Crowdfunding changed the landscape of raising funds forever. But with time, we have learned its inefficiencies. Mainly, having a middle man, high fees and lack of backer protection. Existing crowdfunding platforms mostly operate on a dozen or so countries. And only benefits those with bank accounts, excluding not only the international community, but also the unbanked. With the advent of blockchain technology, we can now rely on superior technology for crowdfunding that not only serves the fundraiser but also the donors. Creating more trust through transparency and accountability.
Why is blockchain necessary for crowdfunding? It creates transparency, accountability and backer protection. Smart contracts or in other words ‘executable program’ allow for a predefined set of criteria to be programmed within each contract which then acts as the enforcer. This ensures that fundraisers only get donations when a certain milestone has been reached.
That’s why we created Ullu. Ullu is being built on the Ethereum Network and will use smart contracts to manage each and enforce the criteria for each donation. A first of its kind crowdfunding platform that harnesses the power of blockchain to establish digital trust. On our platform, money can be tracked, individuals and organizations can be held accountable, optimizing the social impact of donations worldwide. We empower donors to track the impact of their money, by leveraging the speed and reach of cryptocurrency and the security of blockchain, we are creating a global ‘giving’ community that is not only data friendly and scalable but aids the unbanked and geographically excluded.
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