Fairgrounds is an innovative Ethereum based, provably fair games platform. In order to raise funds for the bankroll and platform, Fairgrounds is running a public token sale.
Here we’ll go into more detail about the Fairgrounds platform works and what makes it unique.
How The Fairgrounds Progressive Raffle Works
The progressive Fairgrounds Raffle works in much the same way as a conventional raffle.
Every “ticket” has a fixed price in FGR. For example a single ticket might cost 10 FGR.
Players can purchase one or more tickets for the raffle. The raffle is then open for a set period of time.
Once the set period of time ends, the next raffle ticket to be purchased will trigger the raffle ticket to be drawn.
When the ticket is select 80% of the progressive jackpot total in ETH will be paid out to the winner. The remaining 20% of the jackpot is based out to the house. This house winning is stored in a smart contract where it is distributed on a monthly basis to owners of the FGD token.
Fairgrounds Raffle Is Provably Fair
The Fairgrounds raffle uses the open source, blockchain library from Oraclize. The random data generator produces an integer that is outside of the blockchain. This can’t be hampered by any third party or miner. It is also verifiable by using Etherscan.
Fairgrounds Token & Fairgrounds Reward Token
With the Fairgrounds ecosystem there are two tokens at play. The Fairground Reward Token (FGR) is used to participate in the Fairgrounds games. The Fairgrounds Token (FGD) provides the right to receive a share of the profits produced by the house advantage.
The FGD token is being distributed in a token sale. The token sale will last from February 7th until April 11th 2018. In total 50 million FGD tokens are being made available.
You can learn more about the FGD token sale by visiting:
Fairgrounds Website: https://fairgrounds.bet/#/tokensale
Fairgrounds Whitepaper: https://fairgrounds.bet/files/fairgrounds_whitepaper_0.9.5.pdf
Fairgrounds Profit Sharing: https://fairgrounds.bet/#/profit