safe and trusting environment between beneficiary and participants.

Proposals based on problems:

  1. Lack of Transparency
  • Who manages the proceeds?
  • How much was it collected?

All the amounts and prizes are managed by a smart contract of the Ethereum blockchain. Therefore, any entity will be able to check the data and amounts of all the campaigns carried out.

2. Unclear draw systems.

  • Was the draw carried out?
  • Was it a random draw?
  • Who was the winner?

The smart contract will generate a random factor through queries to artificial intelligence systems to determine the winner whose address will be public.

3. Failures in the compensation system.

  • Will I win what I was promised?
  • Is there any guarantee the prize will not be changed?
  • If I cannot go to get the prize, will it be sent to me, will I assume delivery costs?

The prize will be based on Vultur tokens, which will be previously charged to the balance of the contract and cannot be withdrawn by the campaign organizer. When there is a winner, the contract automatically sends the amounts to the respective winner’s wallet.

Reward System

The reward system is carried out by means of a random draw, from which a participant can win Vultur tokens in relation to the proceeds or if the winner owns Vultur tokens in his/her balance he/she may choose to obtain a percentage of the Ether collected in said campaign with a maximum default limit .

This is aimed at replacing the traditional reward system and deliver, through instant transfer, cryptocurrencies that can be traded and exchanged no matter where in the world the winner of the draw is.

Final comments

Thank you very much for reading and looking out for this great challenge that decentralization represents. If you need to contact us, please join our telegram gruop:

//t.me/vultursolutions