Many might be familiar with the famous Reddit button, an online meta-game and social experiment which showcased a 60-second countdown timer that would reset each time the button was pressed. Inspired by the success of the experiment, TheButton.co created a new online button completely based on an Ethereum smart contract where a countdown timer translates to a jackpot.
When the button is pressed, the timer resets. It can be pressed as many times as the user wants with ether as a payment for pressing. The last presser wins the collected ether as a jackpot, but all the funds deposited by pressing the button go into four distinctive “buckets” first:
- The accumulated jackpot (currently 85%)
- Charity (currently 5%)
- Revenue for the devs (currently 9%)
- The rest goes to the next campaign (currently 1%)
The campaign ends if the 30-minute period of the timer runs out. But after that, the next button press will validate the campaign and will start all over. The finalized campaign at hand shows the accumulated ether split according to the pre-set fractions or brackets. Further, the amount of ether for pressing the button varies. There are two factors that affect how the price changes — the variable N and the price multiplier. At the moment, N is equal to 5 and the price multiplier is set to 6%, which means that the price will go high by 6% every 4 presses.
The current charity beneficiary that will get the 5% is Giveth.io , the only Ethereum-powered, open-source platform for building decentralized altruistic communities. They are working on developing the future of through campaigns powered by the Ethereum blockchain. Giveth.io is completely transparent about how the portion of the jackpot will reach certain communities such as Alzheimer’s Support DAC, Greener Planet DAC, and Decentralizing Catalonia.
THE FIRST CAMPAIGN
The first campaign started yesterday, July 19. It has a jackpot of 0.1 ETH. Currently, Campaign 6 is on-going and has started with a jackpot of 0.085 ETH. The same buckets and parameters still apply, but future pressers are advised to always track the N, the price multiplier, and the accumulated jackpot.