- Motivation:
Crowdfunding has disrupted the way of financing and allowed the startups to raise funds without much hustle and bureaucracy. Crowdfunding platform takes a commission and matches the needs and expectations of funders and fundraisers. Blockchain technology is a decentralized ledger, more efficient, safe and tamper-proof system of nodes in connection. Introduction of blockchain in crowdfunding will make it more reliable, transparent, trusted, decentralized, cost-efficient and convenient. A crowdfunding platform which was acting as an intermediary before will only provide the technology and name is its own crypto-currency which will act as a medium of transaction and exchange. Fundraisers will generate their own currency and everyone on the network will be notified about the project. Funders will buy this crypto-currency to claim its share in the project and can withdraw any time by selling the currency and losing the share in a project or transferring it to another project.[1]
Blockchain-based crowdfunding is an emerging economic phenomenon and a state-of-the-art strategy to finance ventures. It bears similarity to conventional crowdfunding, but has its own unique characteristics. Therefore, the success factors that affect the outcome of traditional crowdfunding may have a different impact on blockchain-based crowdfunding. Despite the fact that the number of blockchain-based crowdfunding campaigns has increased drastically in the past few years, there is a lack of good understanding of what the success factors are for them in comparison to the ones for conventional crowdfunding. Such understanding is crucial for companies to design their blockchain-based fundraising initiatives properly and facilitate potential investors to seek main signals and drivers of outstanding projects. Furthermore, it could help regulators and market participants to understand how the existing regulatory framework applies to blockchain-based crowdfunding. Due to specific characteristics of blockchain-based crowdfunding, regulatory frameworks may require potential re-interpretation of requirements to allow an effective application of regulations. To fill this knowledge gaps, we have reviewed a set of relevant literature on success factors for conventional and blockchain-based crowdfunding. The result of this literature review sheds light on the directions for future research and development. The contribution of our work is a better understanding of the distinctions and similarities of blockchain-based crowdfunding compared to traditional crowdfunding.[2]
Crowdfunding has disrupted the way of financing and allowed the startups to raise funds without much hustle and bureaucracy. In the existing model, Pool of people contribute small amounts of money towards a project or cause and expect some financial or non-financial returns. A crowdfunding platform takes a commission and matches the needs and expectations of funders and fundraisers. Blockchain technology is a decentralized ledger, more efficient, safe and tamper-proof system of nodes in connection. Introduction of blockchain in crowdfunding will make it more reliable, transparent, trusted, decentralized, cost-efficient and convenient. A crowdfunding platform which was acting as an intermediary before will only provide the technology and name is its own crypto-currency which will act as a medium of transaction and exchange. Fundraisers will generate their own currency and everyone on the network will be notified about the project. Funders will buy this crypto-currency to claim its share in the project and can withdraw any time by selling the currency and losing the share in a project or transferring it to another project. Blockchain can further improve this unique and contemporary way of raising funds by making it more reliable and transparent. [3]
Initially, blockchain was only used as a foundation of cryptocurrency, but today, we can see the rise of this new emerging technology being implemented in many industries. In the future, most technologies around the world are expected to use blockchain as an efficient way to make online transactions. One of the areas that blockchain technologies can be applied is crowdfunding platforms. The most common problem with the current crowdfunding scene around the world including is that the campaigns are not regulated and some of the crowd-funding campaigns turned out to be fraud. Besides, the completion of some projects also was significantly delayed. This project aims to solve these problems by applying Ethereum smart contracts to the crowdfunding site so that the contracts will be fully automatically executed, thus preventing frauds and ensuring that the projects can be delivered within the given duration. [4]
Online crowdfunding enables people to raise funds for their project. People who are interested in a project can donate by making an online transaction. The donated money goes to the project manager, which he uses to complete the project or to make a product. This existing method of online crowdfunding has a major drawback. It does not allow contributors to have control over the money they have contributed. Since in the existing method the project manager has all the control over the money contributed, he can very easily perform malicious activities. Here we address this problem faced by the existing online crowdfunding platforms by using Ethereum network and smart contract. The development of Blockchain technology has allowed businesses to build decentralized models. It has derived new methods to conduct transactions and make agreements. One of the technologies that propose an alternative to the traditional model is the smart contract. A smart contract is similar to a contract in the physical world, but it is digital and represented by a tiny computer program stored in a blockchain. These smart contracts can be used to implement logic. A method has been proposed here that uses smart contracts to manage all the activities performed in a crowdfunding campaign. The proposed method has been implemented and its various features are tested by funding campaigns on Rinke by test network. [5]
