The use of cryptocurrency for the formation of a fund for the implementation of innovative projects, according to developers from the largest Russian platform for crowdfunding – Boomstarter, is an excellent opportunity to attract business and technology to implement them.
The creators of the new Boomstarter network platform decided to support projects ( the implementation of blockchain systems and tools for mining provides) using cryptocurrency.
This approach eliminates the restrictions for crowdfunding sites in the world and will satisfy the growing demand for this kind of financing without the rigid geographic belonging of the participants.
Now only citizens of only some developed countries can put their projects on such platforms, sponsor transfers are carried out for weeks, or even months, if the authors of the project are not transparent.
Plus, the lack of guarantees for the transfer of funds, that is, the sponsor could plan investments in one project, and the funds will flow to another. Boomstarter network promises no geographical restrictions, its campaign can start regardless of citizenship and location due to the use of smart contracts in Ethereum.
On average, transactions take a few minutes. Algorithms of smart contracts guarantee that when the target amount of fees is reached, authors will be able to dispose of the collected funds without additional conditions. This will be possible thanks to the cryptocurrency and blockchain technology.
When raising funds to support projects, the most common cryptocurrencies will be accepted, which will ensure a safe and fast transfer of funds. Blockchain will ensure transparency in the use of collected funds by project initiators.
Supporters of the project will be able to see all the movements and, if necessary, ask questions to the authors. The project also allows you to mine the cryptocurrency on home computers, earn on it and support with its help the favorite projects on the platform.
This so-called cloud mining is a way to combine the computing power of several computers to mine virtual currencies with their help. There is a completely new way of non-material support: often the project on the crowdfunding platform has many supporters who are not ready to spend their own money for support, but they are ready to spend funds received by mining.
“We have been involved in crowdfunding for six years and we know the problems that exist in this area all over the world. Now, with the help of blockchain technology, we can offer tools to solve these problems and provide truly global access to attracting financial resources for companies and entrepreneurs” – says Maria Dokshina, CEO of Boomstarter Network.
Network Despite all the complexities of crowdfunding in 2017, the value of transactions in this industry around the world was 49% higher than a year earlier, and exceeded 6.5 billion US dollars. This is despite the fact that the most famous platform in the world Kickstarter with its business projects can apply to citizens or companies only from 22 developed countries. Source: pravda.ru