International Research Journal of Engineering and Technology (IRJET)
e-ISSN: 2395-0056
Volume: 11 Issue: 04 | Apr 2024
p-ISSN: 2395-0072
www.irjet.net
Crowdfunding Decentalized Application Rugved Khatu1, Avdhoot Hadke2, Sarvesh Nilwarna3 , Prof.Prajakta Khelkar4, Prof.Praveen Shinde5 1Student, Department of Computer Engineering, VPPCOE&VA, Mumbai
2Student, Department of Computer Engineering, VPPCOE&VA, Mumbai 3Student, Department of Computer Engineering, VPPCOE&VA, Mumbai
4Associate Professor, Department of Computer Engineering, VPPCOE&VA, Mumbai 5Associate Professor, Department of Computer Engineering, VPPCOE&VA, Mumbai
---------------------------------------------------------------------***--------------------------------------------------------------------1.1 AIM AND OBJECTIVE
Abstract - The crowdfunding decentralized application
(Dapp) for this initiative is utilizing blockchain technology to transform conventional fundraising techniques. The Dapp, which is based on a decentralized network, offers people and organizations looking for funding for their projects an effective, secure, and public platform. Contributors can participate in trustless transactions via smart contracts, which guarantee that payments are released only after certain milestones are met. Because the Dapp is decentralized, there is no need for middlemen, which lowers costs and improves accessibility for supporters and fundraisers alike. This Dapp for crowdsourcing is an innovative way to democratize fundraising and encourage creativity in the digital age. It has features that are intended to protect against fraud, foster community involvement, and improve the user experience.
This research project aims to investigate and clarify the groundbreaking potential of DApps for crowdsourcing. Our primary objective is to examine the internal workings of these platforms and find out how they employ blockchain technology to build a decentralized, transparent, and secure fundraising environment. We will examine the distinct advantages they offer over traditional models, including trustless transactions facilitated by smart contracts, governance systems governed by the community, and inventive incentive structures offered by tokenization. Our study's ultimate goal is to assess the broader impacts of crowdfunding DApps, such as how well they can empower creators, engage and recompense communities, and create entirely new avenues for easy and secure fundraising. Our mission is to shed light on the crowdfunding industry's paradigm shift and the impact it has on creators and backers, opening the door for a more empowered and cooperative future for collective financing. In order to do this, we will assess the DApp ecosystem's present state and project its future course.
Key Words: Blockchain, Decentralized Application (Dapp), Decentralized Crowdfunding, Blockchain Crowdfunding, Smart Contracts, Trustless Transactions, Transparent Fundraising, Cryptocurrency, Crowdfunding, Intermediary-Free
1. INTRODUCTION
1.2 PROBLEM STATEMENT
The advent of blockchain technology starting from the very first white paper of bitcoin[1] has brought about a revolutionary change in the constantly changing realm of fundraising, leading to the creation of innovative platforms that surpass the limitations of conventional crowdfunding. The field of decentralized applications (Dapps) for crowdfunding is examined in this paper, along with how they can drastically change the fundraising environment. As blockchain technology upends established financial paradigms, the inherent characteristics of decentralization, transparency, and smart contract capabilities come together to redefine how individuals and businesses obtain financing. The goal of this research is to investigate the intricacies of an emerging ecosystem that has enormous promise for democratizing finance access and fostering a new wave of cooperative innovation. It accomplishes this by carefully analyzing the benefits, drawbacks, and features of blockchain-based crowdfunding Dapps.
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Impact Factor value: 8.226
Traditional crowdfunding systems have intrinsic limitations, despite the fact that they offer access to cash. Risks that impact both authors and backers include lack of financial management, centralized authority, and uncertainty about costs. While creators deal with platform limits, exorbitant costs, and a limited audience, funders worry about responsibility, transparency, and possible fraud. In addition, financial constraints or geographical isolation are common reasons why traditional institutions fall short of involving individuals and communities. These restrictions erode confidence, inhibit creativity, and create an uneven playing field. Crowdfunding DApps then present decentralization, security, and transparency as possible solutions. This article looks into how crowdsourcing DApps could help address these current problems and create a more powerful, fair, and efficient crowdsourcing finance environment.
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