DECENTRALIZED CROWDFUNDING APPLICATION

Presented by: Supervised by:

ISHAAN KALIA (195506)
SARTHAK BHARDWAJ (195540) DR. PRADEEP SINGH
RAHUL KUMAR (195550)
SAKSHAM SHARMA (195557)

DEPARTMENT OF COMPUTER SCIENCE & ENGINEERING

NATIONAL INSTITUTE OF TECHNOLOGY HAMIRPUR
HAMIRPUR (H.P.)-177005
OUTLINE

● Introduction
● Motivation
● Literature Survey
● Problem Statement
● Objective
● Methodology
● Experimental Results
● Discussion
● Comparison with State of art methods
● Conclusion and Future work
● References
 INTRODUCTION

ABOUT THE PROJECT

Crowdfunding is a new and innovative method for
funding various kind of ventures, where initial founders
of the ventures can request for funds. So we are
working to make a crowdfunding platform with the
priority being given to the involvement of the
contributor which would be fully decentralized, enables
P2P transitions to make things go transparent. The
advantage in this model is that, start-ups are not
going to utilize the services of any platform or
platforms in order to raise funds.
 LITERATURE SURVEY

Blockchain technology has attracted

tremendous attention in both academia and
capital market. However, overwhelming
speculations on thousands of available
cryptocurrencies and numerous initial coin
offering scams have also brought notorious
debates on this emerging technology.

WHY WE USED ETHEREUM?

Ethereum Virtual Machine (EVM): The

Ethereum virtual machine executes the smart
contracts. It h elps translate the smart
contract written in a language computer that
can’t read to a language (bytecode) that they
can read. The EVM can execute at least 140
different codes with specific tasks.
 LITERATURE SURVEY

What Are Consensus Mechanisms in

Blockchain and Cryptocurrency?

• A consensus mechanism refers to any

number of methodologies used to achieve
agreement, trust, and security across a
decentralized computer network.

• In the context of blockchains and

cryptocurrencies, proof-of-work (PoW)
and proof-of-stake (PoS) are two of the
most prevalent consensus mechanisms.

• Critics of Bitcoin miners have argued that

PoW is overly energy-intensive, which has
sparked the creation of new and more
efficient mechanisms.
 LITERATURE SURVEY

TestNets and MainNet in Ethereum

Ethereum Completes Goerli Testnet Merge

 LITERATURE SURVEY

A look at Goerli – Ethereum’s last testnet merge

• Ethereum’s Goerli testnet merge was successfully executed on Aug 11, 2022
evening. It marks the third and final trial run before the mainnet merge with
Ethereum’s proof-of-stake Beacon Chain, which is expected to take place in
September.

• Before Goerli, the Ropsten and Sepolia testnet merges also went live in June and
July this year and were largely successful.

• The success of Goerli and the subsequent merge of the Beacon Chain also spells
good news for early Ethereum stakers. It indicates that the Shanghai upgrade is
fast approaching (6 to 12 months away), post which users would be able to
unlock staked ETH and withdraw staking rewards accrued on the Beacon Chain.
 PROBLEM STATEMENT

Risk of Fraud in Crowdfunding

Crowdfunding poses several risks for both investors and entrepreneurs. Fraud is one of
the largest risks associated with crowdfunding. Crowdfunding fraud can take many
forms, from scams involving fake products and services to fraudulent financial reporting.
Additionally, since crowdfunding platforms are largely unregulated, fraudsters may
attempt to take advantage of unsuspecting investors.

There have been numerous cases of crowdfunding scams where investors have lost their
money in fraudulent schemes. To protect against the risk of fraud, investors should
always do their due diligence before investing in any crowdfunding platform. Research
the project thoroughly and look for any red flags that might indicate potential fraud.
Additionally, never invest more than you can afford to lose and be cautious of
investments that offer unusually high returns. Finally, be sure to read all the terms and
conditions of the platform before investing.
PROBLEM STATEMENT

Business Crowdfunding

Charitable Crowdfunding
 OBJECTIVE

Creating a Decentralised Crowdfunding Application

What Are Decentralized Applications (dApps)?

