SINGAPORE, June 27, 2018 /PRNewswire/ --
Boomstarter, the biggest platform in Eastern Europe for crowdfunding business and technology ideas, is preparing to launch a new service using blockchain that will be made available across the world.
Headquartered in Singapore, the platform will make transactions faster and more transparent, unite communities across the world, and offer users the option not only to pitch in funds using digital currency, but also by cryptocurrency mining.
By using blockchain technology, Boomstarter.Network aims to remove various challenges and limitations constraining existing crowdfunding services.
A key priority is to remove country restrictions. The world's leading fundraising platforms do not allow users to launch crowdfunding campaigns if they reside outside a very limited number of developed industrialized countries.
Boomstarter.Network essentially aims to democratize crowdfunding by giving people in any country the ability to launch their own projects. The use of cryptocurrencies on Boomstarter.Network will also allow contributors worldwide to support their chosen causes.
Funds will be transferred from contributors to recipients quickly. Transactions will take a matter of minutes, while on existing platforms it can take weeks for funds to be sent and withdrawn.
Boomstarter.Network will also make it possible to support projects by mining for cryptocurrency. The platform will provide contributors with a safe and easy tool for generating virtual currency using just their personal computers. They will be able to retain part of the digital assets they have created and also use them to support their favourite fundraising causes on the platform.
"We have been operating in the crowdfunding space for six years and we know the challenges that this scene is facing globally. Now with blockchain technology we are able to offer solutions to these shortcomings and provide access to crowdfunding worldwide," said Maria Dokshina, a certified fundraising professional and CEO of Boomstarter.Network.
The platform will use smart contracts based on Ethereum blockchain to ensure trust and transparency. These are computer algorithms that will guarantee people raising funds automatically receive the amounts they are due when their preset fundraising goal is reached.
Blockchain technology also offers transparency on how project authors use the funds they have raised. This will allow the community of contributors to track and offer feedback on how project creators have allocated the money they have collected to develop their product.