Cryptstart is a cryptocurrency crowdfunding project that aims to build a vibrant, self-regulating community of creative individuals. Find out how it works in our review.
What is Cryptstart?
Cryptstart, found online at Cryptstart.com, is a cryptocurrency-based crowdfunding platform. The platform aims to create a self-regulating community of creative individuals “robust enough to accelerate decentralization, not just in the tech industry, but in all sectors of our society,” explains the official website.
The team behind Cryptstart envisions a new crowdfunding economy where both big and small projects can get funding. That platform will be open to all creative individuals regardless of geographic location, wealth, social status, or their access to venture capital funds.
“Without these limitations, what can we create?” asks the team.
What Problems Does Cryptstart Seek to Solve?
Cryptstart identifies two main problems in the world of crypto startups, including:
- Inaccessibility of new projects
- Inefficacy in communication of value
Cryptstart sees a problem with crowdfunding platforms like Kickstarter. Namely, these platforms have created enormous value for entrepreneurs and investors in some parts of the world. However, they remain inaccessible to most of the world. Venture capital institutions have the same problem: VC firms cater towards a privileged minority.
Cryptstart’s whitepaper even mentions a problem with ICOs. ICOs can be used to overcome the two barriers listed above. However, the ICO market is flooded with “flashlight apps” and pump and dump schemes that offer limited consumer utility in the long-run.
Cryptstart aims to solve that problem by creating a crowdfunding platform that emphasizes real value for users, better communication, and better accessibility.
How Does Cryptstart Work?
Cryptstart aims to match worthy projects from around the world to decentralized funding. The platform wants to be the most effective way for project creators to reach a broad audience, as well as the most efficient way for potential backers to find, understand, and fund projects.
One of the main roles of the Cryptstart page is to inform visitors about the value of a project. Imagine a product page similar to what you see on Kickstarter and Indiegogo. The project’s goals are clearly outlined. There are pictures of the project. There’s a timeline of goals.
Behind the scenes, Cryptstart will implement a rigorous verification process. Anyone who launches a project on the platform is required to have a national ID and a bank account of the same name, for example. This is done to combat fraud.
Project creators will also be able to access a full suite of tools through the platform, including project templates, videography services, promotions, and legal consultations.
Here are some of the core features for project creators (i.e. the people launching products and initiatives through the Cryptstart crowdfunding system):
- Create and verify accounts
- Create a project page with video, descriptions, and a deadline
- Create a project with project templates
- Promote your project with the promotion program
- Reward backers with gift and project tokens
- Update and share project progress
- Create backer reports
- Interact with backers through comments and messages
- Explore and search for projects by category
- Back projects by pledging bitcoin or Ethereum
- View all backed projects
In the future, Cryptstart plans to add more features to the platform, including a live stream of project progress, the ability to message backers directly, multi-language support, legal consultations, the ability to buy cryptocurrencies, and more. Cryptstart will also launch mobile and iOS applications.
Plus, they’ll integrate with existing cryptocurrency platforms to allow users to easily transfer money or exchange coins.
Cryptstart needs to make money to be sustainable. With that in mind, Cryptstart plans to charge a 6% BTC/ETH commission on total pledges. They’ll also charge a small amount of the Cryptstart CST access token for starting projects, and for the full range of creator tools and services.
The Cryptstart ICO
Cryptstart has created 100,000,000 non-reissuable Cryptstart CST Waves-based utility tokens on the DEX Decentralized Exchange. These tokens will be the proprietary access key to the Cryptstart platform. Project creators will be required to use CST tokens to create projects and to access platform tools and services, which means demand for the platform will naturally increase the demand for CST.
Cryptstart is seeking to raise a minimum of 250 BTC or 6500 ETH through their ICO, although their target is 800 BTC or 22,000 ETH.
The ICO will run for 40 days. The price of each CST token is set at 0.00006 BTC or 0.003 ETH.
80% of the total supply of CST tokens will be available through a crowdsale. The remaining amounts are distributed to the team wallet (10 million CST), startup bonus for the team (2 million), airdrop for ambassadors (2 million), airdrop for testers (2 million), bounties (4 million), and the ICO (80 million).
Who’s Behind Cryptstart?
Cryptstart was created by founder and CEO Samuel Hung. Other key members of the team include Jake Brumby (CPO), Alex Barabanov (CTO), and Stephen Demeulenaere (CCO).
The company is registered in the Seychelles and was founded in 2017. The project was announced to the internet in October 2017, with the full-featured platform scheduled to launch in March 2018.
Cryptstart aims to improve the crowdfunding industry using blockchain technology and cryptocurrencies. Found online at Cryptstart.com, the company wants to create a more efficient crowdfunding system available to people from all over the world.
Today’s crowdfunding model restricts certain people from participating. Crowdfunding websites aren’t available to people worldwide, while traditional venture capital firms are accessible only to a privileged group of people.
Cryptstart wants to solve these problems by making it easy for creative individuals to access decentralized funding. To learn more about the platform, visit online today at Cryptstart.com.