Last week, we announced the launch of “The Offertory” decentralized lottery, which uses the Chainlink Verifiable Randomness Function (VRF) to obtain a secure, on-chain source of randomness. This verifiable randomness is then used to select lottery winners in a provably fair and unbiased manner, where neither users nor Prophet themselves can game or tamper with the outcome.
Today, we’ll go into more technical details of the integration, including how Chainlink VRF works and why we chose Chainlink as our oracle solution.
As you probably know, the Prophet protocol relies on trading volume to return positive yield to holders. The idea…
We are excited to announce the official launch of the Offertory decentralized lottery game which integrates Chainlink’s VRF Oracles to ensure on-chain verifiable randomness.
This game is an automated version of our Offertory Game which we first hosted manually as validation for a practical application of Prophet’s passive yield generation mechanisms.
This allowed us to generate trading volume via a decentralized and near no-loss lottery (winners earn the interest generated by the prize pool while losers receive all of their deposit back — less fees).
At the same time, 1% of tokens per transaction are burned which introduces scarcity as…
Greetings Prophets! Hope everyone is having a great start to 2021 so far.
We wanted to give a quick update of what’s to come over the next few weeks, as we’ve been working quietly behind the scenes to push the project forward.
About a month ago, our community ran the first trial version of the Offertory, a decentralized lottery game where everyone gets their initial deposit back.
The idea behind the Offertory is to create a win-win lottery game that benefits everyone:
Update: This particular version of the Offertory is no longer active. Please see this announcement for V2.
an offering or collection of money made at a religious service
The Offertory is an innovative, weekly lottery in which Prophets can win large prizes with no risk to their underlying capital.
How does it work?
Since inception, the primary motivation behind PROPHET has been to improve and enhance the fluid yield-generation features initially developed by Reflect (RFI).
It is our key differentiators — (i) a deflationary supply, (ii) dynamic fees and rewards, (iii) robust liquidity measures and (iv) variable transaction limits — that allow PROPHET to scale and adapt to changing market conditions, providing a protocol that is fit to last in an ever-changing crypto ecosystem.
In the last 48 hours since launch, we’ve increased the tax rate to 3% as our total holders grow. We’ve also increased the maximum token transfer limit to 20,000…
PROPHET is a novel ERC-20 token that improves upon Reflect’s (RFI) innovative yield-generation features.
If you don’t already know, Reflect (RFI) is a recent project by the notorious FLOW Protocol developer known by the pseudonym “Morpheus”.
RFI works by charging a 1% fee per transaction, and redistributing that fee to holders automatically. The amount each holder receives is based on their percentage of holdings. Additionally, certain addresses like the Uniswap liquidity pool are blacklisted, so more rewards go to holders.
Now this is a revolutionary feature because it accomplishes this redistribution to holders without minting, rebasing, or transfers.