Blockchain technology has already been adapted as a way to maintain records on an immutable ledger that is both transparent and easily accessible. As artist Trevor Jones puts up his latest crypto-inspired art up for auction, this fintech will be adapted to choose the winner. How exactly will it work?
- Blockchain technology will randomly select a winner for “The Ecstasy.”
- Artist Trevor Jones created the art piece out of inspiration from the cryptocurrency industry.
Blockchain technology is no stranger to the world of sales. It has been used in the purchase of fresh produce, plane tickets, and even art. Now, the technology is being integrated into a charity auction in a unique way.
According to reports from The Next Web’s Hard Fork, the technology is being used in an auction for crypto art as the method of selecting the winner. Several firms are participating in this new use case, including:
- ChangeAngel, a crypto-swapping exchange service
- CryptoBantam, a crypto clothing store
- Trevor Jones, a cryptoartist
Jones was responsible for the auction of the art, which is titled “The Ecstasy,” which he promoted on his own Twitter profile.
Right now, the raffle can be entered with a payment of Bitcoin or fiat currency. During a standard raffle, customers have to purchase entry tickets, which is exactly how to enter this lottery, but they are logged on the blockchain. Anyone can view this list at the CryptoBantam website under the link titled “Lottery History.”
The competition will close on August 4th, and each ticket will be categorized with a hexadecimal number, starting at zero. The numbers will be published online with a timestamp to maintain the transparency of the raffle. After compiling the list, a “deciding block” will be announced by CryptoBantam.
Hard Fork states that the block chosen will be mined at approximately 9:00am UTC on August 4th, which is about two hours after the close of ticket sales.
In an email, a spokesperson told Hard Fork,
“Provisionally this will be Bitcoin block number 588,525. In order to win, entrants must match their hexadecimal ticket number with the ending [last two or three] digits of the hash” of the chosen Bitcoin block.
This process makes the concept of cheating the system nearly impossible.
CryptoBantam confirmed that the last two or three digitals of the hash will be used, based on the number of tickets sold. If the number is less than 256 sold, then two digitals will be used. If the ticket sales are higher, then three digits will be used, as long as fewer than 1,024 entries are sold. When Hard Fork published their article, the total number of tickets sold reached 268.
The lottery itself started on July 6th and ends this weekend. The artwork up for purchase was created by Trevor Joes, who was inspired by cryptocurrency to create the work of art. “The Ecstasy” shows two figures, appearing to be angels, in front of a golden Bitcoin. One of the figures appears exhausted and stressed, while the other offers help. Jones has become a popular man in the cryptoart world for paintings such as these.
The profits from this raffle will be split amongst War Child, Thirst Relief, and The Little Edi Foundation, which are all charities. The amount will be distributed evenly between these organizations.