I am looking to create a simple smart contract based algorithm that provides common random number generation, provided that t out of N participants are honest, where t * 2 > N
The algorithm has the following properties
 at the end, all honest participants know the common random number R
 malicious participants are not able to influence R or make the algorithm stuck.
Preliminary setup
Each participant j register her public keys P[j] with a smartcontract DRNGManager.
Together with the public key P[j] each participant submits to DRNGManager a ZK proof that P[j] is valid and that she knows the corresponding private key.
Commit phase (10 minutes)
Each participant j generates a random EC polynomial of degree t POLY[j]().
The participant then generates a vector of polynomial evaluations A[i] = [POLY[j](i)] at N integer points i.
The participant will then encrypt the evaluations to obtain a vector of encrypted polynomial evaluations G_[j] = [Encrypt(POLY[j](i))].
It then submits to DRNGManager

vector G[j][i]

commitment to POLY[j]

a ZKproof that G[j][i] were correctly generated from POLY[j].
DRNGManager verifies ZKproof on receipt
After the commit phase, DRNGManager will contain j valid vectors G[j], where j >= t.
Reveal phase. (10 minutes)
Each participant j will be able to decrypt and reveal to DRNGManager a vector of points POLY[j](i). The participants will then submit these vector to DRNGManager together with a ZK proof that reveal was done correctly.
After the reveal phase, DRNGManager will include k reveals, where k >= t.
RNG computation phase. For each committed polynomial POLY[j], each participant is then able calculate random number R[j] = POLY[j](0). The common random is then XOR of all R[j]