The problem Genesis solves

Lack of trust: Traditional crowdfunding platforms often face challenges related to trust, as contributors may be concerned about where their funds are going and whether the project will be completed as promised. By leveraging blockchain technology, you can create a transparent, decentralized system that allows users to see exactly how funds are being used and track project progress.

High fees: Many crowdfunding platforms charge high fees, which can eat into the funds raised by the project. By using blockchain technology, you can potentially reduce the fees associated with running the platform, allowing more funds to go directly to the project.

Accessibility: Traditional crowdfunding platforms may not be accessible to everyone, especially those who lack access to traditional banking services. By creating a blockchain-based crowdfunding platform, you can potentially reach a wider audience and allow anyone with an internet connection to participate.

Accountability: By using smart contracts on the blockchain, you can create an automated system that ensures accountability and transparency. For example, you could set up smart contracts that release funds only when certain project milestones are reached, ensuring that the funds are being used as intended.

Challenges we ran into

Understanding blockchain technology: Blockchain technology is complex and requires a good understanding of distributed systems, cryptography, and data structures. You'll need to become familiar with the various blockchain platforms and choose the one that best fits your needs.

Smart contract development: Smart contracts are self-executing contracts that automatically enforce the terms of an agreement. They are a key component of many blockchain applications, including crowdfunding apps. Developing smart contracts can be challenging, as they require expertise in programming languages such as Solidity.

Integration with existing systems: If you're creating a blockchain-based crowdfunding app, you'll likely need to integrate it with existing systems, such as payment gateways or project management tools. This can be challenging, especially if those systems don't have built-in blockchain support.

Testing and debugging: Testing and debugging blockchain applications can be challenging, as the technology is still relatively new and there are few established best practices. You'll need to develop a rigorous testing process to ensure that your app is functioning correctly.

Security: Security is a critical concern when it comes to blockchain applications, as they can be vulnerable to attacks such as 51% attacks or double-spending attacks. You'll need to implement strong security measures, such as multi-factor authentication and encryption, to protect your app and user data.

Blockchain scalability: Blockchain scalability is a significant challenge, as blockchain networks can become congested and slow down as the number of users and transactions increase. You'll need to explore solutions such as sharding or off-chain transactions to ensure that your app can handle a large user base.