Crowdfunding is a mechanism of raising capital from investors for funding new business ventures. To facilitate crowdfunding, different crowdfunding platforms are available, such as Kickstarter and Indiegogo. Crowdfunding platforms provide a convenient way of raising funds for startups from investors. The major downside of the conventional crowdfunding platforms is that they require users to pay a few percentages of the funds raised to the crowdfunding platforms as platform fees (e.g., Kickstarter charges 5% of the total fundraised as platform fee). In addition to platform fee, users are required to pay transaction fees to the payment processors. In this paper, we propose a secure and decentralized crowdfunding mechanism based on blockchain technology. The proposed crowdfunding mechanism eliminates the need of conventional crowdfunding platforms that charge entrepreneurs a sum of money as platform fees. The proposed mechanism allows entrepreneurs to make use of the total funds raised from investors and provides an immutable ledger of transactions between investors and entrepreneurs. [6]
In the situation of the Covid-19 plague, many organizations are raising funds to help local governments to obtain additional sources of funds that will be distributed to those in need. Trust is an important factor for the parties involved in raising these funds, both in terms of the funder, the service provider of fundraising platform and even the fundraiser. On this occasion, the author tries to analyze how to implement blockchain technology and smart contracts in the dominant schemes of crowdfunding process. the results of this study indicate that blockchain-based smart contracts can be applied to the dominant schemes of crowdfunding process. [7]
- Problem Statement:
Donation is the act of giving money, goods, or other resources to a person or organization without expecting anything in return. It is often done to support a charitable cause or to help those in need. But there are several problems with donations that exist today. First of all, Lack of transparency. Donors often don't know how their donations are being used or distributed, which can lead to a lack of trust in charitable organizations. Second one is scams and fraud. Unfortunately, there are individuals and organizations that take advantage of people's generosity and use it for personal gain. Third one is Political influence. Donations may be influenced by political or ideological agendas, leading to conflicts of interest and bias in distribution. Other reasons are mismanagement, donor fatigue and also inequality in distribution. Charitable organizations may not have proper management practices in place, resulting in inefficient use of funds and resources. With so many organizations competing for donations, donors may become overwhelmed and hesitant to give. Donations may not be distributed equitably, with some groups or regions receiving more attention and resources than others. Overall, these issues can make it difficult for donors to feel confident in their contributions and for charitable organizations to effectively carry out their missions. On the other hand, when people do not donate, it can have a significant impact on the individuals or organizations in need. Charitable organizations may struggle to meet their financial needs, resulting in a reduction of services or resources provided to the community. This can have a direct impact on the people who rely on these organizations for support, such as those who are homeless, living in poverty, or struggling with a medical condition. In some cases, the government may step in to provide assistance, but this may not always be sufficient or timely. The lack of donations can also lead to a cycle of poverty and inequality, as those who are most in need are unable to access the resources and opportunities that can help them improve their situations.
- Objectives & Project output:
Objectives: The main objective of the proposed solution is to create a smart blockchain based crowdfunding platform (Web Application) so that it can become a source money for a project by asking many contributors to donate a small amount to it individually. People using “Sampradan” can crowdfund for just about anything. This could be medical expenses, friends and family, education costs or simply just a charity which is close to their heart. “Sampradan” In general, a charitable crowdfunding project that involves three parties: the project initiator, who launches a project to be funded; supporters, whose donations and sharing support the project; and platforms that bring project initiators and supporters together. First of all, this online crowdfunding platform can help reach a wider audience. It will allow organizations to reach a wider audience beyond their local community or personal network. This can help them connect with potential donors from around the world who share their cause or interests. Our project will Make it easy for people to donate money online using a credit card, debit card, or other payment methods. This eliminates the need for mailing checks or physically visiting a donation center, making the process more convenient for donors. And the most important one that our project will help is transparency. It will provide donors with more transparency about where their donations are going and how they are being used. Organizations can provide updates on the progress of their campaigns and show how the money is being spent.
