Pledging to the Bonfire contract helps make ETH more rare.
Number of seats left:
HOW IT WORKS
A hash is submitted before the pledging session opens. The hash contains a number to be used to salt (mutate) the random numbers when the awardees are chosen. The hash is publicly available to confirm the salt number was not changed during or after the pledges were received.
The price of the accepted pledges is updated to be at or near 1 GBP. Once a pledge is accepted the pledge price cannot be changed until the next round of pledges.
Only pledges equaling the set price are accepted. An accepted transaction with the contract offers the sender an opportunity to receive an award (see below and about page) for their contribution. The pledging round will close when all of the pledging seats have been filled.
Contract Address: 0xae8175c9a40d82c8935fb7257a7c201a2e06c0ae
Only after all of the pledging seats for the bonfire are filled, will random numbers be gathered to distribute awards. Random numbers are gathered using the Oraclize contract at a random time. You can visit the Oraclize page here. Oraclize provides authenticity proofs for the random numbers provided to prove they have not been tampered with. Oraclize is a separate entity from the Bonfire organization. Currently, this contract uses Oraclize. In the future if a better means for gathering random numbers is available, the Bonfire chairs will update the contracts.
The hash is revealed only after the random numbers have been gathered. Revealing the hash exposes the salt number supplied before the pledging round began and will allow users to confirm (through events) that the orginal hash was not tampered with. The salt number is added to each of the random numbers gathered from Oraclize.
Awardees are picked by combining each of the random numbers supplied by Oracalize with the salt number provided in the secret hash, submitted by the Bonfire chair holders at the start of each pledging round. Awardee's addresses are logged in events and their awards are held for withdrawl. ETH hodlers who have contributed to a bonfire may navigate to the about page to check if they have an award waiting.
55% of the ETH pledged is burned, making the remaining supply of ETH more rare. 5% of the ETH pledged is spread between the Bonfire chair holders.
40% of the ETH pledged is used for awards. Awards are held in contract to be withdrawn by the awardees. Withdrawing from the contract costs only the amount of gas to call the function. The Withdraw pattern is recommended over directly transferring awards per Solidity security patterns.