VAIOT Giveaway Contract Announcement

The VAIOT Team is proud to announce that our first use case of Intelligent Contracts for your incentivized social media campaigns — Giveaway Contracts — is coming soon.

VAIOT’s Giveaway Contracts allow any crypto influencer, content creator, marketing specialist, or project founder to run social media engagement campaigns and award participants for actions taken. You can create your automated giveaway blockchain contract that allows for the rewards distribution process automation and random allocation of the rewards for the winners thanks to the integration with the Chainlink Oracle.

How does it work?

In the initial version of the VAIOT’s Giveaway Contracts, users can organize the giveaway campaigns through Twitter, and as the tool develops, in the upcoming releases, we will be adding other social media platforms.

The process of running the giveaway campaign on Twitter is simple as that. Anybody who wants to create a contract has to select assets that will be sent to the winner/s of the giveaway. Campaign creators can choose from Matic Tokens, ERC20 Tokens (USDC, USDT, ETH, with VAI coming in v2), or ERC721 Tokens; hence the Giveaway Contract can also distribute NFTs. Next, it is necessary to indicate how the rewards will be distributed. It is possible to choose between two options: winning participants will receive a fixed amount of tokens OR a percentage share of the total reward pool for each winner.

The blockchain contract will distribute all the rewards through the integration with Chainlink VRF. The organizer cannot influence who will receive the prize and hence cannot manipulate the rewards distribution process. Everything is happening automatically and is transparent for the participants thanks to blockchain.

As a next step of the Giveaway Contract creation, the organizer has to establish the basic assumptions and criteria necessary to be met to participate in the giveaway. For instance, the organizer shall indicate social media activities such as sharing Twitter posts including certain content, retweeting specific posts, following specific account, etc. — it’s all about creativity and the scope that the organizer wishes to cover.

What about the smart contract?

Once the organizer provides their wallet address for the rewards distribution, as well as the number of people that will receive the prize and the giveaway starts, everybody who wants to participate and have a chance to win rewards, needs to meet the requirements stated in the giveaway’s conditions. The platform then collects wallet addresses from participants that concluded the necessary steps and adds them to the smart contract securely stored on the blockchain. Once done, the random prize allocation happens, and the system chooses wallet addresses that will be rewarded in the campaign.

Why VAIOT’s Giveaway platform?

We deliver transparency and credibility. Our solution is based on the mechanism that randomly allocates the rewards; hence there is no possibility for the campaign organizer to manipulate the results and choose the winners. Thanks to the integration with Chainlink, we ensure that the mechanisms implemented are fully secure. Everything in the system is happening in a decentralized way. The organizer has no impact on the end results of the social media giveaway.

The organizer on the other hand benefits from the automation that the tool offers, and the increased level of credibility he receives by sending a clear message to his followers that he values transparency and distributes rewards randomly, without any malicious intent to manipulate the results.

Moreover, participants of the lottery will be screened in terms of the authenticity of their applications. There will be an anti-bot system that will ensure that there will be no bots in the ongoing giveaway campaign.

Current Stage

V1 of the Giveaway Contracts will be available in early 2023. A short public testing session will precede the production launch to serve the first real Giveaway Contracts soon after. As we are a regulated project, we emphasize the security of our solutions. Hence, we are conducting a third-party audit of the code of the Giveaway Contracts.

You’ve already had a chance to see the platform’s front end in the teaser we shared on Twitter. We will now focus on a simple web version of the Giveaway Contracts solution. In further releases, Giveaway Contracts will also be available via VAIOT’s AI Assistant’s interface.

In future releases, users will be able to access a dedicated frontend that will present all active giveaways organized through VAIOT’s Giveaway Contracts feature and participate in the preferred ones. The dedicated platform will be updated in real-time to keep up with the ongoing campaigns. This will benefit both sides of the giveaway — the campaign creator and the participant. The organizer will be able to track all his active campaigns, attract more participants and enhance their social media reach. The participant will increase their chances of winning some assets in various social media events and actions.

Stay tuned and follow our social media for more information and updates on the development progress of our decentralized giveaway platform!

Check out our teaser video: https://www.youtube.com/watch?v=u5xYNyDbg_8

About VAIOT

VAIOT offers a portfolio of blockchain-based AI Assistants for businesses and consumers to provide automated services and transactions. Faster, easier, and affordable.

For more information about VAIOT, visit our website www.vaiot.ai, or have a look at the Twitter and Telegram Community.

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VAIOT is combining AI & Blockchain to develop IVAs – Intelligent Virtual Assistants, for both consumers and businesses.