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Pledgecamp: redefine crowdfunding with blockchain Technology

Time : 26/01/2022 Author : 0z1mlu Click : + -
        The development of the Internet has changed all aspects of people's lives. Social networking, supply chain, finance and consumption are deeply affected by the Internet. If someone asks, what innovations have the Internet brought in the past decade? I believe many people will think of Internet crowdfunding. The concept of crowdfunding does not come from modern times. In fact, it has existed since the 18th century. At the earliest, some artists provided creative funds for themselves through crowdfunding, and provided copies of their works to investors after their works came out. Later, the way of crowdfunding gradually spread. For example, the installation and completion of the famous statue of Liberty was realized by crowdfunding. In the Internet era, since the birth of indiegogo and KickStarter, the pioneers of online crowdfunding, Internet crowdfunding has become popular, including film and television crowdfunding, real estate crowdfunding, game crowdfunding, and product crowdfunding.
 
        In recent years, Internet crowdfunding is full of tricks, but while crowdfunding is booming, we must see that there are still problems in the crowdfunding industry, such as imperfect supervision mechanism, low participation threshold, lack of credit evaluation system, which also affect the enthusiasm of investors and restrict the benign development of the whole industry. Take the return crowdfunding with relatively low participation threshold as an example. At present, there are many pain points in the crowdfunding industry, the most important of which are three points:. 1. In order to raise more funds, creators usually pack their products high and high, resulting in excessive publicity, such as boasting about high-end concepts and gimmicks, but the actual delivered products are far from the publicity, and most of them are deceptive, which leads to investors' disappointment after receiving physical goods and affects investors' desire to participate in crowdfunding later.
 
        2. Most of the teams that need crowdfunding are start-ups. The quality and supply chain management of crowdfunding products are not perfect. Often a link falls off the chain, which will cause delivery delays. Therefore, it is often seen that the crowdfunding platform issues announcements, and the delivery of projects is delayed, and it is often delayed for several months, resulting in poor user experience. 3. After sales and service can't keep up. Most crowdfunding products are customized in small batches, and the construction of after-sales system lags behind. In addition, if the product is not good, it is easy to affect the subsequent sustainable development of the creator, causing great trouble or even no after-sales maintenance for users. Moreover, because crowdfunding is usually in the form of donations rather than sales, it is difficult for participants to safeguard their interests through legal means.
 
        The biggest reason for these current situations is the lack of accountability mechanism, opacity and centralization. As long as the number of crowdfunding meets the requirements, the platform will pay the funds raised by the crowdfunding to the creators, who can control it at will, and the participants cannot supervise the progress of product development and supply. And because most of the creators' real information is confidential, participants are also unable to provide other help beyond financial assistance. On October 24, when hosting the 18th learning, dada stressed that it was necessary to seize the opportunities of blockchain technology integration, function expansion and industrial segmentation, and give full play to the role of blockchain in promoting data sharing, optimizing business processes, reducing operating costs, improving collaboration efficiency, and building a credible system.
 
        The characteristics of blockchain are not described here. If blockchain technology can be combined with the crowdfunding industry, by moving the crowdfunding process to the chain, the whole crowdfunding process can be made public and transparent, and the funds of crowdfunding can be supervised, which effectively solves the pain point of weak supervision and control of the crowdfunding industry described above, and makes it a better crowdfunding model, which we call &mdash& mdash; Crowdfunding 2.0. In fact, for the combination of blockchain + crowdfunding, an American blockchain company has conducted in-depth exploration and landed. The project launched by the company is called pledgecamp platform, which uses the characteristics of blockchain technology, introduces the accountability and transparency of smart contracts, and innovatively adopts the dual pass economic system to balance the interests between creators and investors, and solves the long-term problems of crowdfunding.
 
        Pledgecamp project consultant, mark · Zuckerberg's sister &mdash& mdash; Randizuckerberg Randy · Zuckerberg said in an interview with American media that blockchain technology will bring great changes to the crowdfunding industry. The three mechanisms proposed by pledgecamp, namely sponsor insurance + capital pledge + decentralized user mediator, will be the best solution to the pain points of the crowdfunding industry. 1. Sponsor insurance: pledgecamp proposed a "sponsor insurance" mechanism to ensure the rights and interests of supporters.
 
        Simply put, the funds raised will be paid to the creators in stages through smart contracts, rather than one-time payment like traditional online crowdfunding. At each payment stage, the creator needs to upload his own development progress, and all sponsors vote. After passing, the smart contract will automatically transfer the funds raised at this stage to the creator, otherwise it will not be paid. This can effectively prevent the creator from not fulfilling his promise after receiving the money. 2. Capital pledge: pledgecamp adopts the mode of capital pledge. Creators need to pay a deposit in advance before releasing their projects on the pledgecamp platform, which is similar to opening a store on an e-commerce platform.
 
        Creators need to ensure that the projects they publish must comply with the platform regulations and relevant laws and regulations. When the creator uploads a series of certificates proving the creator's true information and strength, such as company information, identity certificate, intellectual property rights, code, etc., the deposit can be refunded in full. This is to raise the threshold of platform access and prevent fraud and malicious projects on the platform. 3. Decentralized user managers: in this era when artificial intelligence is not enough "intelligent", any platform needs managers to maintain the benign development of the platform, otherwise it will be filled with malicious content, which ultimately depends on the rule of man. But how to ensure that centralized platform management will do something unfair for interests?.
 
