Abstract
Generally, to make a campaign,startup, or any innovative idea successful requires some amount of donation. Fundraising or let us say Crowdfunding is an efficient way to raise money for your ideas, campaigns, startups etc. There are a lot of platforms available online and they provide space for setting up your own campaign so that you can gets funds for your campaign. people can go and contribute to any idea they like and get benefit from the pledge that you make. Certainly, there are lot of drawbacks to this model. There is no transparency and no assurance that your money is being put to the right use, there are charges to use the platform and many other issues. We try to over come these issues by making a fundraising platform using smart contract in solidity. This will be more secure as it uses Ethereum blockchain to make all the transactions and all the transactions are ethereum based. Not only this but the contributors have the right to vote for a transaction and only when a minimum consensus is achieved the requested transaction can be made.Contributors can have their own pool of contributors which can be achieved by multi-signature wallet.By creating a multisigned wallet , there will be two factor authentication mechanism to access funds, which are related more to security concerns. This not only enables a transparent transaction but also develops trust in the users of the platform. This not only resolves major drawbacks faced in the current live non blockchain based platforms like Kickstarter but also brings in more efficient platform to serve the purpose.”
Highlights
Ethereum allows running applications in blockchain using solidity. These smart contracts are coded using a high level programming language solidity.” “ The proposed system uses this concept of smart contracts to make a platform that over comes the issues that are there in the current live model for online crowdfunding or fundraising
Smart contracts have an involvement in finance as they involve crypto currencies and that can be used as an alternate source of money and can be made to use transactions.” “[5] Maximilian Wohrer and Uwe Zdun in their paper on Design Patterns for Smart Contracts in the Ethereum Ecosystem explain various methodologies that can be implemented and how to improve their functionality it discusses various ownership pattern.”
“We discuss how blockchain technology can effectively and securely handle the relationship between fundraisers, platforms and the investors.The propose system is better than the previous Crowdfunding platforms because it provides various additional benefit to track the money that an investor spends in the campaign.This type of approach by using a Ethereum smart contract where contributors have an idea of where their money is being sent to, and they have the ability to review these spending requests before the money gets spent.”The control lies in the congress of investors who collectively decide whether to pass or to not to pass a payment to the vendor collectively.It gets passed only when more than 51% of the investors agrees to it
Summary
Today’s era is the era where count to people choosing self employment as an option is increasing day by day. These smart contracts are coded using a high level programming language solidity.” “ The proposed system uses this concept of smart contracts to make a platform that over comes the issues that are there in the current live model for online crowdfunding or fundraising.
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