Decentralized apps (dApps) are applications that are open source,

operate autonomously, and are not controlled by any single entity.
dApps are built on distributed networks such as the blockchain, which
is a public ledger that records and verifies transactions. They have a
variety of uses, including finance, gaming, digital identity, and
communication. They are designed to be secure, transparent, and
efficient.
METHODOLOGY
METHODOLOGY- (IDEAL WORLD SITUATION)
METHODOLOGY- (NOT SO IDEAL WORLD SITUATION)
METHODOLOGY- (WHAT WE HAVE PLANNED)
METHODOLOGY- (WHAT WE HAVE PLANNED)
METHODOLOGY- (FINALISING MODEL’S WORKING)
 DISCUSSION

To make a decentralised crowdfunding app, developers will need to

create a platform that allows users to securely store their funds and
create campaigns that can be funded by other users. Additionally, the
platform should provide users with the ability to track their funds, view
the progress of their campaigns, and manage their accounts.
Developers will also need to create a smart contract system that will
allow users to securely manage their funds and launch campaigns.
Smart contracts are self-executing contracts that are written in code
and stored on a blockchain.

These contracts are used to ensure that funds are securely and
transparently tracked and managed. Finally, developers will need to
create a user interface that is intuitive and easy to use. This will ensure
that users can easily manage their funds, launch campaigns, and track
the progress of their campaigns. Overall, creating a decentralised
crowdfunding app is an ambitious project that requires a lot of time
and effort to develop. However, with the right tools, developers can.
COMPARISON WITH STATE OF ART
COMPARISON WITH STATE OF ART
 COMPARISON WITH STATE OF ART

BUSSINESS COMPETITION
• It was only in 2020 that a majority of these platforms saw a huge spurt in their activities

during the COVID-19 crisis. Ketto, Milaap, and ImpactGuru saw a significant surge in online
donations since the second wave of the pandemic intensified in the country.

• Sample this: In 2020, Milaap, collected nearly ₹900 million which was used to help
stranded migrants and daily wage labourers to get access to essentials and
community kitchens. A company statement released to the media said that in April
2020 alone, they witnessed an increase in customer queries by five times and a 65%
increase in the number of fundraisers.
 CONCLUSION AND FUTURE WORK

ISSUES WHICH WE FACED

• We, at the earlier stage ran the blockchain locally as a Ethereum test, but
we were facing error as Ethereum main net forks ,i.e, testnets they
behave differently than local Ganache CLI.

• As soon as we were done with our Ethereum Mainnet Rinkby Integration,

ethereum released it’s latest Georli Update for the Testnet and the support
for the available testiest was discontinued.

• We faced a lot of error in shifting from Rinkeby Testnet to Georli Testnet

but at last due to the high community support and with the help of my
teammates we were able to achieve success and as of now our model is
completely woking on the Live Ethereum Georli Testnet.
 Conclusion and Future Work

FUTURE WORK
• Shifting to the Mainnet Ethereum with by covering some unimplemented
functionalities.

• Creating a side-by-side NoSQL database including the detailed overview of

the Campaigns.

• Addition of Authentic Buyers and Sellers Signatures for more trustworthy

environment.

• Adding Description Section for all fund raising request

• Improving UI/UX
 REFERENCES

• Gregory C Markis, “Crowdfunding: From Start-up Businesses to Start-up Science”,

British Medical Journal.

• Christian Catalini, “Some Simple Economics of Crowdfunding”, Innovation Policy and

the Economy.

• Jitendra Soni, “Crowdfunding in India: A Tale of Misplaced Regulations”, Economic and

Political Weekly.

• Vincent Rouze, “Crowdsourcing and Crowdfunding: The Origins of a New System?”,

Cultural Crowdfunding: Platform Capitalism, Labour and Globalization.