Project Output:
Sampradan (A Block-Chain based Crowdfunding Web Platform) will be a website where people can donate and get donations easily.
- Effect on society:
During a time of disaster or tragedy, victims and survivors who do not have adequate resources to support themselves and their families often rely on their networks, as government and charitable support may be slow or even lacking. The “Sampradan” will allow anonymous internet users to provide help and donation to the fundraisers directly. Organizing financial assistance online through “Sampradan” can emerge as an alternative and effective method to seek support and become a popular form of caregiving.
Our crowdfunding platform will provide a platform for social impact projects and causes to be funded. This can lead to a positive impact on society by supporting projects that address social, environmental, or humanitarian issues.
It will allow individuals and organizations to raise funds directly from the public, without relying on traditional financial institutions or gatekeepers. This can democratize funding and give more power to individuals and communities. “Sampradan” will provide an alternative source of funding for projects that may not be able to secure funding through traditional channels. This can improve access to capital for underrepresented communities or projects that are considered high-risk by traditional investors. It can also help build social networks and communities around specific causes or projects. This can foster collaboration and support among like-minded individuals and organizations.
- Requirement Analysis:
Our project has several project outputs, including:
● As our project is developed on Blockchain technology, Blockchain technology will provide an immutable and transparent ledger that can track every transaction on the platform. This can increase transparency and reduce the risk of fraud or mismanagement.
● It will be decentralized, meaning it is not controlled by a single entity. This can increase the security of the platform and reduce the risk of hacking or other security breaches.
● Smart contracts can be used to automate the process of fundraising, which can reduce costs and increase efficiency. Smart contracts can also ensure that funds are only released when certain conditions are met, such as reaching a specific funding goal or achieving certain milestones.
● This project will have lower fees compared to traditional crowdfunding platforms because they do not require intermediaries to manage transactions.
● This website can be accessible to anyone with an internet connection, regardless of their location or country of origin. This can help organizations reach a global audience and increase their chances of success.
Overall, our platform will provide increased transparency, decentralization, smart contract automation, lower fees, and global reach. These project outputs can help organizations achieve their fundraising goals more effectively and efficiently.
There are two types of requirements in our project.
- Basic Requirement:
The basic requirements for our blockchain-based crowdfunding system can include the following:
● User registration: Users should be able to create an account and provide their personal information, including their name, email address, and payment information. ● Campaign submission: Campaign creators should be able to submit their crowdfunding campaigns and include information such as campaign description, funding goal, duration, and rewards for backers.
● Payment processing: The system should be able to handle payment processing securely using cryptocurrencies or fiat currencies.
● Smart contracts: Smart contracts should be developed to automate the crowdfunding process, ensuring that funds are released only when certain conditions are met.
● Campaign progress tracking: The system should allow campaign creators to track the progress of their crowdfunding campaign, including the amount of funds raised and the percentage of the funding goal achieved.
● Transparency and security: The system should be designed to provide transparency and security for all stakeholders, including project creators, backers, and the platform operator.
● Platform fees: The system should allow the platform operator to charge fees for using the platform.
● Reporting and analytics: The system should provide reporting and analytics functionality to allow campaign creators and the platform operator to track key metrics such as the success rate of crowdfunding campaigns.
Also,
● We conducted over 50+ interview sessions with startup companies, organizations and End Users.
● We gathered information with questionnaires from 100+ companies, organizations and End users. ● We make a prototype and let the users try our system. From that session we gathered some of the requirements. ● We discussed our plan with some professionals and checked the feasibility of our system.
Explanation of the numbers in diagram 5: Start a donation. To fund a newly started project/company. To finance an investment.
