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Pryze: Automating Sweepstakes Via Blockchain Technology

An application focused on reducing workload

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Pryze protocol is a system or application created on the Ethereum blockchain, that automates the process of selecting winners in token sweepstakes. Pryze will make it easy for new and seasoned sweepstake creators to run their operations. This application is the brainchild of Gil Penchina, who is a co-founder and advisor and Peter Franklin, who acts as the Chief Executive Officer (C.E.O). Others in the Pryze team include Jason McGuirk (CTO), Sherilynn Macale, Head of Marketing and Public Relations and engineers Judd Hendrix and Juan Munoz.

How Pryze Works

Pryze is a decentralized application that is based on Ethereum blockchain. It will enable token sweepstakes to run and maintain their operations at lower costs. The app works on a pool of opt-in users. These users are collected using a mobile app and from sites of previous sweepstakes, to help push alerts for new ones. You simply sign up your sweepstake with Pryze then sit back and wait for the application to automate everything for you.

Why Use Pryze?

Signing up for a sweepstake using the traditional methods is not only cumbersome, but also very expensive. You have to get auditors, marketers, price administrators, make marketing campaigns and have numerous servers. You’ll also have to pay excessive escrow fees.

So why go through all this, when you can simply have Pryze run an automated sweepstake for you? You will avoid the excessive cost of escrow services and marketing consultants.

It has a highly-targeted network of users that helps individuals enter into various sweepstakes with similar or common requirements. Since it is an automated system, it simply collects consumer data, saves it and analyses it for various entries. Users only need a single click entry to participate in multiple sweepstakes.

After collecting the data, the app automates the winner selection process randomly. It then uses the decentralized blockchain to select a winner from the pool of entries. The winner is also announced using the same technology, thus saving sweepstake creators time and money.

There is also an automated and secure platform for collecting tax information. Entrants to sweepstakes do not have to undergo a lot of paper work to provide their tax requirements when collecting their prizes. They simply submit this information on the platform, which then carries out all the verification processes. This  reduces the burden for the creators.

Pryze is designed to reduce burden, and, in the wider market, time-saving applications have generally been widely popular. But what do you think? Will Pryze be a success?

Let us know your thoughts!

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