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Author Topic: Is this actually how it works? (Crowdfunding/WeiFund/EMC2)  (Read 28 times)
PigPigeon
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June 02, 2018, 11:20:51 AM
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Hey folks,

I am trying to deconstruct the logic behind a crowdfunding platform based on blockchain / utilized with blockchain technology.
EMC2 has no Whitepaper, but their platform supposedly helps to fund science projects.
WeiFund has apparently a smart contract template in place which allows users to pitch projects to the community.

a) How does the logic behind it look like? (see lögic sketch)
b) Would it still be worth to utilize some of the blockchain features (voting rights, transaction fees, transparency), if 'Great Coin' would centralize the approval for the 'Super Crafty Smart Guys Project' before it presents the 'Super Smart Project' to the 'Great Coin Community'?

LÖGIC SKETCH: http://i68.tinypic.com/30t4fo9.jpg

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adrianclv-CGS
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June 02, 2018, 11:35:30 AM
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a) How does the logic behind it look like? (see lögic sketch)

More or less, yes. Project requirements are usually not stored on the blockchain/smart contract. They are off-chain (on the website database or even on IPFS). Only the funding and token generation logic are on-chain.

b) Would it still be worth to utilize some of the blockchain features (voting rights, transaction fees, transparency), if 'Great Coin' would centralize the approval for the 'Super Crafty Smart Guys Project' before it presents the 'Super Smart Project' to the 'Great Coin Community'?

Depending on the platform. Some platforms have a centralized authority that approves the projects, others let the community to decide through a voting mechanism and others accept everything (usually after a payment).
There are different projects that include those concepts of voting rights, transparency, etc. to improve the funding. Look for "Coin Governance System", "DAICO", etc.
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June 02, 2018, 11:50:52 AM
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Thanks for the quick answer - I have not heard about 'DAICO'. That is particularly helpful  Kiss
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June 02, 2018, 12:09:09 PM
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Thanks for the quick answer - I have not heard about 'DAICO'. That is particularly helpful  Kiss

You are welcome!
Let me know if you have any other question about crowdfunding with blockchain. I have been working on that for a few years.
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