Explanation for the numbers in diagram 6: Focus on a particular topic or industry. Large and well-known. Focus on a particular geographical area. Donation based
Figure 1: Questionnaires
These are some of the basic requirements for a blockchain-based crowdfunding system. Depending on the specific needs of the project, there may be additional features and functionalities that need to be added.
- Functional Requirements:
Functional requirements for a blockchain-based crowdfunding system could include:
● User authentication: The system should allow users to authenticate themselves to access their accounts and perform various actions within the system, such as creating and backing projects.
● Campaign creation: The system should allow project creators to create and submit their crowdfunding projects, including details such as the project name, description, funding goal, duration, and rewards for backers.
● Campaign browsing: The system should allow users to browse and search for campaigns based on various criteria, such as campaign category, funding goal, and duration.
● Smart contract execution: The system should use smart contracts to automatically execute crowdfunding agreements, releasing funds to campaign creators only when specific conditions are met, such as the campaign reaching its funding goal.
● Payment processing: The system should enable secure and transparent payment processing, allowing users to make payments using cryptocurrencies or fiat currencies.
● Feedback and ratings: The system should allow users to provide feedback and ratings on projects and project creators, helping to build trust and transparency within the community.
● User management: The system should allow platform operators to manage user accounts, including adding or removing users, modifying user details, and managing user roles and permissions.
● Reporting and analytics: The system should provide reporting and analytics functionality to allow project creators and platform operators to track key metrics such as the success rate of crowdfunding campaigns, the number of backers, and the amount of funds raised.
These are some of the functional requirements for a blockchain-based crowdfunding system. Depending on the specific needs of the project, there may be additional functional requirements that need to be added.
Technical Requirements:
Design Process Model:
Agile process model is the best choice for blockchain-based crowdfunding platform. As it focuses on iterative development, collaboration, and flexibility. This methodology is well-suited for blockchain projects as it allows for frequent feedback and adjustments, which is necessary for developing a complex and constantly evolving technology like blockchain.
Blockchain technology is complex and constantly evolving, and agile methodology allows for flexibility in the development process to accommodate changes in requirements, technology, and user needs. Agile methodology emphasizes iterative development, which means that the platform can be developed and tested in smaller increments, allowing for frequent feedback and adjustments. This is particularly important for blockchain-based projects, as they are often experimental and require ongoing testing and iteration. Agile methodology emphasizes collaboration between team members and stakeholders, which is important for blockchain projects, as they often require input from multiple parties, including developers, designers, investors, and users. This methodology is known for its ability to reduce time-to-market by allowing for quicker development and testing cycles. This is important for blockchain-based crowdfunding platforms, as they need to be launched quickly to capture investor interest and maximize funding opportunities. Blockchain-based projects are inherently risky due to the newness of the technology, regulatory uncertainty, and potential for security breaches. Agile methodology allows for early identification and mitigation of risks through frequent testing and feedback, reducing the likelihood of major issues later in the development process.
Overall, the flexibility, iterative development, collaboration, time-to-market, and risk mitigation benefits of agile methodology make it a suitable choice for blockchain-based crowdfunding platform development.
basic agile pic Design Pattern:
The Model-View-Controller (MVC) design pattern is a popular choice for developing software applications, including blockchain-based crowdfunding platforms. MVC design pattern is a software architecture pattern that separates an application into three interconnected components: the model, the view, and the controller.
- Model: The model represents the data and business logic of your application. It manages the interaction with the blockchain and handles tasks such as project creation, donation management, and transaction processing. The model includes:
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Campaign Model: Manages the data and operations related to crowdfunding campaigns. It handles tasks such as creating new campaigns, updating campaign information, and retrieving campaign details.
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Donation Model: Handles the donation-related operations, including accepting donations, managing donor information, and tracking the total amount raised for each project.
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Transaction Model: Handles the processing transactions, verifying donations, and updating the ledger.
- View: The view is responsible for presenting the data to the users and handling user interactions. In your case, the view will include various web pages and interfaces that allow users to browse projects, make donations, and view project updates. The view includes:
-
ProjectListingView: Displays a list of available projects, including their titles, descriptions, and funding progress. It allows users to browse through the projects and select one for donation.
