Bonfire — an agreement between users to burn ETH in order to make ETH rarer and more valuable. Each contractual commitment also gives the user the option of a random selection to receive a reward in ETH. Contributions range from £ 1 to £ 5, depending on which bonfire the user puts on. 55% of the ETH in the contract disappears when the platform burns the coin.
Contents:
- Brief description of dapp Bonfire
- Selection of winners on the blockchain platform
- More about the Ethereum project
Brief description of dapp Bonfire
The hash is sent before the pledge session is opened. The hash contains a number that will help to convert random numbers while choosing the winners. The price of the accepted collateral - around £ 1. Once the bond has been accepted, the price of the bond cannot be changed until the next round.
Other features:
- project only accepts deposits, which are equal to the set price;
- the accepted transaction with the contract offers the sender the opportunity to receive a reward for his contribution;
- the submission round will end when all pledging slots have been filled.
Random numbers become collected, using the Oraclize contract, at a random time.
The hash expansion will expose the salt number, provided prior to the start of the pledge round, and will allow users to confirm (via events) that the original hash has not been changed.
Selection of winners on the blockchain platform
Winners are chosen by combining each of the random numbers, provided by Oracalize with the number of salt, provided in the secret hash, presented by the Bonfire chair holders at the start of each round. Winners' addresses will be registered in the events and their rewards will be forfeited. ETH holders, who have contributed to lighting the fire, can go to the About page to check if a reward is pending.
Distribution of income:
| 1 | the platform burns 55% of the pledged ETH, making the remaining ETH supply more rare. |
| 2 | 5% of the pledged ETH goes to the holders of Bonfire chairs. |
| 3 | 40% of the pledged ETH helps with rewards. The awards are in a contract, which winners must withdraw. |
Upon termination of the contract, only the amount of gas, required to call the function, is charged. It is better to use the withdrawal template instead of direct transferring rewards, according to the Solidity safety templates.
More about the Ethereum project
At the moment, White Paper and RoadMap are not available on the site. There is only a small description of the project. The community does not maintain social networks. The audit of a smart contract is available on the tronscan website.