💰GoFundIT✅✅

The Best Fundraising Platform for Open Source Projects to raise capital for their development

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Last updated: 02 April 2022 07:56 AM

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The problem 💰GoFundIT✅✅ solves

The issues within fundraising of projects through conventional Crowdfunding & Matchfunding are:

  1. Lack of transparency mechanism for tracking the progress of every project as the raised crowdfund amount is distributed in one chunk i.e no incentive to complete the project .
  2. As the contributions made by the general public are labeled as non refundable donations in case of a project failing in its development contributors don't get any refund .
  3. Matchfunding focuses only on the amount raised to match it instead of considering the unique backers behind every project.

Methodology:

  1. GoFundIT is an optimized fundraising platform that allows multiple parties to enroll as sponsors, contributors or creators within the fundraising round launched at regular intervals .
  2. Sponsors who wish to aid many projects with funds can enroll within the stipulated time duration. Sponsor’s donations are accumulated within the matching pool that is used within Quadratic Funding.
  3. Then the project listing is initiated allowing project creators to list their project by entering specific details that are stored on the Interplanetary File System(IPFS) using Filecoin.Such Transactions are made Gasless using Biconomy.
  4. The general public can make donations in Matic Tokens to help their desired projects reach their fundraising goal.
  5. The final distribution amount for every project is the sum of crowdfund amount and part from the matching pool amount calculated using Quadratic Funding.The Graph API is used for making & retrieving contribution details.
  6. The Distribution of the final amount is carried in installments where the creators are needed to provide an update on the status of the project at regular intervals. The contributors then decide on the future of projects by conducting an e-voting between them.
  7. If the majority decide against a project, then the project is terminated and a partial refund from the remaining amount is disbursed to those contributors.

Challenges we ran into

  1. The integration of web technologies like Redis for event based subscription within the project was very difficult for us .
  2. The Deployment of The Graph api on Polygon Mumbai Network using hosted services was challenging.
  3. We Faced problems in making certain transactions gasless using Biconomy & in its integration on the client side.
  4. Encountered error gas estimation with message unpredictable gas limit. Later managed to solve it.

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