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DonationView: Provides a form or interface for users to enter donation details, such as the amount they want to contribute and the payment method they prefer.
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ProjectDetailsView: Displays detailed information about a selected project, including updates from the project initiator, transaction history, and progress towards the funding goal.
- Controller: The controller acts as an intermediary between the model and the view. It handles user input, updates the model accordingly, and ensures the appropriate view is displayed. The controller includes:
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ProjectController: Manages the flow of information and actions related to projects. It handles tasks such as creating new projects, updating project information, and retrieving project details to display on the views.
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DonationController: Handles user interactions related to donations, including accepting donation details from the view, updating the donation model, and processing the transaction using the transaction model.
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ViewController: Controls the navigation between different views based on user actions, such as selecting a project, making a donation, or viewing project details.
Figure 2: Model-View-Controller (MVC)
Figure 2 represents the modules involved in this project are
- Registration-Fundraiser
- Registration-Funder
- Service provider platform
- Transaction platform
- Blockchain creating and mining
The fundraiser will register on the service provider platform. For storing the meta details about the fundraiser, we can use the MySQL database. Also, every time I scanned the immutable entry added in the table. It consists of 2 entities, the registration platform and the fundraiser. Similar to the fundraising registration process, donors certainly need to register with a fundraising platform service provider. It consists of 2 entities, the registration platform and the fundraiser. For storing the meta details about the funder, we can use the MySQL database. Also, every time I scanned the immutable entry added in the table. In the service provider platform, the fundraiser will raise their fund by posting their requirement and details about the requirement. These data are stored in a MySQL database. In the transaction platform each transaction details are recorded in the blockchain for e.g.: If the funder donates the amount to the fundraiser this transaction is stored in the blockchain. All the transactions received can be viewed by the fundraiser. The funder can track the transaction and check whether the amount is received by the valid fundraiser. In blockchain creation and mining the blocks are created. The data is scanned on each new block created. The MVC design pattern is used to provide a clear separation of concerns between the different components of the application. This separation allows for easier maintenance, testing, and scalability of the platform, as changes can be made to one component without affecting the others. It also allows for the reuse of code and components, which can reduce development time and increase efficiency. The separation of concerns, reusability, modularity, extensibility, and security benefits of the MVC design pattern make it a suitable choice for developing blockchain-based crowdfunding platforms.
- Methodology:
We have designed our software model using UML. UML (Unified Modeling Language) diagram is a visual representation of a system or software project, designed to help developers and stakeholders understand and communicate different aspects of the system. UML diagrams provide a standardized set of symbols and notations to describe various elements of a system and their relationships. The different types of UML diagrams are used to represent different aspects of the system, such as structure, behavior, interactions, and architecture. UML diagrams can be used throughout the software development process, from requirements gathering and analysis to design, implementation, and testing. They can help to identify potential issues, clarify requirements, and communicate the system's design to stakeholders. UML diagrams provide a useful tool for software development teams to document and communicate the design and functionality of a system in a standardized and visual way.
Figure 3: The UML diagram
Fig.3. represents the use case diagram of the project. This represents how the application actually works by showing the tasks done by admin, donor and fundraiser. The fundraisers will register on the platform and then they can raise funds by creating a donation campaign. The donor will also register on the platform and then view the campaigns and campaign details then he can donate to the campaigns. The admin will manage all the processes of verification, security and payment. That's how the donor, fundraiser and admin will work mutually to run the platform.
Figure 4: Blockchain transaction chain
Blockchain, a decentralized digital public ledger managed by a peer-to-peer network to maintain consensus on the current state of the system. With the consensus built into the system it makes it impossible to spend the same coin twice because everyone on the network, via the block mining algorithm they run, will agree on the same sequence of transactions that determine the current state of the coin ownership.