        Pledgecamp has created a decentralized management mode, and those who exercise management functions are called mediators. The mediator and the platform are a community of interests, but not an employment relationship. The number of mediators is not one or even several. As long as they meet the requirements, they can become mediators. Any user who has doubts about the project on the platform can apply for the mediator to intervene. In order to prevent mediators from practicing favoritism and malpractice in management, the platform system will randomly select 12 mediators from the pool of mediators to form a temporary evaluation committee after receiving the report application. 12 mediators need to vote within 24 hours and at least 7 mediators reach a consensus before it takes effect.
 
        It is worth noting that before this, no one can know who will be the mediator of the trial. How does pledgecamp ensure that the decentralized mediator model can work well? First, the mediator needs to make a bet to prove that he is consistent with the whole platform and users. Second, in order to motivate the mediator, the platform will give the mediator a listing fee as an incentive. It's not just the decentralized mediator model that uses plg& CS dual token system, the entire pledgecamp platform relies on tokens to provide power and promote the benign operation of the platform. PLG is a functional token of the pledgecamp platform currently issued based on Ethereum erc20 standard. In the future, part of it will be migrated to the coin security chain, and a token named "PLG. B" will be generated based on the bep2 standard of the coin security chain.
 
        PLG is used to realize some key functions of the platform operation, such as the creator's deposit mentioned above, and user support for crowdfunding. PLG is also involved through PLG. PLG will be the only circulating value target in the pledgecamp ecosystem. Seeing this, some people must think that this is no different from the general air projects that issue money in the name of blockchain, because most projects also claim to recognize only their own tokens in their own ecosystem. There is a huge gap, because most projects do not have an application scenario that requires token as the only circulation. Pledgecamp is different. For a decentralized distributed crowdfunding platform facing the world, the creators and participants may come from all over the world. If all crowdfunding is carried out with legal currency, there will be many problems.
 
        For example, after the creator receives the crowdfunding funds, it requires a high handling fee to convert them into domestic legal currency, and it is also very troublesome if he meets the questions of the foreign exchange control agencies. Secondly, if the sponsor insurance plan of pledgecamp is settled in legal currency, in the face of so many kinds of legal currencies, it will also cause a great waste of resources and funds to the platform when it is implemented. If PLG pass is adopted, it can be automatically implemented through smart contracts. In the decentralized mediator model mentioned above, mediators need to be consistent with the interests of the platform and platform users, and motivate mediators. If PLG is used for incentives, problems will arise. Token itself has price fluctuations. When the value of token rises, the impact is positive. When the value of token falls, the incentive effect will be greatly reduced, and even trigger a chain reaction.
 
        This has been learned in the operation of some blockchain UGC content creation platforms. The pledgecamp platform has also taken this into account and proposed a better solution, that is, camp (CS), another important part of the dual token economic system. Camp (CS) is the equity certificate of pledgecamp platform. Unlike PLG and traditional equity, CS cannot be sold and traded. It just represents the share certificate of CS platform. Holding 100000 CS can become a pledgecamp mediator and maintain the benign operation of the platform. Mediators can get the settlement fee dividends of the pledgecamp platform according to their workload and holdings, but it should be noted that in order to ensure the normal operation of the administrator mode of the platform, the platform will require each mediator to be "on duty". When the mediator fails to respond to the adjustment application three times, he will be disqualified as a mediator.
 
        On the contrary, when the mediator performs the contract in time, the settlement fee can be received at the end of the month. How to obtain the non tradable and non saleable equity token CS? PLG holders can pledge their PLG to non-profit companies to obtain CS in the proportion of 1plg=1cs. Pledgecamp platform has the right to give a more favorable exchange ratio during the platform promotion period, so exchange should be made as soon as possible. Users can also choose to destroy their CS and exchange them back to PLG. The whole process takes 30 days. Pledgecamp's dual token economic system has greater advantages over other dual token projects. The dual token of most projects adopts the mode of functional token + stable currency. The stable currency set by the platform often cannot maintain and anchor the conversion of legal currency for a long time, because the reserve of the platform is opaque and cannot cope with the risk of run.
 
        Therefore, there is no need to replace usdt and other stable digital currencies accepted by the market. There is also a common dual currency pledge in the market. Although it belongs to the stacking pledge economy under the defi distributed financial system with pledgecamp, it is also very different. The second currency of most projects is only to share the foam of the main token. Suppose the project introduces two tokens, a and B, that is, by pledging a, participants can get B as income, which avoids the situation that taking a as income will produce a foam. But its essence is still a zero sum game. When the price of B collapses, the whole stacking mode will collapse.
 
        Mainstream countries in the world are gradually beginning to realize the prospect and importance of blockchain technology, and also realize that many phenomena hype the concept of blockchain. It cannot be denied that a considerable number of people are still actively exploring and trying to combine blockchain with industry, just like the pledgecamp team. Since PLG must be used to initiate and participate in crowdfunding in pledgecamp, in order to better serve global users and reduce the threshold of participants, PLG has now logged into famous exchanges such as okex, MXC, bittrex, and has also launched binancedex. These top exchanges can provide services to users in most countries and regions around the world.
 
        From the side, the fact that these top exchanges can launch PLG also proves their optimism for the pledgecamp platform and their recognition of PLG. The pages that can be classified and filtered, the pages that can scroll infinitely, and the vertical image style are all more suitable for the browsing experience of modern people. Users can also easily classify crowdfunding projects, including art design, fashion, games, music and other categories, which can greatly improve the user experience of participants, and is no longer as chaotic as the previous crowdfunding platforms. "People are the yardstick of science and technology, and their values and responsibilities determine the future of science and technology." Pledgecamp's home page is bold: we have redefined crowdfunding and eliminated concerns.
 
        I hope the pledgecamp team can stick to their own ideas and make the platform more perfect.
 
        
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