Despite their popularity, crowdfunding platforms have been increasingly subjected to scrutiny by investors. This is mainly due to most start-ups not living up to their projected growth. Large projects were found to be completely obsolete after a couple of years and investors (mainly community backers) lost their hard-earned money. Last but not least, crowdfunding mainly favors emerging companies. The backers from the early stages can’t really share the success of the company they invested in. They either had a beta product with a discount or had early access to production level assets. However, when a company that was crowdfunded is sold for millions or billions, backers do not gain any profits.
Crowdfunding poses major challenges to backers/investors and creators just the same. The situation prevalent was such that backers had virtually no protection for their investment and were unprotected from failed projects. There wasn’t any security of the money invested.
With this hack, we aim to establish a direct peer to peer connection between the funder and the inventor. A vendor makes a request which is sent to gain approval by the network of funders. Once approved, money is then sent via smart contracts that hold and release finances to the vendor. If the request is not approved, finances will not be sent to the vendor. In utilizing digital ledger technology, each step of a vendor's process which requires additional funding will display how the backer's investment is spent. Each step of a contract must be completed for additional finances to be received. This process ensures accountability and transparency in every step of the process.
Another component of this web app is a page built using UI path showing the symptoms and precautions for COVID19. U I path has been used to extract and scrape data about precautions and symptoms and statistics from different places and also relevant tweets relating to the developments of Covid-19. The UI path images are on Github.
Web development is not really a strong suit of any member of our team. Of all the development processes, we found that a bit challenging as we had to learn and implement them on the go. We also included React and other web components, which made things harder. Also, building an efficient smart contract was not an easy task. After that, figuring out how to integrate it with the web app took some time. A few of our team members faced some dependency issues and package conflicts. It is definitely time-consuming to resolve that.
On top of these, we faced some issues with our internet connectivity. Yet somehow we managed to pull off this hack.
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