The 20 highest bidders in the Auction will pay their bid in exchange for a ticket to Devcon VI. All funds/proceeds will be donated to public goods.
Any participants who do not make the top 20 bids will be funneled into a Raffle to win 1 of 80 tickets to Devcon VI. Each person who wins the Raffle will receive a ticket in exchange for paying the reserve price of a ticket.
One Raffle winner will be randomly selected to have their ticket be a Golden Ticket to Devcon VI, which means they will receive that ticket for Free.
There may be future opportunities to provide rewards or discounts to those who hold a Devcon Auction & Raffle POAP NFT.
At Devcon, we have a goal to dogfood built-on-ethereum tech as much as possible. It's a great opportunity to give the community hands-on experience using ethereum-based tech, it's a good opportunity to get feedback on ethereum-based projects, and it's more aligned with our ethos of decentralization and FOSS software.
A digital Auction and/or Raffle system that is censorship-resistant and independently-verifiable is a concept that, before Ethereum, wasn't really possible. It's also a mechanism that has many real-world use cases. Plus, building it on a layer 2 (rollup) allows users to experiment with rollups and feel first-hand their power (and decreased fees!).
Provably fair & Provably efficient
We like auctions because they figure out who wants an item the most, based on how high they are willing to pay for it. This is known as economic efficiency. But this is not the only way to allocate scarce items — and what about someone who really wants to attend Devcon, but can’t compete in the auction? For these folks, raffles are a simple and fair mechanism to draw winners at random.
With a hybrid mechanism, we get the best of both worlds. 20 tickets will serve the demand of those who just can't miss Devcon at any price, while 80 tickets are given out in a provably fair fashion, at face value.
Alternate distribution mechanism
Traditionally, we sell tickets in waves at several different days and times. This however inevitably ends up favoring some time zones more than others. In general, we think there must be better ways (or at least ways with different tradeoffs) to distribute tickets without asking people to wait and refresh a website at a certain time.