Figure 5: A simple blockchain structure of our Project
Figure 6: A basic crowdfunding architecture
The basic architecture of crowdfunding is depicted in Fig.6. a basic crowdfunding architecture diagram, concentrating on high-level components. All interactions between a campaign creator (a person arriving in the platform to raise funds) and a campaign investor (a person arriving in the platform to invest ether) are mediated by 22 the smart contracts written for crowdfunding deployed in Ethereum blockchain platform. For example, if an investor wants to invest a certain amount of Ether in a particular campaign that interests him, a transaction is initiated and sent to Ethereum network with additional Ether to pay for the mining fees. Creating a campaign has other meta-data associated with it such as the campaign description, detailed plan and concept about the campaign, images and videos to describe the concept, documents such as white paper and creator or team name. All these meta-data are stored in IPFS and fetched by the library component when the application loads to supply to the view component. The view component is responsible for building the HTML view displayed to the user.
Figure 5: Library component using Metamask to communicate with Ethereum nodes
As shown in Fig.5. library component using Metamask to communicate with Ethereum nodes library component uses web3 (Ethereum JavaScript API) to trigger transactions depending on the user interaction with the view component. Metamask acts as a lightweight client that provides async functionality to library components for making calls 23 to Ethereum network using APIs provided by web3. Metamask also tracks the transaction processing and updates the library component about the status of mining of that transaction. A transaction needs to be signed before it can be sent to Ethereum blockchain. Metamask handles this by using the API’s provided in the web3 library. Once the transaction is signed Metamask will make an RPC call to send the transaction to Ethereum network where the smart contracts are deployed. Metamask polls Ethereum network to check the status of the transaction and update the library component using a callback function present in the library component.
Figure 7: Crowdfunding smart contract design
The layout of crowdfunding smart contracts is shown in Fig.7. crowdfunding smart contract design. The root of the platform is CampaignRegistry contract, which is created only once and contains all the campaigns referenced that are created in the platform. When a new campaign contract is created its contract address and contract creation timestamp is stored in the Campaign registry contract. The crowdfunding platform fetches all the contract references, stored in a struct data type, from Ethereum network when the app is loaded and builds the landing page with campaign tiles. The CampaignDataRegistry contract contains information about IPFS hash, where a contracts metadata is present, so that when a campaign details page has to be built the crowdfunding dapp can call this contract and use the reference returned to fetch a campaign’s images, videos and other details. It consists of a map that takes in a campaign’s address and returns the corresponding IPFS hash. IssuedToken contract contains details pertaining to a campaign specific token that is issued to the investor. It is associated with an enhancer contract that triggers the transfer of tokens to a particular investor if the campaign succeeds. ModelEnhancer contract as the name suggests is an enhancer contract that contains details about each contribution to the campaign and calculates the number of campaign specific tokens to be issued in case the campaign succeeds. StandardCampaign contract is the most important contract that handles the business logic flow of a campaign. It contains the contributor contribution details and stage information of a campaign such as success, operational and failure details. Every campaign when 28 is created will have its own standard campaign contract that guides the execution of the campaign. Depending upon the result of funding standard campaign contract triggers model enhancer contract to disperse camping specific tokens or creates a balance claim contract to transfer ether that has to be refunded to the investors. In case of a campaign failure, a standard campaign contract triggers multiple claim balance contracts for each investor to get his investment back. Standard campaign uses a struct data type called contribution to record all the contributions made to a campaign. It refers to this datatype in case of a camping failure to create the balance claim contracts.
Software Process Model:
We have used Agile Methodology for software process models. Agile process model is the best choice for blockchain-based crowdfunding platform. As it focuses on iterative development, collaboration, and flexibility. This methodology is well-suited for blockchain projects as it allows for frequent feedback and adjustments, which is necessary for developing a complex and constantly evolving technology like blockchain. We particularly used Scrum, which is an agile framework for managing and completing complex projects, particularly in software development. The framework is based on an iterative and incremental approach to project management, where the project is divided into smaller and more manageable parts, called sprints. The Scrum framework emphasizes flexibility, continuous improvement, and collaboration. By breaking down the project into smaller parts and regularly reviewing progress and feedback, the Scrum framework can help teams adapt to changing requirements and deliver high-quality products in a timely manner
- Final Result of Project:
Project Result:
HomePage:
Note: In the home page, a user can see the running campaigns.
