Collective
Find funding for your dream projects with Collective, an equity crowdfunding platform managed with smart contracts deployed on ethereum.
Created on 1st December 2021
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Collective
Find funding for your dream projects with Collective, an equity crowdfunding platform managed with smart contracts deployed on ethereum.
The problem Collective solves
A global challenge facing start-ups is the raising of the required funds. Although there are many sources of funds available to entrepreneurs who wish to start new businesses or expand existing ones, the challenge of getting inexpensive funding at the right time still remains a challenge in the small business domain. The emergence of crowdfunding as a brainchild of crowd-sourcing provides an alternative form of funding for start-ups.
Collective is an online equity crowdfunding platform managed by smart contracts on Ethereum. The platform enables start-ups and projects to raise funding in return of equity. Individual can invest a relatively small amount of money in-order to receive stake in a company at an early stage hoping to get good returns in the long-term as the startup/project grows. Along with funding, Collective also enables startups/projects to find the required talent for their projects.
What makes Collective truly unique is its decentralized and autonomous approach towards crowdfunding using smart contract that are deployed on the Ethereum blockchain and a mobile app created using Google’s Flutter which can be used on both Android and IOS.
Startups on the platform can create camps in which normal users can purchase equity by investing CTV ( Collective token ) a ERC20 fungible token exclusive only to the Collective platform. This platform exclusive ERC20 token along with smart contracts enables Collective to tackle the issue of trust and security that plagues all the existing crowdfunding platforms.
Challenges I ran into
Problems faced during the project:
Transferring ERC20 token between users:
Collective uses a platform exclusive ERC20 token ( CTV token ) which users can use to invest in the camp - I was facing an issue while transferring the tokens between accounts since it is a multiple-step process. I solved this issue by going through the OpenZeppelin documentation and contacting devs on their forums.
ETH gas fees: ( Polygon fixes this ) As we all know the high ETH gas fees for the transaction which keeps on changing from time to time, I was facing issues while figuring out the actual gas fees for the transaction. I fixed this issue by researching more about it. ( This issue lead me to find about polygon which is trying to make blockchain more scalable ).