Details of a campaign:
Note: A user can open a campaign and view the details of the campaign (Purpose, Amount want to rise, Amount they already raised etc)
Signup Page for user:
Signup Page for Organization:
Login Page:
Signup Process for Organization in Blockchain:
Note: Data of registration is stored on a block.
Note: Transaction for storing the data is successful and data stored in the block and publically available.
Verification Process for Public:
Note: with our block address people can access the details of the organization and verify them before donation.
Create Campaign Section:
Note: By filling the details, the organization can create a campaign.
Donation System:
Payment Options:
Note: Donation is received through payment gateway. Also, Amount updated.
About Us Page:
Contact Us Page:
All Campaigns Page:
Profile Page:
User:
Organization:
Note: Users and organizations can update their details from here.
Manage Campaigns:
Search Campaigns:
- Conclusion & Future work:
Conclusion:
As the world is moving towards Web 3.0 and decentralized systems to solve their daily problems, it is important to test and build new alternative architectures that show us the ideology to provide innovative solutions. With the existing solutions in the crowdfunding world created and handled by intermediary corporations that have a say on various parameters of a campaign, the alternative solution based on peer-to-peer network handling the campaign transactions seems ripe. This project explores ways to remove intermediaries in a crowdfunding business use case. This was done with the help of smart contracts, written for the crowdfunding dapp application deployed in Ethereum blockchain, that guide the execution of a transaction. This interaction allows users to create and invest ether into campaigns that interest them. Without much effort campaign creators and campaign investors can perform their intended activities using the crowdfunding platform. There are new emerging blockchain platforms such as EOS, Stellar, Cardano and NEO that provide more language choices and platform configuration choices compared to Ethereum but these platforms haven’t proved themselves yet. EOS looks like a promising platform and in future this project can be moved to EOS if it proves to be a better choice than Ethereum.
Future Work:
The future scope of this project aims to minimize the transactional slippage while converting different cryptos to stable coins by devising an algorithm to convert stable coin with the highest out amount within a given time frame. Since at the beginning the fees are expected to remain high, we will therefore aim to reduce the transactional fees in the future. The transactions taking place in the Ethereum network will be enhanced to other networks and ecosystems. Cryptocurrencies build on other ecosystems will also be included for making transactions. Soon we will be enabling transactions to take place on PancakeSwap as there is a wide availability of cryptos on that platform, since on Uniswap the fees are comparatively much higher in accordance with the availability of cryptocurrencies, than on PancakeSwap.
- Reference:
[1] Baber, H., 2020. Blockchain-based crowdfunding. Blockchain Technology for Industry 4.0: Secure, Decentralized, Distributed and Trusted Industry Environment, pp.117-130.
[2] Hartmann, F., Grottolo, G., Wang, X. and Lunesu, M.I., 2019, February. Alternative fundraising: success factors for blockchain-based vs. conventional crowdfunding. In 2019 IEEE international workshop on blockchain oriented software engineering (IWBOSE) (pp. 38-43). IEEE.
[3] Baber, H., 2020. Intentions to participate in political crowdfunding-from the perspective of civic voluntarism model and theory of planned behavior. Technology in Society, 63, p.101435
[4] Saadat, M.N., Halim, S.A., Osman, H., Nassr, R.M. and Zuhairi, M.F., 2019. Blockchain based crowdfunding systems. Indonesian Journal of Electrical Engineering and Computer Science, 15(1), pp.409-413.
[5] Pandey, S., Goel, S., Bansla, S. and Pandey, D., 2019, March. Crowdfunding fraud prevention using blockchain. In 2019 6th International Conference on Computing for Sustainable Global Development (INDIACom) (pp. 1028-1034). IEEE.
[6] Kumari, S. and Parmar, K., 2021. Secure and decentralized crowdfunding mechanism based on blockchain technology. In Proceedings of the International Conference on Paradigms of Computing, Communication and Data Sciences: PCCDS 2020 (pp. 79-90). Springer Singapore.
[7] Ashari, F., Catonsukmoro, T., Bad, W.M. and Sfenranto, W., 2020. Smart contract and blockchain for crowdfunding platform. International Journal of Advanced Trends in Computer Science and Engineering, pp.3036-3041.